New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter VII - Credit And Creditor Insurance
Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans
Section 186.5 - Existing insurance; choice of insurer

When credit property insurance is required by a creditor to protect his security interest in personal property, the debtor shall have the option of furnishing existing valid collectible policies of insurance with a loss payable clause in favor of the creditor, issued by any insurer authorized to do an insurance business in this State, for an amount not less than the indebtedness and for the term and kinds of insurance coverage required by the creditor. Insurers shall be responsible for notifying purchasers, on the application for insurance, of the kinds of coverage that may be used in the exercise of said option.