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 186.6 - Limitations on amount and duration of policy

In the case of installment or deferred payment sales or their equivalent, no policy shall provide coverage in an amount which exceeds the value of the property insured. In the case of a loan, no policy shall provide coverage in an amount which exceeds the value of the collateral or security for the loan. No debtor's policy shall be extended beyond the period of the loan or finance arrangement, or the next annual expiration date following the termination of the loan or finance arrangement, except that, at the request of the insured, such policy may be written for a longer period.