New York Codes, Rules and Regulations
Title 12 - DEPARTMENT OF LABOR
Chapter VI - State Insurance Fund
Part 450 - Conduct Of The State Insurance Fund
Section 450.1 - Insurance policies

(a) Insurance policies for workers' compensation and employer's liability, disability benefits, volunteer ambulance and volunteer firefighters' benefits shall be issued in the name of the State Insurance Fund pursuant to authority vested in it by the Workers' Compensation Law, the Disability Benefits Law, the Volunteer Ambulance Workers' Law and the Volunteer Firefighters' Benefit Law. Such policies shall be signed by the executive director, the director of underwriting or such other officer as may be designated by the commissioners for such purpose. The respective policies shall contain such terms and conditions, consistent with the applicable laws as will insure protection to the employer under the respective provisions of said laws and will assure to the persons entitled thereto the compensation or benefits under the respective provisions of said laws. The provisions of the Workers' Compensation Law, the Disability Benefits Law, the Volunteer Ambulance Workers' Law or the Volunteer Firefighters' Benefit Law, whichever is applicable, shall control as to the meaning or interpretation of any provisions of the insurance policy as to which doubt may exist. The policies for workers' compensation insurance may also provide for assuring to persons entitled thereto the compensation or benefits provided for in any Federal Compensation Act as to injuries sustained by employees of an employer insured with the State Fund provided such employer's liability is incident to an employment carried on in New York State.

(b) Coverage under all policies shall be effective as of 12:01 a.m. on the day following the acceptance and approval of the application for insurance. No coverage shall be effective until receipt of payment of the required deposit premium, and such coverage shall be evidenced by the issuance of a binder or policy of insurance, and such contracts shall specify the period for which insurance is afforded, and the location or locations of the business or operations of the employer insured thereunder, and may provide for such inclusions and exclusions as are permitted by law.