New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control
Part 12 - Real Estate, Leases, Fidelity Bonds And Insurance
Section 12.1 - Bonds and insurance
Current through Register Vol. 45, No. 52, December 27, 2023
The following rules shall control expenditures for fidelity bonds and insurance:
(a) When fidelity bonds covering a State officer or employee are required by law, the annual premium thereon is a charge against the State. (Public Offices Law, § 11.)
(b) It is the general policy of the State not to carry insurance on its buildings and contents. The only recognized form of insurance is bodily injury and property damage on State-owned automobiles, elevator and boiler insurance where inspection is required.
(c) The State carries a group policy with the State Insurance Fund covering insurable employees for workers' compensation insurance.
(d) Purchase orders shall be issued for fidelity bond and insurance premiums and submitted to the Office of General Services for approval before they can be processed for payment in the Comptroller's office.
