425 - Insurance. - New York Statutes

§ 425. Insurance. 1. Every coin processor shall obtain a minimum of ten million dollars all risk insurance coverage and such additional amounts as are sufficient to cover the value of coins consigned to such coin processor for counting. In addition, each such coin processor shall obtain comprehensive general liability insurance coverage for death, personal injury and property damage in the minimum amount of five hundred thousand dollars per occurrence and one million dollars in the aggregate. 2. A written certificate or certificates of insurance shall be provided to the secretary by all coin processors as part of the application for licenses process set forth in section four hundred twenty-one of this article. 3. Failure by a coin processor to keep such all risk insurance or comprehensive general liability insurance coverage in full force and effect, shall be grounds for the secretary to refuse to issue or renew a license or to suspend or revoke such license, in accordance with the provisions of section four hundred twenty-four of this article. 4. All such insurance required by this section shall be issued by an insurer authorized to do business in the state or otherwise be procured by an excess line broker duly licensed pursuant to the applicable provisions of the insurance law.