89-III - Insurance. - New York Statutes

§ 89-iii. Insurance. 1. Every armored car carrier shall obtain a minimum of ten million dollars all risk insurance coverage and such additional amounts as are sufficient to cover the value of each valuable cargo consigned in transit or while safeguarded in such carrier's vaults. In addition, each such carrier 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 each armored car carrier as part of its application for a license pursuant to the provisions of section eighty-nine-ddd of this article, or for renewal of such license in accordance with the provisions of subdivision five of section eighty-nine-fff of this article. 3. Failure by an armored car carrier to keep such all risk insurance or comprehensive general liability insurance coverage in full force and effect, shall be a ground 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 eighty-nine-ggg of this article. 4. All such insurance required by this section shall be issued by an insurance company licensed to do business in the state or shall otherwise be procured by a duly licensed excess line broker pursuant to section two thousand one hundred eighteen of the insurance law.