NY Ins L § 5401 (2021)
2021 New York Laws ISC - Insurance Article 54 - New York Property Insurance Underwriting Association 5401 - Definitions.

§ 5401. Definitions. In this article:  (a) "Fire  insurance"  means coverage against loss of or damage to any property resulting from fire, as defined in paragraph four of subsection (a) of section one thousand one hundred thirteen  of  this  chapter  and implemented by section three thousand four hundred four of this chapter.  (b) "Extended   coverage"  means  insurance  against  direct  loss  to property by windstorm, hail, explosion, riot, riot attending  a  strike, civil  commotion,  aircraft, vehicles and smoke, as limited by paragraph five of subsection (a) of section one thousand one hundred  thirteen  of this chapter.  (c)  "Broad  form  coverage"  includes  extended  coverage, as well as insurance against direct loss to property by volcanic eruption, burglary damage, weight  of  ice,  snow  or  sleet,  glass  breakage,  accidental discharge  or  overflow  of  water  or steam, falling objects, freezing, artificially generated electrical current, collapse, and tearing  apart, cracking, burning or bulging.  (d) "Additional perils coverage" means any of the following written in connection with fire, extended coverage and broad form coverage policies issued pursuant to this article:  (1) "Vandalism  and  malicious  mischief  insurance",  means  coverage against loss or damage to property resulting from vandalism or malicious mischief, as defined in subparagraph (D) of paragraph five of subsection (a) of section one  thousand  one  hundred  thirteen  of  this  chapter, subject  to a reasonable graded deductible, of not less than two hundred fifty dollars.  (2) "Sprinkler leakage insurance",  means  coverage  against  loss  or damage to property resulting from the breakage or leakage of sprinklers, as  defined  in  paragraph six of subsection (a) of section one thousand one hundred thirteen of this chapter.  (3) "Rent insurance", means coverage against  actual  loss  of  rental income  resulting  from property being rendered necessarily untenantable due to its damage or destruction by a peril insured against.  (4) "Business interruption insurance", means coverage  against  actual loss  resulting from necessary interruption of business due to damage or destruction of property by a peril insured against.  (e) "Association" means the joint underwriting  association  continued by this article.  (f)  "Plan  of  operation"  or  "plan"  means  the  plan  of operation complying with section five thousand four hundred two of this article.  (g) "Insurable  property"  means  real  property  at  fixed  locations anywhere  in  this  state,  or  the  tangible  personal property located thereon, which is determined by the association,  after  inspection  and pursuant   to   criteria   specified  in  the  plan,  to  be  insurable. Neighborhood or area location shall not  be  considered  in  determining insurable   condition.      Property   is   not   insurable  if  it  has characteristics of ownership, condition, occupancy or maintenance  which violate public policy.  (h)  "Net  direct  premiums"  means  gross  direct premiums written on property in  this  state  for  fire  and  extended  coverage  insurance, including  the  fire  and extended coverage components of homeowners and commercial  multiple  peril  package  policies  as   computed   by   the superintendent,  less  return  premiums  or  the  unused  or  unabsorbed portions of premium deposits.  (i) For the purposes of this section "homeowners insurance" means such homeowners insurance policies defined in subsection (a) of  section  two thousand  three  hundred fifty-one of this chapter, as are determined by the superintendent to be equivalent to any homeowners policies developed by a nationally recognized principal rate service  organization,  except  that  where  the  market  value of the insured property is less than its replacement cost, then  the  coverage  shall  be  provided  in  policies determined  by  the superintendent to be equivalent to that contained in market value (HO-8) policies.