2023 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.