New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 61 - Assessment Corporations › Section 61.1 - Modifications of standard fire insurance policy

Current through Register Vol. 46, No. 28, July 10, 2024
The standard fire insurance policy required by section 3404  of the Insurance Law, when used by
					 assessment corporations, pursuant to section 6609 shall contain the following
					 modifications:
(a) There shall be
				  printed at the top of the first page, and in type of which the face shall not
				  be smaller than 12-points, the following:
"THIS POLICY IS ISSUED ON THE
ASSESSMENT PLAN"
(b) The first two lines of the policy are
				  modified to read as follows:
"In consideration of the Stipulation herein or added hereto
					 and of the payment of
___
Dollars by the insured to wit:
......................................................................................................................
(
)
(c)
				  In lieu of attaching a separate form the company may, after the word
				  "elsewhere" at the end of the first paragraph of page one, place a "," and add
				  the following:
"to wit:
......................................................................................................................
and
......................................................................................................................
and
......................................................................................................................
ALL SITUATE on and contained in the premises owned and
					 occupied by the insured in the ___ of ___ County of ___ State of New
					 York."
The short form policy may also be used by attaching the
					 form on the third page of the policy following the printing of the special
					 regulations and preceded by the words "Attach Form Below This
					 Line".
(d) There shall be
				  printed on the first page immediately above the last paragraph the following:
"Provisions Required by Law to be Stated in this
					 Policy:-
This company is an assessment corporation having bylaws and
					 special regulations relating to meetings of members, election of directors,
					 rights and obligations of members and liability of members to assessment as
					 printed on the third page hereof."
(e) The witness clause shall be modified to
				  read as follows:
"In Witness Whereof,
this Company has executed
					 and attested these presents by its President and Secretary this ____ day ____,
					 20 _
......................................................................................................................
Secretary.
......................................................................................................................
President."
(f) Lines 57 and 60 on page two reading in
				  part: "above the customary short rates for the expired term." shall be
				  omitted.
(g) Preceding the
				  provisions of the corporation's bylaws and special regulations printed on the
				  third page there shall be the following caption:
"THIS POLICY IS ISSUED BY An ASSESSMENT CORPORATION HAVING
					 SPECIAL REGULATIONS AS FOLLOWS"
(h) There shall be printed at the top of the
				  filing back the following:
"STANDARD FIRE INSURANCE POLICY OF THE STATE OF NEW YORK
					 FOR ASSESSMENT CORPORATIONS"