New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 73 - Claims-made Policies; Scope Of Application; Minimum Standards › Section 73.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part, the following definitions shall
					 apply:
(a) Claims-made policy means an
				  insurance policy that covers liability for injury or damage that the insured is
				  legally obligated to pay (including injury or damage occurring prior to the
				  effective date of the policy, but subsequent to the retroactive date, if any),
				  arising out of incidents, acts or omissions, as long as the claim is first made
				  during the policy period or any extended reporting period.
(b) Retroactive date means a date concurrent
				  with the effective date of the policy or a particular date prior to the
				  effective date of the policy upon which the insurer and insured agree in the
				  policy that policy coverage will be applicable.
(c) Prior acts coverage, nose or nose
				  coverage means coverage under the policy for injury or damage that occurs on or
				  after the retroactive date and prior to the effective date of the
				  policy.
(d) Extended reporting
				  period coverage, tail or tail coverage means coverage for that period of time
				  specified in the policy wherein claims first made after termination of coverage
				  under the policy, for injury or damage that occurs during the policy term, or
				  that occurs on or after the retroactive date, if any, will be considered made
				  during the policy term.
(e) Medical
				  malpractice insurance means insurance as defined in section 5501 (b)  of the Insurance
				  Law.
(f) Public entity insurance
				  means insurance as defined in section 107 (a)(50)  of the Insurance
				  Law.
(g) Large commercial insured
				  means a commercial risk policy insured that:
(1) has a net worth of at least $7,500,000,
				  as determined by an independent certified public accountant, as of the
				  insured's fiscal year end immediately preceding the policy's effective
				  date;
(2) has gross assets
				  exceeding $25,000,000 and a net worth of at least $1,500,000, as determined by
				  an independent certified public accountant, as of the insured's fiscal year end
				  immediately preceding the policy's effective date;
(3) is a for-profit business entity that
				  generates annual gross revenues exceeding $25,000,000, and has a net worth of
				  at least $1,500,000, as determined by an independent certified public
				  accountant, as of the insured's fiscal year end immediately preceding the
				  policy's effective date;
(4) is a
				  for-profit business entity that has gross assets exceeding $25,000,000 and
				  generates annual gross revenues exceeding $25,000,000, as determined by an
				  independent certified public accountant, as of the insured's fiscal year end
				  immediately preceding the policy's effective date; or
(5) is a not-for-profit organization or
				  public entity with an annual budget exceeding $25,000,000 for each of its three
				  fiscal years immediately preceding the policy's effective date.