2012 New York Consolidated Laws
ISC - Insurance
Article 54 - (5401 - 5414) 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.