N.Y. General Business Law § 425: Insurance

§ 425. Insurance. 1. Every coin processor shall obtain a minimum of

ten million dollars all risk insurance coverage and such additional

amounts as are sufficient to cover the value of coins consigned to such

coin processor for counting. In addition, each such coin processor shall

obtain comprehensive general liability insurance coverage for death,

personal injury and property damage in the minimum amount of five

hundred thousand dollars per occurrence and one million dollars in the

aggregate.

2. A written certificate or certificates of insurance shall be

provided to the secretary by all coin processors as part of the

application for licenses process set forth in section four hundred

twenty-one of this article.

3. Failure by a coin processor to keep such all risk insurance or

comprehensive general liability insurance coverage in full force and

effect, shall be grounds for the secretary to refuse to issue or renew a

license or to suspend or revoke such license, in accordance with the

provisions of section four hundred twenty-four of this article.

4. All such insurance required by this section shall be issued by an

insurer authorized to do business in the state or otherwise be procured

by an excess line broker duly licensed pursuant to the applicable

provisions of the insurance law.