N.Y. General Business Law § 89-iii: Insurance

§ 89-iii. Insurance. 1. Every armored car carrier shall obtain a

minimum of ten million dollars all risk insurance coverage and such

additional amounts as are sufficient to cover the value of each valuable

cargo consigned in transit or while safeguarded in such carrier's

vaults. In addition, each such carrier 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 each armored car carrier as part of its

application for a license pursuant to the provisions of section

eighty-nine-ddd of this article, or for renewal of such license in

accordance with the provisions of subdivision five of section

eighty-nine-fff of this article.

3. Failure by an armored car carrier to keep such all risk insurance

or comprehensive general liability insurance coverage in full force and

effect, shall be a ground 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 eighty-nine-ggg of this article.

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

insurance company licensed to do business in the state or shall

otherwise be procured by a duly licensed excess line broker pursuant to

section two thousand one hundred eighteen of the insurance law.