N.Y. Insurance Law § 1113: Kinds of insurance authorized

§ 1113. Kinds of insurance authorized. (a) The kinds of insurance

which may be authorized in this state, subject to other provisions of

this chapter, and their scope, are set forth in the following

paragraphs. The power to do any kind of insurance against loss of or

damage to property shall include the power to insure all lawful

interests in such property and to insure against loss of use and

occupancy, rents and profits resulting therefrom. No kind of insurance

shall include life insurance, title insurance or insurance against legal

liability for personal injury or death unless specified in this section.

In addition to any power specifically conferred by this chapter to

engage in any other kind of business than an insurance business, any

insurer authorized to do business in this state may engage in other

kinds of business to the extent necessarily or properly incidental to

the kinds of insurance business it is authorized to do in this state.

(1) "Life Insurance," means every insurance upon the lives of human

beings, and every insurance appertaining thereto, including the granting

of endowment benefits, additional benefits in the event of death by

accident, additional benefits to safeguard the contract from lapse,

accelerated payments of part or all of the death benefit or a special

surrender value upon (A) diagnosis of terminal illness defined as a life

expectancy of twelve months or less, (B) diagnosis of a medical

condition requiring extraordinary medical care or treatment regardless

of life expectancy, (C) certification by a licensed health care

practitioner of any condition which requires continuous care for the

remainder of the insured's life in an eligible facility or at home when

the insured is chronically ill as defined by Section 7702(B) of the

Internal Revenue Code and regulations thereunder, provided the

accelerated payments qualify under Section 101(g)(3) of the Internal

Revenue Code and all other applicable sections of federal law in order

to maintain favorable tax treatment, (D) certification by a licensed

health care practitioner that the insured is chronically ill as defined

by Section 7702 (B) of the Internal Revenue Code and regulations

thereunder, provided the accelerated payments qualify under Section

101(g)(3) of the Internal Revenue Code and all other applicable sections

of federal law in order to maintain favorable tax treatment, (E) the

insured's having been a resident of a nursing home, as defined in

section twenty-eight hundred one of the public health law, for a period

of three months or more, with an expectation that such insured will

remain a resident of a nursing home until death, or (F) the insured's

having been the recipient of end of life or palliative care, for a

period of three months or more, at a residential health care facility as

defined in subdivision three of section twenty-eight hundred one of the

public health law, home care services as defined in subdivision one of

section thirty-six hundred two of the public health law or hospice as

defined in subdivision one of section four thousand two of the public

health law, with the expectation that such insured will continue to

require such services until death. "Life insurance" also includes a

special surrender value upon total and permanent disability of the

insured, optional modes of settlement of proceeds, and additional

benefits to safeguard the contract against lapse in the event of

unemployment of the insured or in the event the insured is a resident of

a nursing home. Amounts paid the insurer for life insurance and proceeds

applied under optional modes of settlement or under dividend options may

be allocated by the insurer to one or more separate accounts pursuant to

section four thousand two hundred forty of this chapter.

(2) "Annuities," means all agreements to make periodical payments for

a period certain or where the making or continuance of all or some of a

series of such payments, or the amount of any such payment, depends upon

the continuance of human life, except payments made under the authority

of paragraph one hereof. Amounts paid the insurer to provide annuities

and proceeds applied under optional modes of settlement or under

dividend options may be allocated by the insurer to one or more separate

accounts pursuant to section four thousand two hundred forty of this

chapter.

(3) "Accident and health insurance," means (i) insurance against death

or personal injury by accident or by any specified kind or kinds of

accident and insurance against sickness, ailment or bodily injury,

including insurance providing disability and family leave benefits

pursuant to article nine of the workers' compensation law, except as

specified in item (ii) hereof; and (ii) non-cancellable disability

insurance, meaning insurance against disability resulting from sickness,

ailment or bodily injury (but excluding insurance solely against

accidental injury) under any contract which does not give the insurer

the option to cancel or otherwise terminate the contract at or after one

year from its effective date or renewal date.

(4) "Fire insurance," means insurance against loss of or damage to any

property resulting from fire, including loss or damage incident to the

extinguishment of a fire or to the salvaging of property in connection

therewith.

(5) "Miscellaneous property insurance," means loss of or damage to

property resulting from:

(A) lightning, smoke or smudge, windstorm, tornado, cyclone,

earthquake, volcanic eruption, rain, hail, frost and freeze, weather or

climatic conditions, excess or deficiency of moisture, flood, the rising

of the waters of the ocean or its tributaries;

(B) insects, or blights, or disease of such property except animals;

(C) electrical disturbance causing or concomitant with a fire or an

explosion in public service or public utility property;

(D) bombardment, invasion, insurrection, riot, civil war or commotion,

military or usurped power, any order of a civil authority made to

prevent the spread of a conflagration, epidemic or catastrophe,

vandalism or malicious mischief, strike or lockout, collapse from any

cause, or explosion; but excluding any kind of insurance specified in

paragraph nine hereof, except insurance against loss of or damage to

property resulting from:

(i) explosion of pressure vessels (except steam boilers of more than

fifteen pounds pressure) in buildings designed and used solely for

residential purposes by not more than four families,

(ii) explosion of any kind originating outside of the insured building

or outside of the building containing the property insured,

(iii) explosion of pressure vessels which do not contain steam or

which are not operated with steam coils or steam jackets, or

(iv) electrical disturbance causing or concomitant with an explosion

in public service or public utility property; or

(E) lateral or vertical subsidence of the earth caused by past or

present mining operations.

(6) "Water damage insurance," means insurance against loss or damage

by water or other fluid or substance to any property resulting from the

breakage or leakage of sprinklers, pumps or other apparatus erected for

extinguishing fires or of water pipes or other conduits or containers,

or resulting from casual water entering through leaks or openings in

buildings or by seepage through building walls, but excluding loss or

damage resulting from flood or the rising of the waters of the ocean or

its tributaries; and including insurance against accidental injury of

such sprinklers, pumps, fire apparatus, conduits or containers.

(7) "Burglary and theft insurance," means:

(A) Insurance against loss of, or damage to, any property resulting

from burglary, theft, larceny, robbery, forgery, fraud, vandalism,

malicious mischief, confiscation, or wrongful conversion, disposal, or

concealment by any person, or from any attempt thereof;

(B) Insurance against loss of, or damage to, moneys, coins, bullion,

securities, notes, drafts, acceptances, or any other valuable papers or

documents, resulting from any cause, except while in the custody or

possession of, and being transported by, any carrier for hire or in the

mail;

(C) Insurance of individuals by means of an all-risk type of policy

commonly known as the "Personal Property Floater" against any kind and

all kinds of loss of, or damage to, or loss of use of, any personal

property other than merchandise;

(D) Insurance covering a ransom or reward payment incurred as the

result of an abduction or the theft of property; travel and lodging

expense and lost wages incurred as the result of an act or threatened

act of violence; expense incurred to locate or identify a missing or

abducted person; or other expenses to respond to a violent act or

threatened act, or to prevent a reoccurrence thereof; and

(E) Insurance against losses and expenses resulting from a "stolen

identity event," which shall include the theft, accidental release, or

publication of, or misappropriation of information related to, an

individual's personal identification, social security number, or other

method of identifying the individual, that has resulted in, or could

reasonably result in, the wrongful use of the information.

(8) "Glass insurance," means insurance against loss of or damage to

glass and its appurtenances resulting from any cause.

(9) "Boiler and machinery insurance," means insurance against loss of

or damage to any property of the insured, resulting from explosion of or

injury to:

(A) any boiler, heater or other fired pressure vessel;

(B) any unfired pressure vessel;

(C) pipes or containers connected with any such boilers or vessels;

(D) any engine, turbine, compressor, pump or wheel;

(E) any apparatus generating, transmitting or using electricity; or

(F) any other machinery or apparatus connected with or operated by any

such boilers, vessels or machines; and including the incidental power to

make inspections of, and issue certificates of inspection upon, any such

boilers, apparatus, and machinery, whether insured or otherwise.

(10) "Elevator insurance," means insurance against loss of or damage

to any property of the insured, resulting from ownership, maintenance or

use of elevators, except loss or damage by fire.

(11) "Animal insurance," means insurance against loss of or damage to

any domesticated or wild animal resulting from any cause.

(12) "Collision insurance," means insurance against loss of or damage

to any property of the insured resulting from collision of any other

object with such property, but excluding collision to or by elevators,

or to or by vessels, craft, piers or other instrumentalities of ocean or

inland navigation.

(13) "Personal injury liability insurance," means insurance against

legal liability of the insured, and against loss, damage or expense

incident to a claim of such liability (including the insurer's

obligation to pay medical, hospital, surgical and disability benefits to

injured persons, and funeral and death benefits to dependents,

beneficiaries or personal representatives of persons who are killed,

irrespective of legal liability of the insured), arising out of death or

injury of any person, or arising out of injury to the economic interests

of any person, as the result of negligence in rendering expert,

fiduciary or professional service, but excluding any kind of insurance

specified in paragraph fifteen except insurance to protect an insured

against liability for indemnification or contribution to a third party

held responsible for injury to the insured's employee arising out of and

in the course of employment when such insurance is written pursuant to

this paragraph and not written pursuant to paragraph fifteen of this

subsection.

(14) "Property damage liability insurance," means insurance against

legal liability of the insured, and against loss, damage or expense

incident to a claim of such liability, arising out of the loss or

destruction of, or damage to, the property of any other person, but not

including any kind of insurance specified in paragraph thirteen, fifteen

or twenty-eight of this subsection.

(15) "Workers' compensation and employers' liability insurance," means

insurance against the legal liability, under common law or statute or

assumed by contract, of any employer for the death or disablement of, or

injury to, his employee, including volunteer firefighters' benefit

insurance provided pursuant to the volunteer firefighters' benefit law

including volunteer ambulance workers' benefit insurance provided

pursuant to the volunteer ambulance workers' benefit law and insurance

for workers' compensation benefits for death and injuries arising out of

crimes provided by the independent livery driver benefit fund pursuant

to article six-G of the executive law.

(16) "Fidelity and surety insurance," means:

(A) Guaranteeing the fidelity of persons holding positions of public

or private trust; and indemnifying banks, thrifts, brokers and other

financial institutions against loss of money, securities, negotiable

instruments, other specified valuable papers and tangible items of

personal property caused by larceny, misplacement, destruction or other

stated perils including loss while being transported in an armored motor

vehicle or by messenger; and insurance for loss caused by the forgery of

signatures on, or alteration of, specified documents and valuable

papers;

(B) Insurance against losses that financial institutions become

legally obligated to pay by reason of loss of customers' property from

safe deposit boxes;

(C) Any contract bond; including a bid, payment or maintenance bond or

a performance bond where the bond is guaranteeing the execution of any

contract other than a contract of indebtedness or other monetary

obligation;

(D) An indemnity bond for the benefit of a public body, railroad or

charitable organization; a lost security or utility payment bond;

(E) Becoming surety on, or guaranteeing the performance of, any lawful

contract, not specifically provided for in this paragraph, but does not

include becoming surety on, or guaranteeing the performance of:

(i) any insurance contract except as authorized pursuant to section

one thousand one hundred fourteen of this article; or

(ii) any contract, if becoming surety on, or guaranteeing the

performance of that contract, would constitute:

a. mortgage guaranty insurance as defined in subsection (a) of section

six thousand five hundred one of this chapter;

b. financial guaranty insurance as defined in subsection (a) of

section six thousand nine hundred one of this chapter; or

c. service contract reimbursement insurance as defined in paragraph

twenty-eight of this subsection;

(F) Becoming surety on, or guaranteeing the performance of, bonds and

undertakings required or permitted in all judicial proceedings or

otherwise by law allowed, including surety bonds accepted by states and

municipal authorities in lieu of deposits as security for the

performance of insurance contracts;

(G) Becoming surety on, or guaranteeing the performance of, any

agreement for the lease or rental of non-residential real property or

tangible personal property, provided that the obligation of the insurer

shall not exceed a period of five years, and the bond is not issued

directly or indirectly in connection with the sale of securities, a

pooling of financial assets or a credit default swap as defined by

article sixty-nine of this chapter;

(H) Becoming surety on, or guaranteeing the performance of, a contract

of indebtedness or other monetary obligation where: (i) the aggregate

gross principal, interest, and other amounts of indebtedness or other

monetary obligations of any obligor whose obligations are guaranteed by

the insurer under all bonds issued to that obligor pursuant to this

subparagraph by the insurer does not exceed ten million dollars; and

(ii) the bond is not issued directly or indirectly in connection with

the sale of securities, a pooling of financial assets, or a credit

default swap as defined by article sixty-nine of this chapter; and (iii)

the bond by its terms terminates upon any sale or other transfer of the

insured obligation in connection with the sale of securities, a pooling

of financial assets, or a credit default swap as defined by article

sixty-nine of this chapter;

(I) A depository bond that insures deposits in financial institutions

to the extent of the excess over the amount insured by the Federal

Deposit Insurance Corporation; and

(J) Becoming surety on, or guaranteeing the performance of, a bond,

which shall not exceed a period greater than five years, that guarantees

the payment of a premium, deductible, or self-insured retention to an

insurer issuing a workers' compensation or liability policy.

In this chapter "fidelity" insurance shall have the meaning set forth

in subparagraphs (A) and (B) of this paragraph.

(17) "Credit insurance," means:

(A) Indemnifying merchants or other persons extending credit against

loss or damage resulting from non-payment of debts owed to them, for

goods and services provided in the normal course of their business,

including the incidental power to acquire and dispose of debts so

insured, and to collect any debts owed to such insurer or to the

insured, but no insurance may be written as credit insurance if it falls

within the definition of financial guaranty insurance as set forth in

paragraph one of subsection (a) of section six thousand nine hundred one

of this chapter;

(B) Indemnifying any person for expenses disbursed or to be disbursed

under a contract in connection with the cancellation of a catered

affair;

(C) Indemnifying any person for tuition and other educational expenses

disbursed or to be disbursed under a contract in connection with his or

her dismissal or withdrawal from an educational institution; or

indemnifying elementary or secondary schools, whether public, private,

profit or non-profit, providing education in consideration of a tuition

charge or fee against loss or damage in the event of non-payment of the

tuition charges or fees of a student or pupil dismissed, withdrawn or

leaving before the end of the school year for which the insurance is

written. An educational institution may not require any person

responsible for the payment of a student's or pupil's tuition charge or

fee to pay for tuition refund insurance;

(D) (i) (I) Indemnifying an adoptive parent for verifiable expenses

not prohibited under the law paid to or on behalf of the gestational

parent when either one or both of the birth parents of the child

withdraw or withhold their consent to adoption. Such expenses may

include maternity-connected medical or hospital expenses of the

gestational parent, necessary living expenses of the gestational parent

preceding and during confinement, travel expenses of the gestational

parent to arrange for the adoption of the child, legal fees of the

gestational parent, and any other expenses that an adoptive parent may

lawfully pay to or on behalf of the gestational parent;

(II) Indemnifying an intended parent for financial loss incurred as a

result of the failure by the person acting as surrogate to perform under

the surrogacy contract due to death, bodily injury, sickness,

disappearance of the person acting as surrogate, late miscarriage, or

stillbirth. Such financial loss shall include medical and hospital

expenses, insurance co-payments, deductibles, and coinsurance, necessary

living expenses of the person acting as surrogate during the term of the

surrogacy contract, travel expenses to arrange for the surrogacy, legal

fees of the person acting as surrogate, and any other expenses that an

intended parent may lawfully pay to or on behalf of the person acting as

surrogate; or

(III) Indemnifying an intended parent for expenses disbursed when

either the intended parent or a person acting as surrogate receives

in-vitro fertilization or intrauterine insemination treatment that fails

and does not result in the birth of a child. Expenses may include living

expenses of the person acting as surrogate during the in-vitro

fertilization or intrauterine insemination treatment and expenses

incurred by the intended parent or person acting as surrogate to travel

for the in-vitro fertilization or intrauterine insemination treatment.

Expenses also may include medical and hospital expenses not covered

under the intended parent's or person acting as surrogate's

comprehensive health insurance and insurance co-payments, deductibles,

and coinsurance, but credit insurance as defined in this clause shall

not solely cover such medical and hospital expenses, co-payments,

deductibles, or coinsurance; and

(ii) For the purposes of this subparagraph "adoptive parent" means the

parent or the parent's spouse seeking to adopt a child, "gestational

parent" means the person giving birth to the child, "birth parent" means

the biological parents of the child, and the terms "donor", "intended

parent", "person acting as surrogate", and "surrogacy agreement" shall

have the meaning set forth in section 581-102 of the family court act;

or

(E) Indemnifying professional sports participants (including any

person who participates or expects to participate as a player, coach,

manager, trainer, physician or other person directly associated with a

player or a team) under contract or the teams with which the contract is

made, entertainers under contract to perform or the entities with which

the contract is made, or business executives under an employment

contract or the entities with which the contract is made, where

contracts between such persons and teams or entities cannot be fulfilled

due to a sports participant's, entertainer's or business executive's

death, personal injury by accident, sickness, ailment or bodily injury

that causes disability, where such indemnification is for the amount of

financial loss that is sustained by the insured party or parties due to

the inability to fulfill the terms of the contract.

(F) Indemnifying any person for expenses disbursed or to be disbursed

for a ticket to an event, including any fees, when the person cannot use

the ticket and the event does not fully reimburse the person for the

expenses or provide a ticket of equal value or a rain check.

(18) "Title insurance," means insuring owners of, and other persons

lawfully interested in, real property and chattels real against loss by

reason of defective titles and encumbrances and insuring the correctness

of searches for all instruments, liens or charges affecting the title to

such property, including power to procure and furnish information

relative thereto, and such other incidental powers as are specifically

granted in this chapter.

(19) "Motor vehicle and aircraft physical damage insurance," means

insurance against loss of or damage to motor vehicles or aircraft and

their equipment resulting from any cause; and insurance reimbursing a

driver for costs including replacement car rental, commercial

transportation and accommodations resulting from an automobile accident

or mechanical breakdown occurring fifty miles or more from the driver's

principal place of residence or garaging.

(20) "Marine and inland marine insurance," means insurance against any

and all kinds of loss of or damage to:

(A) Vessels, hulls, craft, aircraft, cars, automobiles, trailers and

vehicles of every kind, and all goods, freights, cargoes, merchandise,

effects, disbursements, profits, moneys, bullion, precious stones,

securities, choses in action, evidences of debt, valuable papers,

bottomry and respondentia interests and all other kinds of property and

interests therein, in respect to, appertaining to or in connection with

any and all risks or perils of navigation, transit, or transportation,

including war risks, on or under any seas or other waters, on land or in

the air, or while being assembled, packed, crated, baled, compressed or

similarly prepared for shipment or while awaiting the same or during any

delays, storage, transshipment, or reshipment incident thereto,

including marine builder's risks and all personal property floater

risks;

(B) Person or property in connection with or appertaining to marine,

inland marine, transit or transportation insurance, including liability

for loss of or damage to either, arising out of or in connection with

the construction, repair, operation, maintenance or use of the subject

matter of such insurance (but not including life insurance or surety

bonds nor insurance against loss by reason of bodily injury to the

person arising out of ownership, maintenance or use of automobiles);

(C) Precious stones, jewels, jewelry, gold, silver and other precious

metals, whether used in business or trade or otherwise and whether the

same be in course of transportation or otherwise; and

(D) Bridges, tunnels and other instrumentalities of transportation and

communication (excluding buildings, their improvements and betterments,

furniture and furnishings, fixed contents and supplies held in storage),

including auxiliary facilities and equipment attendant thereto; piers,

wharves, docks and slips; other aids to navigation and transportation,

including dry docks and marine railways.

In this chapter "inland marine" insurance shall not include insurance

of vessels, crafts, their cargoes, marine builders' risks, or other

similar risks, commonly insured only under ocean marine insurance

policies.

(21) "Marine protection and indemnity insurance," means insurance

against, or against legal liability of the insured for, loss, damage or

expense arising out of, or incident to, the ownership, operation,

chartering, maintenance, use, repair or construction of any vessel,

craft or instrumentality in use in ocean or inland waterways, including

liability of the insured for personal injury, illness or death or for

loss of or damage to the property of another person.

(22) "Residual value insurance" means insurance issued in connection

with a lease or contract which sets forth a specific termination value

at the end of the term of the lease or contract for the property covered

by such lease or contract, and which insures against loss of economic

value of tangible personal property or real property or improvements

thereto except loss due to physical damage to property, excluding any

lease or contract that falls within the definition of financial guaranty

insurance as set forth in paragraph one of subsection (a) of section six

thousand nine hundred one of this chapter.

(23) "Mortgage guaranty insurance," means the kind of insurance

specified in section six thousand five hundred one of this chapter.

(24) "Credit unemployment insurance" means insurance on a debtor in

connection with a specified loan or other credit transaction within the

state to provide payments to a creditor in the event of unemployment of

the debtor for the installments or other periodic payments becoming due

while a debtor is unemployed.

(25) "Financial guaranty insurance," means the kind of insurance

defined in paragraph one of subsection (a) of section six thousand nine

hundred one of this chapter.

(26) "Gap insurance" means insurance covering the gap amount which is

payable upon the total loss of personal property, which is the subject

of a lease or loan or other credit transaction occasioned by its theft

or physical damage. The kinds of gap insurance are:

(A) "Motor vehicle lessor/creditor gap insurance" which insures the

lessor, creditor, or the lessor's or creditor's assignee, under a motor

vehicle lease or loan or other credit transaction pursuant to which the

lessor, creditor, or, in the absence of a waiver by the lessor or

creditor, the assignee has waived the obligation of the lessee or debtor

for the gap amount;

(B) "Motor vehicle lessee/debtor gap insurance" which insures the

lessee or debtor under a motor vehicle lease or loan or other credit

transaction pursuant to which the lessor, creditor, or the lessor's or

creditor's assignee has not waived the obligation of the lessee or

debtor for the gap amount;

(C) "Non-motor vehicle lessor/creditor gap insurance" which insures

the lessor, creditor, or the lessor's or creditor's assignee, under a

lease or loan or other credit transaction covering personal property

other than a motor vehicle pursuant to which the lessor, creditor, or,

in the absence of a waiver by the lessor or creditor, the assignee, has

waived the obligation of the lessee or debtor for the gap amount; and

(D) "Non-motor vehicle lessee/debtor gap insurance" which insures the

lessee or debtor under a lease or loan or other credit transaction

covering personal property other than a motor vehicle pursuant to which

the lessor, creditor, or the lessor's or creditor's assignee has not

waived the obligation of the lessee or debtor for the gap amount.

(27) "Prize indemnification insurance," means insurance against

financial loss by reason of payment of any sum or item awarded to a

participant in any lawful contest or sports related event.

(28) "Service contract reimbursement insurance" means insurance issued

to a provider pursuant to article seventy-nine of this chapter whereby

the insurer agrees, for the benefit of service contract holders, to

discharge the obligations and liabilities of such provider under the

terms of the service contracts issued by such provider, including the

return of unearned provider fees upon any termination or cancellation of

service contracts, in the event of non-performance of any such

obligations or liabilities by such provider. Such insurance may also

include insurance issued to a provider to indemnify the provider for

losses sustained by reason of the performance of such provider's

obligations under service contracts issued pursuant to article

seventy-nine of this chapter.

(29) "Legal services insurance" means insurance providing legal

services or reimbursement of the cost of legal services.

(30) "Involuntary unemployment insurance" means insurance against the

loss of income due to the involuntary loss of full-time employment which

is the result of an individual or mass layoff or employer termination, a

temporary suspension or permanent cessation of employment or a business

failure.

(31) "Salary protection insurance" means insurance against financial

loss caused by the cessation of earned income due to disability from

sickness, ailment or bodily injury, in an amount up to: (A) that portion

of an individual's annual earned income which is in excess of the amount

of in force disability insurance as defined in paragraph three of this

subsection in an amount not to exceed seventy-five percent of the

individual's annual earned income in total based upon the sum of the in

force disability insurance and salary protection insurance when the

benefits are payable to the individual or the individual's beneficiary;

or (B) where such underlying disability insurance cannot be obtained by

an individual from an authorized insurer, in an amount not to exceed

seventy-five percent of the individual's annual earned income when the

benefits are payable to the individual or the individual's beneficiary.

Any insurer licensed to write disability insurance as defined in

paragraph three of this subsection may also write salary protection

insurance as defined in this paragraph.

(32) "Donor medical expense insurance" means insurance indemnifying an

intended parent for medical or hospital expenses that the intended

parent is contractually obligated to pay under a donor agreement when

the expenses result from medical complications that occur as a result of

the donation of gametes. For the purpose of this paragraph, "donor",

"gametes" and "intended parent" shall have the meaning set forth in

section 581-102 of the family court act.

(33) "Excess business disability insurance," means insurance against

financial loss experienced by a corporate entity or a partnership where

an individual integral to the successful operation of such corporate

entity or partnership becomes disabled due to sickness, ailment or

bodily injury. Such insurance may be obtained in excess of a primary

business-related disability policy, or in the absence of such a policy

if coverage cannot be obtained from an authorized insurer. Excess

business disability insurance coverage may include, but is not limited

to, reimbursement for all overhead costs and expenses and all capital

outlays of a corporate entity or partnership which such corporate entity

or partnership incurs in the ordinary course of business during the

period of disability; and buy/sell arrangements in an amount sufficient

to purchase the disabled individual's interest share in the corporate

entity or partnership.

* (34) "Business interruption insurance" means insurance against loss

of use and occupancy, rents, and profits resulting from a business

closure due to: (A) loss of or damage to insured or neighboring

property; (B) an act or threatened act of violence while the perpetrator

is on the business premises; or (C) a government order.

* NB There are 2 (34)'s

* (34) "Parametric insurance" means insurance against the occurrence

of a weather-related event, such as windstorm, flood, snow, wildfire,

tornado, cyclone, or earthquake, where the indemnification is based on

the proximity and magnitude of the event as measured and reported by a

state or federal government agency.

* NB There are 2 (34)'s

(35) "Substantially similar kind of insurance," means such insurance

which in the opinion of the superintendent is determined to be

substantially similar to one of the foregoing kinds of insurance and

thereupon for the purposes of this chapter shall be deemed to be

included in that kind of insurance.

(b) Nothing herein contained shall require any insurer to insure every

kind of risk which it is authorized to insure.