N.Y. Insurance Law § 3416: Parametric insurance

§ 3416. Parametric insurance. (a) Except as provided in subsection (b)

of this section, an insurer that issues a parametric insurance policy

shall disclose the following information in the application for the

insurance policy and in a prominent writing upon policy issuance and

renewal:

(1) the policy is not a substitute for property insurance or flood

insurance, as relevant, which generally provide more comprehensive

coverage in the event of a loss; and

(2) a mortgagee or loss payee may not accept a parametric insurance

policy.

(b) An excess line broker who procures a parametric insurance policy

pursuant to section two thousand one hundred five of this chapter shall

provide the disclosures required by subsection (a) of this section on

behalf of the insurer.