N.Y. Insurance Law § 3447: Qualification of environmental remediation insurance for tax credit

§ 3447. Qualification of environmental remediation insurance for tax

credit. (a) The superintendent of financial services is hereby

authorized to promulgate regulations relating to the certification of

policies of insurance which qualify for the environmental remediation

insurance tax credit provided for under section twenty-three of the tax

law. Such tax credit shall only apply against a portion of the premium

paid for coverage provided under subsection (b) of this section.

(b) In order to qualify for the environmental remediation insurance

tax credit provided for under section twenty-three of the tax law, the

insurance must be written pursuant to the provisions of paragraph

thirteen or fourteen of subsection (a) of section one thousand one

hundred thirteen of this chapter and contain any of the following

coverages or substantially similar coverages or combination of

coverages:

(1) coverage for the costs of on-site clean-up of pre-existing

pollution conditions from the insured property which are outside the

scope of the remedial work plan pursuant to section 27-1411 of the

environmental conservation law for such insured property;

(2) coverage for third-party claims for on-site bodily injury and

property damage resulting from pre-existing pollution conditions outside

the scope of such remedial work plan for the insured property;

(3) coverage which caps clean-up costs relating to such remedial work

plan; and

(4) coverage for the costs of state re-openers pursuant to section

27-1421 of the environmental conservation law or modifications to such

remedial work plan to fill any gap in any liability limitation provided

pursuant to section 27-1421 of the environmental conservation law for

environmental conditions.