N.Y. Insurance Law § 5403: Procedures

§ 5403. Procedures. (a) Any person having an insurable interest in

insurable property, who has made a diligent effort in the normal

insurance market to procure fire insurance, extended coverage and

coverage for additional perils and broad form coverage pursuant to

subsection (g) of section five thousand four hundred two of this article

and homeowners insurance upon a determination of necessity having been

made by the superintendent pursuant to section five thousand four

hundred twelve of this article from an authorized insurer, is entitled

to apply to the association for such coverage. Such application may be

made on behalf of an applicant by a broker or agent authorized by him.

(b) If the association determines that (i) the property is insurable

in accordance with the plan and (ii) there is no unpaid, uncontested

premium due from the applicant for prior insurance on the property (as

shown by the insured having failed to make written objection to charges

within thirty days after billing), the association, upon receipt of the

premium or portion prescribed in the plan, shall cause a policy of fire

insurance or homeowners insurance upon a determination of necessity

having been made by the superintendent pursuant to section five thousand

four hundred twelve of this article to be issued for a term of one year.

The fire insurance policy shall also include, upon application therefor,

extended coverage, broad form coverage pursuant to subsection (g) of

section five thousand four hundred two of this article and coverage for

additional perils as may be requested.

(c) Any member may cede fire insurance, extended coverage, broad form

coverage pursuant to subsection (g) of section five thousand four

hundred two of this article and coverage for additional perils and

homeowners insurance upon a determination of necessity having been made

by the superintendent pursuant to section five thousand four hundred

twelve of this article written on insurable property to the association

as provided in the plan.

(d) The association shall notify those policyholders whose insured

properties are located in areas served by a market assistance program

established by the superintendent for the purpose of facilitating

placement of homeowners' insurance of the possibility of eligibility for

coverage through such program. Such notification shall include

information on how to apply and such other information as required by

the superintendent.