{"data":{"id":"us-ny/n.y.-insurance-law-3416","jurisdiction":"us-ny","citation":"N.Y. Insurance Law § 3416","heading":"Parametric insurance","body":"§ 3416. Parametric insurance. (a) Except as provided in subsection (b)\nof this section, an insurer that issues a parametric insurance policy\nshall disclose the following information in the application for the\ninsurance policy and in a prominent writing upon policy issuance and\nrenewal:\n  (1) the policy is not a substitute for property insurance or flood\ninsurance, as relevant, which generally provide more comprehensive\ncoverage in the event of a loss; and\n  (2) a mortgagee or loss payee may not accept a parametric insurance\npolicy.\n  (b) An excess line broker who procures a parametric insurance policy\npursuant to section two thousand one hundred five of this chapter shall\nprovide the disclosures required by subsection (a) of this section on\nbehalf of the insurer.","path":["Insurance Law","Article 34. Insurance Contracts-property/casualty"],"source_url":"https://legislation.nysenate.gov/api/3/laws/ISC/3416","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:45Z","sha256":"d5369248959736c681d6eaad374fd1108009dfe4251026c3218ad543d6fa6c1b","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-insurance-law-3415","next":"us-ny/n.y.-insurance-law-3420"},"notice":"GroundRules: Original legal text. Not legal advice."}