§ 89-III — Insurance

§ 89-iii. Insurance. 1. Every armored car carrier shall obtain a\nminimum of ten million dollars all risk insurance coverage and such\nadditional amounts as are sufficient to cover the value of each valuable\ncargo consigned in transit or while safeguarded in such carrier's\nvaults. In addition, each such carrier shall obtain comprehensive\ngeneral liability insurance coverage for death, personal injury and\nproperty damage in the minimum amount of five hundred thousand dollars\nper occurrence and one million dollars in the aggregate.\n 2. A written certificate or certificates of insurance shall be\nprovided to the secretary by each armored car carrier as part of its\napplication for a license pursuant to the provisions of section\neighty-nine-ddd of this article, or for renewal of such license in\naccordance with the provisions of subdivision five of section\neighty-nine-fff of this article.\n 3. Failure by an armored car carrier to keep such all risk insurance\nor comprehensive general liability insurance coverage in full force and\neffect, shall be a ground for the secretary to refuse to issue or renew\na license, or to suspend or revoke such license, in accordance with the\nprovisions of section eighty-nine-ggg of this article.\n 4. All such insurance required by this section shall be issued by an\ninsurance company licensed to do business in the state or shall\notherwise be procured by a duly licensed excess line broker pursuant to\nsection two thousand one hundred eighteen of the insurance law.\n