§ 2125 — Marine insurance; acting as agent, broker or insurer of persons without insurable interest

New York § 2125

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 21: Agents, Brokers, Adjusters, Consultants and Intermediaries

Text

§ 2125. Marine insurance; acting as agent, broker or insurer of\npersons without insurable interest. (a) No person, firm, association or\ncorporation shall knowingly act as insurance agent or act as insurance\nbroker in this state, or shall as insurer knowingly act in this state,\nin the sale, solicitation or negotiation, issuance or delivery of any\nbinder, cover note, certificate, policy or other evidence of a contract\nof marine insurance except on the application and in the name of some\nperson or persons having a bona fide interest, direct or indirect,\neither in the safe arrival of the vessel in relation to which the\ncontract is made or to be made, or in the safety or preservation of the\nsubject matter insured or to be insured, or except on the application\nand in the name of some person or persons having a bona fide reasonable\nexpectation of acquiring such an interest.\n (b) No insurance broker or other person, firm, association or\ncorporation not having such a bona fide interest or bona fide\nexpectation of acquiring such an interest, shall knowingly apply for,\neffect, accept or transfer in this state any such evidence of a contract\nof marine insurance without having been previously authorized so to do\nby, or by the authority of, a person, firm, association or corporation\nhaving such a bona fide interest or a bona fide expectation of acquiring\nsuch an interest.\n