§ 3447 — Qualification of environmental remediation insurance for tax credit

New York § 3447

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 34: Insurance Contracts-property/casualty

Text

§ 3447. Qualification of environmental remediation insurance for tax\ncredit. (a) The superintendent of financial services is hereby\nauthorized to promulgate regulations relating to the certification of\npolicies of insurance which qualify for the environmental remediation\ninsurance tax credit provided for under section twenty-three of the tax\nlaw. Such tax credit shall only apply against a portion of the premium\npaid for coverage provided under subsection (b) of this section.\n (b) In order to qualify for the environmental remediation insurance\ntax credit provided for under section twenty-three of the tax law, the\ninsurance must be written pursuant to the provisions of paragraph\nthirteen or fourteen of subsection (a) of section one thousand one\nhundred thirteen of this chapter and contain any of the following\ncoverages or substantially similar coverages or combination of\ncoverages:\n (1) coverage for the costs of on-site clean-up of pre-existing\npollution conditions from the insured property which are outside the\nscope of the remedial work plan pursuant to section 27-1411 of the\nenvironmental conservation law for such insured property;\n (2) coverage for third-party claims for on-site bodily injury and\nproperty damage resulting from pre-existing pollution conditions outside\nthe scope of such remedial work plan for the insured property;\n (3) coverage which caps clean-up costs relating to such remedial work\nplan; and\n (4) coverage for the costs of state re-openers pursuant to section\n27-1421 of the environmental conservation law or modifications to such\nremedial work plan to fill any gap in any liability limitation provided\npursuant to section 27-1421 of the environmental conservation law for\nenvironmental conditions.\n