11 CRR-NY 71.1NY-CRR
11 CRR-NY 71.1
11 CRR-NY 71.1
71.1 Definitions.
For purposes of this Part, the following definitions shall apply:
(a) Legal defense costs means allocated attorney and all other litigation expenses that can be separately identified as arising from the defense of a specific claim.
(b) Liability insurance policy means any insurance policy covering liability, even if it also contains other types of coverage.
(c) Issue shall include issue for delivery.
(d) Commercial risk insurance means insurance as defined in section 107(a)(47) of the Insurance Law.
(e) Public entity has the meaning contained in section 107(a)(51) of the Insurance Law.
(f) Not-for-profit organization means a corporation, association, organization or trust described in section 501(c)(3) of the United States Internal Revenue Code.
(g) Large commercial insured means a commercial risk policy insured that:
(1) has a net worth of at least $7,500,000, as determined by an independent certified public accountant, as of the insured's fiscal year end immediately preceding the policy's effective date;
(2) has gross assets exceeding $25,000,000 and a net worth of at least $1,500,000, as determined by an independent certified public accountant, as of the insured's fiscal year end immediately preceding the policy's effective date;
(3) is a for-profit business entity that generates annual gross revenues exceeding $25,000,000, and has a net worth of at least $1,500,000, as determined by an independent certified public accountant, as of the insured's fiscal year end immediately preceding the policy's effective date;
(4) is a for-profit business entity that has gross assets exceeding $25,000,000 and generates annual gross revenues exceeding $25,000,000, as determined by an independent certified public accountant, as of the insured's fiscal year end immediately preceding the policy's effective date; or
(5) is a not-for-profit organization or public entity with an annual budget exceeding $25,000,000 for each of its three fiscal years immediately preceding the policy's effective date.
11 CRR-NY 71.1
Current through May 31, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.