N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1630-1.7

Current through Register Vol. 46, No. 45, November 2, 2024

Section 1630-1.7 - Reporting of claims

(a) Property losses.

(1) In accordance with provisions of loan and subsidy contract, in event of damage or loss to project requiring presentation of any claim under any of the policies (excluding claims reported to liability or compensation carriers), authority shall immediately advise division as to nature and probable amount of loss and shall proceed with collection of insurance claim, either by settlement approved by commissioner or in such other manner as he may approve. Prior approval of commissioner must be obtained for employment of licensed public insurance adjuster.

(2) Remittance from insurance company for settlement of any claim for loss shall be payable to authority as named assured, and shall then be presented to division for final approval.

(3) After any such claim is satisfied by insurance carriers, and project is repaired or reconstructed, authority shall have insurance policies reinstated to full amount of insurance existing before damage. A copy of such reinstatement endorsement shall be forwarded to division. In some cases, policies are not reduced by payment of a loss, and therefore, no reinstatement endorsement is required. This should be verified in every case, and division notified to that effect.

(4) Authorities should keep a record of all uninsured losses so that a basis may be provided for determining whether any additional insurance coverages are necessary.

(b) Liability and compensation.

(1) Employees. Accidents or injuries to employees which occur on the job are to be reported on special forms (C-2 or C-2.5) to the authority's insurance carrier; the Workmen's Compensation Board, and the division's bureau of management. In the event of a serious accident, the division's bureau of management should be notified immediately by telephone.

(2) Tenants and others. Accidents or injuries to tenants or others should be reported on a special "Report of Accident" form indicated in Exhibit B of Appendix S-5 and forwarded to both the division's bureau of management and the insurance carrier. In the event of an accident involving death or serious injury, the bureau of management should be notified immediately.

N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1630-1.7