N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1630-4.1

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

Section 1630-4.1 - Fire and extended coverage insurance

(a) Amount of insurance. Blanket insurance on a 90 per cent basis shall be carried to cover replacement of buildings. Rental value insurance shall also be carried, preferably on a blanket 100 per cent basis. Deductibles shall be used wherever practical to do so.

(b) Rating procedure. As a result of negotiation by Commissioner of Housing with New York Fire Insurance Rating Organization, local public housing projects receive special rate treatment. In order to obtain promulgation of special reduced rate, it will be necessary to prepare "Affidavit to Secure an Average Blanket Rate" and submit same to New York Fire Insurance Rating Organization. The division will assist authority in preparation of this affidavit and subsequent detail involved in filing with rating organization and in obtaining promulgation of special rate. The division has special forms which will be supplied to authority for attachment to their policies by insurance carriers awarded coverage.

Note: In projects of so-called "superior fire-resistive construction," application shall be made to New York Fire Insurance Rating Organization for permission to use "Amount of Insurance" clause and elimination of "coinsurance" clause from fire insurance policies. Wherever this privilege may be obtained, division will assist authority in filing with rating organization

(c) Term and endorsement. Policies shall cover fire and extended coverage insurance for a three year period. They shall be written in name of authority and Executive Department, Division of Housing and Community Renewal, State of New York.

N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1630-4.1