New York § 425 - 425Insurance
Full text of New York New York Consolidated Laws § 425 — 425Insurance, with citation guidance and answers to common questions.
§ 425. 425Insurance
§ 425. Insurance. 1. Every coin processor shall obtain a minimum of ten million dollars all risk insurance coverage and such additional amounts as are sufficient to cover the value of coins consigned to such coin processor for counting. In addition, each such coin processor shall obtain comprehensive general liability insurance coverage for death, personal injury and property damage in the minimum amount of five hundred thousand dollars per occurrence and one million dollars in the aggregate. 2. A written certificate or certificates of insurance shall be provided to the secretary by all coin processors as part of the application for licenses process set forth in section four hundred twenty-one of this article. 3. Failure by a coin processor to keep such all risk insurance or comprehensive general liability insurance coverage in full force and effect, shall be grounds for the secretary to refuse to issue or renew a license or to suspend or revoke such license, in accordance with the provisions of section four hundred twenty-four of this article. 4. All such insurance required by this section shall be issued by an insurer authorized to do business in the state or otherwise be procured by an excess line broker duly licensed pursuant to the applicable provisions of the insurance law.
Frequently Asked Questions About New York § 425
What does New York Consolidated Laws § 425 cover?
Section 425 ("425Insurance") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 425?
A common citation format is "New York Consolidated Laws § 425" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 425 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.