§ 4101. Definitions. In this article: (a) "Basic kinds of insurance" means the kinds of insurance described in the following paragraphs of subsection (a) of section one thousand one hundred thirteen of this chapter numbered therein as set forth in parentheses below:

Terms Used In N.Y. Insurance Law 4101

  • Contract: A legal written agreement that becomes binding when signed.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC

fire (4);

burglary and theft (7);

glass (8);

boiler and machinery (9);

elevator (10);

animal (11);

personal injury liability (13);

property damage liability (14) – basic as to stock companies only;

workers' compensation and employers' liability (15);

fidelity and surety (16);

credit (17);

marine and inland marine (20);

marine protection and indemnity (21) – basic as to mutual companies only.

(b) "Non-basic kinds of insurance" means the kinds of insurance described in the following paragraphs of subsection (a) of section one thousand one hundred thirteen of this chapter numbered therein as set forth in parentheses below:

accident and health (item (i) of (3));

non-cancellable disability (item (ii) of (3));

miscellaneous property (5);

water damage (6);

collision (12);

property damage liability (14) – non-basic as to mutual companies only;

motor vehicle and aircraft physical damage (19);

inland marine as specified in marine and inland marine (20);

marine protection and indemnity (21) – non-basic as to stock companies only;

residual value (22);

credit unemployment (24);

gap (26);

prize indemnification (27);

service contract reimbursement (28);

legal services insurance (29);

involuntary unemployment insurance (30);

salary protection insurance (31);

donor medical expense insurance (32);

excess business disability insurance (33).

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