N.Y. Insurance Law 3410 – Fire insurance contract; payment of liens on proceeds; certain cases
§ 3410. Fire insurance contract; payment of liens on proceeds; certain cases. (a) Every fire insurance policy insuring the interest of an owner pursuant to this article shall include a statement that, prior to the payment of any proceeds thereunder otherwise payable to the insured for damages resulting to the premises from a loss occasioned by fire, the insurer will deduct and pay the claim of any tax district which renders a certificate of lien pursuant to the provisions of section three hundred thirty-one of this chapter.
Terms Used In N.Y. Insurance Law 3410
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(b) Such statement shall further relate that upon the payment of such claim the insurer shall, to the extent of such payment, be released from any obligation to pay the same to the insured and that the payment of any such claim within thirty days of receipt by the insurer of the certificate of lien shall, as between the insured and the insurer, operate as a conclusive presumption that such claim was valid and properly paid.