N.Y. Comp. Codes R. & Regs. tit. 11 § 186.6
Current through Register Vol. 46, No. 45, November 2, 2024
In the case of installment or deferred payment sales or their equivalent, no policy shall provide coverage in an amount which exceeds the value of the property insured. In the case of a loan, no policy shall provide coverage in an amount which exceeds the value of the collateral or security for the loan. No debtor's policy shall be extended beyond the period of the loan or finance arrangement, or the next annual expiration date following the termination of the loan or finance arrangement, except that, at the request of the insured, such policy may be written for a longer period.
N.Y. Comp. Codes R. & Regs. Tit. 11 § 186.6