89-III - Insurance.

§  89-iii.  Insurance.  1.  Every  armored  car carrier shall obtain a  minimum of ten million dollars all  risk  insurance  coverage  and  such  additional amounts as are sufficient to cover the value of each valuable  cargo  consigned  in  transit  or  while  safeguarded  in such carrier's  vaults. In  addition,  each  such  carrier  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 each armored car carrier  as  part  of  its  application  for  a  license  pursuant  to  the  provisions  of  section  eighty-nine-ddd of this article, or  for  renewal  of  such  license  in  accordance   with   the   provisions  of  subdivision  five  of  section  eighty-nine-fff of this article.    3. Failure by an armored car carrier to keep such all  risk  insurance  or  comprehensive general liability insurance coverage in full force and  effect, shall be a ground 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 eighty-nine-ggg of this article.    4. All such insurance required by this section shall be issued  by  an  insurance  company  licensed  to  do  business  in  the  state  or shall  otherwise be procured by a duly licensed excess line broker pursuant  to  section two thousand one hundred eighteen of the insurance law.