§ 2-262 Insurance Coverage.
RCNY § 2-262
(a)A licensee shall at all times carry insurance which, in the opinion of the Commissioner, is adequate to protect the public. Sufficient coverage shall include protection against liability for damage done to the customer's property and against loss by fire and theft of the average number of articles entrusted to the licensee or his or her agents or left by customers at any one time with the licensee for service. Where special circumstances make it difficult or impossible to obtain the required insurance, an application may be made to the Commissioner for approval of a substitute means of coverage.
(b)A certificate of insurance, in which the insurance company undertakes to notify the Department of Consumer Affairs as an interested party, shall accompany every application for a license. Where a licensee's insurance coverage is suspended or revoked for any reason, the applicable insurance carrier shall promptly notify this Department of the extent and terms of the suspension or revocation.
(c)A licensee shall notify this Department within five working days of damage to, theft or loss of customers' property which is in excess of 10 per cent of the average number of articles entrusted to the licensee or his or her agents or left by customers at any one time with the license for service.
(d)Failure to maintain such insurance at all times shall be considered grounds for the suspension or revocation of a license issued pursuant to Subchapter 24 of Chapter 2 of Title 20 of the Administrative Code.
