§ 59A-12 Compliance with Law – Vehicle Insurance Coverage.
RCNY § 59
(a)Maintain Liability Insurance.
(1)A For-Hire Vehicle Owner must maintain the required insurance coverage on all of Owner's Vehicles at all times.
(2)When a For-Hire Vehicle Owner receives notice that his or her liability insurance is to be terminated, Owner must surrender the For-Hire Vehicle License and Decal(s) to the Commission on or before the termination date of the insurance.
(3)This requirement will not apply if the Owner of the Vehicle submits, before the termination of the policy, proof of new insurance effective on the date of termination of the old policy. 35 RCNY § 59A-12(a)Fine: $150 - $350 and/or suspension up to 30 daysAppearance REQUIRED (b) Notification to Commission of Changes in Insurance Coverage. Within seven days, not including holidays and weekends, a For-Hire Vehicle Owner must notify the Commission in writing of any change in insurance carrier or coverage, specifying the name and address of the new and the former insurance carriers and the number of the policy for each affiliated Vehicle. The Owner must submit proof of such coverage. 35 RCNY § 59A-12(b)Fine: $100Appearance REQUIRED (c) Coverage Requirements. No Commission-licensed Vehicle can be operated unless it is covered by policies of insurance approved as to form by the Commission and issued by companies authorized to do business in this State by the Superintendent of Insurance.
(4)Coverage for For-Hire Vehicles with Seating Capacity of Sixteen or More. Each Owner of a For-Hire Vehicle with a seating capacity of at least 16 Passengers (not including the Driver) must maintain coverage for each Vehicle owned in amounts not less than the following: (i) $100,000 per person, payable for those expenses specified in paragraphs 1, 2 and 3 of subdivision a of section 5102 of the New York State Insurance Law; (ii) $5,000,000 minimum liability for bodily injury or death to one or more persons, and because of injury to or destruction of property in any one accident, as those terms are described and defined in section 370(1) of the Vehicle and Traffic Law. 35 RCNY § 59A-12(c)(3)Fine: $350 and suspension until complianceAppearance REQUIRED (5) Policy Coverage Restrictions. Insurance policies covering Commission-licensed vehicles cannot have any limitations or restrictions on location or timeframes of coverage. Coverage provided under issued policies must be for 24 hours per day, 7 days per week, regardless of vehicle use or purpose.
(6)Excess policies may be used to satisfy the Commission’s minimum coverage requirements with a company authorized to do business in this State by the Superintendent of Insurance.
(7)Policy Information Required. Documentation submitted to the Commission for each vehicle covered by a policy must contain the vehicle identification number for each such vehicle, effective and end dates of the policy, coverage amounts, and Certificates of Liability.
(i)Declaration pages are required upon Commission request and must contain the schedule of covered vehicles and the policy number.
(ii)All documentation must be submitted electronically in a form approved by the Commission. 35 RCNY § 59A-12(c)(5), (6) & (7)Fine: $350 and suspension until complianceAppearance REQUIRED (d) Report of Collisions to Carrier and the Commission.
