Insurance Law 3416 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 3415 Supplemental claim form to be submitted for certain fire loss claims in excess of ten thousand dollars in a city with a population of one... up ARTICLE 34 Insurance Contracts-property/casualty next SECTION 3420 Liability insurance; standard provisions; right of injured person Viewing most recent revision (from 2025-01-17) View historical revision as of: -- Choose a Date -- 2025-01-17 2024-12-20 Share Facebook Email SECTION 3416 Parametric insurance Insurance (ISC) CHAPTER 28, ARTICLE 34 § 3416. Parametric insurance. (a) Except as provided in subsection (b) of this section, an insurer that issues a parametric insurance policy shall disclose the following information in the application for the insurance policy and in a prominent writing upon policy issuance and renewal: (1) the policy is not a substitute for property insurance or flood insurance, as relevant, which generally provide more comprehensive coverage in the event of a loss; and (2) a mortgagee or loss payee may not accept a parametric insurance policy. (b) An excess line broker who procures a parametric insurance policy pursuant to section two thousand one hundred five of this chapter shall provide the disclosures required by subsection (a) of this section on behalf of the insurer.