New York Laws
Article 34 - Insurance Contracts-Property/casualty
3404 - Fire Insurance Contracts; Standard Policy Provisions; Permissible Variations.

(b) (1) No policy or contract of fire insurance shall be made, issued
or delivered by any insurer or by any agent or representative thereof,
on any property in this state, unless it shall conform as to all
provisions, stipulations, agreements and conditions with such form of
policy, except policies subject to the provisions of section three
thousand one hundred two of this chapter which shall be required to
comply with the provisions of paragraph one of subsection (f) of this
section.
(2) There shall be printed or typewritten at the head of such policy
the name and home office address of the insurer or insurers issuing the
policy and a statement whether such insurer or insurers are stock or
mutual corporations or are reciprocal insurers or Lloyds underwriters.
In lieu of such statement a corporation organized under a special act of
the legislature of any state may so indicate upon its policy. The head
of the policy may also have such devices as the insurer or insurers
issuing it desire.
(3) The standard fire insurance policy need not be used for effecting
reinsurance between insurers.
(4) If the policy is issued by a mutual, cooperative or reciprocal
insurer having special regulations with respect to the payment by the
policyholder of assessments, such regulations shall be printed upon the
policy, and any such insurer may print upon the policy such regulations
as may be appropriate to or required by its form of organization.
(c) Two or more insurers authorized to do the business of fire
insurance in this state may, with the approval of the superintendent,
issue a combination standard form of fire insurance policy which shall
contain the following provisions:
(1) A provision substantially to the effect that the insurers
executing such policy shall be severally liable for the full amount of
any loss or damage, according to the terms of the policy, or for
specified percentages or amounts thereof, aggregating the full amount of
such insurance under such policy.
(2) A provision substantially to the effect that service of process,
or of any notice or proof of loss required by such policy, upon any of
the insurers executing such policy, shall be deemed to be service upon
all such insurers.
(d) (1) Appropriate forms of a supplemental contract or contracts or
extended coverage endorsements insuring against one or more of the
perils which the insurer is empowered to insure, in addition to the
perils covered by such standard fire insurance policy, may be approved
by the superintendent, who may authorize their use in connection with a
standard fire insurance policy.
(2) The first page of the policy, in a form approved by the
superintendent, may be rearranged to provide space for the listing of
amounts of insurance, rates and premiums for the basic coverages insured
under the standard form of policy and for additional coverages or perils
insured under attached endorsements, and such other data as may be
conveniently included for duplication on daily reports for office
records.
(e) The form of the standard fire insurance policy of the state of New
York (with permission to substitute for the word "company" a more
accurate descriptive term for the type of insurer) shall be as follows:

FIRST PAGE OF STANDARD FIRE POLICY

No. ............

[Space for insertion of name of company or companies issuing the
policy and other matter permitted to be stated at the head of the
policy.]

[Space for listing amounts of insurance, rates and premiums for the
basic coverages insured under the standard form of policy and for
additional coverages or perils insured under endorsements attached.]

In Consideration of the Provisions and Stipulations herein or added
hereto and of .......................................... Dollars Premium
this Company, for the term of ........, from the ........ day of
........, 19.. to the ........ day of ........, 19.. at noon, Standard
Time, at location of property involved, does insure
......................... and legal representatives, TO THE LESSER
AMOUNT OF EITHER:
.1) THE ACTUAL CASH VALUE OF THE PROPERTY AT THE TIME OF THE LOSS, OR
2) THE AMOUNT WHICH IT WOULD COST TO REPAIR OR REPLACE THE PROPERTY
WITH MATERIAL OF LIKE KIND AND QUALITY WITHIN A REASONABLE TIME AFTER
SUCH LOSS, WITHOUT ALLOWANCE FOR ANY INCREASED COST OF REPAIR OR
RECONSTRUCTION BY REASON OF ANY ORDINANCE OR LAW REGULATING CONSTRUCTION
OR REPAIR, AND WITHOUT COMPENSATION FOR LOSS RESULTING FROM INTERRUPTION
OF BUSINESS OR MANUFACTURE, OR
3) TO AN AMOUNT NOT EXCEEDING ................ DOLLARS, BUT IN ANY
EVENT FOR NO MORE THAN THE INTEREST OF THE INSURED, AGAINST ALL DIRECT
LOSS BY FIRE, LIGHTNING AND BY REMOVAL FROM PREMISES ENDANGERED BY THE
PERILS INSURED AGAINST IN THIS POLICY, EXCEPT AS HEREINAFTER PROVIDED,
to the property described hereinafter while located or contained as
described in this policy, or pro rata for five days at each proper place
to which any of the property shall necessarily be removed for
preservation from the perils insured against in this policy, but not
elsewhere.

Assignment of this policy shall not be valid except with the written
consent of this Company.

This policy is made and accepted subject to the foregoing provisions
and stipulations and those hereinafter stated, which are hereby made a
part of this policy, together with such other provisions, stipulations
and agreements as may be added hereto, as provided in this policy.

In Witness Whereof, this Company has executed and attested these
presents; but this policy shall not be valid unless countersigned by the
duly authorized Agent of this Company at ...............................

........................................................................
........................................................................
Secretary. President.

Countersigned this .... day of ....., 19 .... ......................
Agent.

SECOND PAGE OF STANDARD FIRE POLICY

Concealment, fraud. This entire policy shall be void if, whether
before or after a loss, the insured has wilfully concealed or
misrepresented any material fact or circumstance concerning this
insurance or the subject thereof, or the interest of the insured
therein, or in case of any fraud or false swearing by the insured
relating thereto.
Uninsurable and excepted property. This policy shall not cover
accounts, bills, currency, deeds, evidences of debt, money or
securities; nor, unless specifically named hereon in writing, bullion or
manuscripts.
Perils not included. This Company shall not be liable for loss by fire
or other perils insured against in this policy caused, directly or
indirectly, by: (a) enemy attack by armed forces, including action taken
by military, naval or air forces in resisting an actual or an
immediately impending enemy attack; (b) invasion; (c) insurrection; (d)
rebellion; (e) revolution; (f) civil war; (g) usurped power; (h) order
of any civil authority except acts of destruction at the time of and for
the purpose of preventing the spread of fire, provided that such fire
did not originate from any of the perils excluded by this policy; (i)
neglect of the insured to use all reasonable means to save and preserve
the property at and after a loss, or when the property is endangered by
fire in neighboring premises; (j) nor shall this Company be liable for
loss by theft.
Other Insurance. Other insurance may be prohibited or the amount of
insurance may be limited by endorsement attached hereto.
Conditions suspending or restricting insurance. Unless otherwise
provided in writing added hereto this Company shall not be liable for
loss occurring
(a) while the hazard is increased by any means within the control or
knowledge of the insured; or
(b) while a described building, whether intended for occupancy by owner
or tenant, is vacant or unoccupied beyond a period of sixty consecutive
days; or
(c) as a result of explosion or riot, unless fire ensue, and in that
event for loss by fire only.
Other perils or subjects. Any other peril to be insured against or
subject of insurance to be covered in this policy shall be by
endorsement in writing hereon or added hereto.
Added provisions. The extent of the application of insurance under
this policy and of the contribution to be made by this Company in case
of loss, and any other provision or agreement not inconsistent with the
provisions of this policy, may be provided for in writing added hereto,
but no provision may be waived except such as by the terms of this
policy is subject to change.
Waiver provisions. No permission affecting this insurance shall exist,
or waiver of any provision be valid, unless granted herein or expressed
in writing added hereto. No provision, stipulation or forfeiture shall
be held to be waived by any requirement or proceeding on the part of
this Company relating to appraisal or to any examination provided for
herein.
Cancellation of policy. This policy shall be cancelled at any time at
the request of the insured, in which case this Company shall, upon
demand and surrender of this policy, refund the excess of paid premium
above the customary short rates for the expired time. This policy may be
cancelled at any time by this Company by giving to the insured a five
days' written notice of cancellation with or without tender of the

excess of paid premium above the pro rata premium for the expired time,
which excess, if not tendered, shall be refunded on demand. Notice of
cancellation shall state that said excess premium (if not tendered) will
be refunded on demand.
Mortgagee interests and obligations. If loss hereunder is made
payable, in whole or in part, to a designated mortgagee not named herein
as the insured, such interest in this policy may be cancelled by giving
to such mortgagee a ten days' written notice of cancellation.
If the insured fails to render proof of loss such mortgagee, upon
notice, shall render proof of loss in the form herein specified within
sixty (60) days thereafter and shall be subject to the provisions hereof
relating to appraisal and time of payment and of bringing suit. If this
Company shall claim that no liability existed as to the mortgagor or
owner, it shall, to the extent of payment of loss to the mortgagee, be
subrogated to all the mortgagee's rights of recovery, but without
impairing mortgagee's right to sue; or it may pay off the mortgage debt
and require an assignment thereof and of the mortgage. Other provisions
relating to the interests and obligations of such mortgagee may be added
hereto by agreement in writing.
Pro rata liability. This Company shall not be liable for a greater
proportion of any loss than the amount hereby insured shall bear to the
whole insurance covering the property against the peril involved,
whether collectible or not.
Requirements in case loss occurs. The insured shall give immediate
written notice to this Company of any loss, protect the property from
further damage, forthwith separate the damaged and undamaged personal
property, put it in the best possible order, furnish a complete
inventory of the destroyed, damaged and undamaged property, showing in
detail quantities, costs, actual cash value and amount of loss claimed;
and within sixty days after the loss, unless such time is extended in
writing by this Company, the insured shall render to this Company a
proof of loss, signed and sworn to by the insured, stating the knowledge
and belief of the insured as to the following: the time and origin of
the loss, the interest of the insured and of all others in the property,
the actual cash value of each item thereof and the amount of loss
thereto, all encumbrances thereon, all other contracts of insurance,
whether valid or not, covering any of said property, any changes in the
title, use, occupation, location, possession or exposures of said
property since the issuing of this policy, by whom and for what purpose
any building herein described and the several parts thereof were
occupied at the time of loss and whether or not it then stood on leased
ground, and shall furnish a copy of all the descriptions and schedules
in all policies and, if required, verified plans and specifications of
any building, fixtures or machinery destroyed or damaged. The insured,
as often as may be reasonably required, shall exhibit to any person
designated by this Company all that remains of any property herein
described, and submit to examinations under oath by any person named by
this Company, and subscribe the same; and, as often as may be reasonably
required, shall produce for examination all books of account, bills,
invoices and other vouchers, or certified copies thereof if originals be
lost, at such reasonable time and place as may be designated by this
Company or its representative, and shall permit extracts and copies
thereof to be made.
Appraisal. In case the insured and this Company shall fail to agree as
to the actual cash value or the amount of loss, then, on the written
demand of either, each shall select a competent and disinterested
appraiser and notify the other of the appraiser selected within twenty
days of such demand. The appraisers shall first select a competent and

disinterested umpire; and failing for fifteen days to agree upon such
umpire, then, on request of the insured or this Company, such umpire
shall be selected by a judge of a court of record in the state in which
the property covered is located. The appraisers shall then appraise the
loss, stating separately actual cash value and loss to each item; and,
failing to agree, shall submit their differences, only, to the umpire.
An award in writing, so itemized, of any two when filed with this
Company shall determine the amount of actual cash value and loss. Each
appraiser shall be paid by the party selecting him and the expenses of
appraisal and umpire shall be paid by the parties equally.
Company's options. It shall be optional with this Company to take all,
or any part, of the property at the agreed or appraised value, and also
to repair, rebuild or replace the property destroyed or damaged with
other of like kind and quality within a reasonable time, on giving
notice of its intention so to do within thirty days after the receipt of
the proof of loss herein required.
Abandonment. There can be no abandonment to this Company of any
property.
When loss payable. The amount of loss for which this Company may be
liable shall be payable sixty days after proof of loss, as herein
provided, is received by this Company and ascertainment of the loss is
made either by agreement between the insured and this Company expressed
in writing or by the filing with this Company of an award as herein
provided.
Suit. No suit or action on this policy for the recovery of any claim
shall be sustainable in any court of law or equity unless all the
requirements of this policy shall have been complied with, and unless
commenced within twenty-four months next after inception of the loss.
Subrogation. This Company may require from the insured an assignment
of all right of recovery against any party for loss to the extent that
payment therefor is made by this Company.

THIRD PAGE OF STANDARD FIRE POLICY

ATTACH FORM BELOW THIS LINE

BACK OF STANDARD FIRE POLICY
(OPTIONAL)

Standard Fire Insurance Policy of the States of


Expires _______________________________________
Property ______________________________________
Assured _______________________________________
No. _______________________
(COMPANY)




It is important that the written portions of all
policies covering the same property read exactly
alike. If they do not, they should be made uniform
at once.
(f) (1) Subject to the approval of the superintendent, a policy which
insures solely against the peril of fire or which insures against the
peril of fire in combination with other kinds of insurance either for a
divisible or indivisible premium need not comply with the provisions of
subsection (e) of this section, provided:
(A) the policy contains, with respect to the peril of fire, terms and
provisions no less favorable to the insured than those contained in the
standard fire policy;
(B) the provisions in relation to mortgagee interests and obligations
in such standard fire policy are incorporated without substantive
change; and
(C) the policy or contract is complete as to all of its terms without
reference to the standard form fire insurance policy or any other
policy.
(2) Policies of automobile or aircraft physical damage insurance or
policies of inland marine insurance may be issued as heretofore without
reference to the limitations contained in paragraph one of this
subsection.
(g) Notwithstanding any other provision of law to the contrary, the
provisions of the appraisal clause set out on the second page of the
standard fire policy and the provisions of section three thousand four
hundred eight of this article, including determinations as to the amount
of loss or damage rendered thereunder, shall be binding on all parties
to the contract of insurance evidenced by the policy and may be enforced
by either the insurer or the insured by application made pursuant to
subsection (c) of section three thousand four hundred eight of this
article.
(h) As used in this section, "binder" means a written document (1)
which includes the name and address of the insured and any additional
named insureds, mortgagees, or lienholders; a description of the
property insured; a description of the nature and amount of coverage
which shall be deemed to include the terms of the standard fire
insurance policy except as conspicuously noted on the binder; the
identity of the insurer and of the authorized representative executing
the binder; the effective date of coverage; the binder number or the
policy number where applicable to a policy extension, and (2) which
temporarily obligates the insurer to provide that insurance coverage
pending issuance of the insurance policy. The cancellation of such a
binder shall be governed at the minimum by the provisions of the
standard fire insurance policy and the provisions of this chapter
applicable thereto. No exempt organization, as defined in section five
hundred ninety of the banking law, or licensed mortgage banker which
originates mortgage loans shall, at the time of title closing for a loan
secured by a one to four family residential real property, refuse to
accept a binder, issued by an insurer, or a duly authorized
representative of an insurer, licensed to do business in this state, as
evidence that hazard insurance has been procured for the mortgaged
premises. Nothing herein is intended to prohibit the mortgage banker or
exempt organization from requiring the borrower to also furnish a
receipt indicating that the annual or installment premium on such
insurance policy has been paid.

Structure New York Laws