New York S09134 amends the insurance law to define "default insurance" as coverage for losses due to a third party's failure to fulfill a binding.

New York S09134 amends the insurance law by adding a definition for "default insurance." This insurance provides first-party indemnity to a named insured for losses, costs, and expenses arising from a third party's material failure to perform a binding agreement. The third party must not be an insured or beneficiary and must have no rights under the policy. The act applies to all policies and contracts issued, renewed, modified, altered, or amended on or after the effective date.

New York S09134 amends the insurance law to define "default insurance" as coverage for losses due to a third party's failure to fulfill a binding.

New York S09134 amends the insurance law by adding a definition for "default insurance." This insurance provides first-party indemnity to a named insured for losses, costs, and expenses arising from a third party's material failure to perform a binding agreement. The third party must not be an insured or beneficiary and must have no rights under the policy. The act applies to all policies and contracts issued, renewed, modified, altered, or amended on or after the effective date.