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New York Consolidated Laws, Insurance Law - ISC § 3416. Parametric insurance

Current as of January 01, 2026 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - New York Consolidated Laws, Insurance Law - ISC § 3416. Parametric insurance - last updated January 01, 2026 | https://codes.findlaw.com/ny/insurance-law/isc-sect-3416/

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