What it does
New York Insurance Law section 3404 prescribes the printed form "known and designated as the standard fire insurance policy of the state of New York." It insures direct loss by fire and lightning and by removal from premises endangered by those perils, and lets other perils be added only by written endorsement or approved supplemental contracts.
Who needs it
It matters mainly as a reference point for fire policy conditions. Its terms include suspension when the insured knowingly increases the hazard or a building is vacant or unoccupied beyond sixty consecutive days, voidance for concealment or fraud, appraisal, a suit-limitation period and the mortgagee clause.
Key provisions and limits
- Insurer cancellation on five days' written notice to the insured (ten days for a mortgagee).
- Appraisal with each party naming an appraiser within twenty days and an umpire chosen by the appraisers or a judge.
- Suit must be brought within twenty-four months after the loss begins.
Quoting and selling notes
- Compare a policy's appraisal, vacancy and suit-limitation conditions with the statutory form when a New York claim turns on them.
- Modern ISO dwelling and homeowners forms have their own vacancy (60 consecutive days) and appraisal provisions; read the actual policy.
