§ 655. Maximum amount of insurance. 1. Subject to the provisions of subdivisions two and three of this section, the maximum amount of insurance that any claimant shall be entitled to shall be determined by the superintendent after taking into account the amount of claims, the amount of the fund, including the authority of the fund to make assessments pursuant to section six hundred fifty-seven of this article, and any claim for recovery which the fund would have pursuant to the provisions of section six hundred forty-three of this chapter.
2. No insurance shall be paid on any New York instrument payable for an amount in excess of one thousand dollars, other than those New York instruments issued for the purpose of paying utility bills.
3. The maximum amount of insurance which any claimant shall be entitled to shall be determined as follows:
a. If the claimant is a purchaser, the maximum amount of insurance which such purchaser shall be entitled to on all insured New York instruments purchased by said purchaser shall be five thousand dollars.
b. If the claimant is a holder, the maximum amount of insurance which such holder shall be entitled to shall be the aggregate of the amounts which would have been due to the purchasers of the insured New York instruments held by the holder, had the instruments remained in the possession of the purchasers, rather than the holder.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
