425 - Insurance.

§  425. Insurance.  1.  Every coin processor shall obtain a minimum of  ten million dollars all risk  insurance  coverage  and  such  additional  amounts  as are sufficient to cover the value of coins consigned to such  coin processor for counting. In addition, each such coin processor shall  obtain comprehensive general liability  insurance  coverage  for  death,  personal  injury  and  property  damage  in  the  minimum amount of five  hundred thousand dollars per occurrence and one million dollars  in  the  aggregate.    2. A  written  certificate  or  certificates  of  insurance  shall  be  provided to the  secretary  by  all  coin  processors  as  part  of  the  application  for  licenses  process  set  forth  in section four hundred  twenty-one of this article.    3. Failure by a coin processor to keep  such  all  risk  insurance  or  comprehensive  general  liability  insurance  coverage in full force and  effect, shall be grounds for the secretary to refuse to issue or renew a  license or to suspend or revoke such license,  in  accordance  with  the  provisions of section four hundred twenty-four of this article.    4. All  such  insurance required by this section shall be issued by an  insurer authorized to do business in the state or otherwise be  procured  by  an  excess  line  broker  duly  licensed  pursuant to the applicable  provisions of the insurance law.