§ 3426. Commercial lines insurance; cancellation and renewal\nprovisions. (a) Definitions. As used in this section:\n (1) "Covered policy" means, for purposes of this section, a policy of\ncommercial risk insurance, professional liability insurance or public\nentity insurance, and shall include any contract, certificate or other\nevidence of such insurance.\n (2) "Required policy period" means a period of one year from the date\nas of which a covered policy is renewed or first issued.\n (3) "Nonpayment of premium" means the failure of the named insured to\ndischarge any obligation in connection with the payment of premiums on a\npolicy of insurance or any installment of such premium, whether the\npremium is payable directly to the insurer or its agent, or indirectly\nunder any premium finance plan or extension of credit. Payment to the\ninsurer, or to an agent or broker authorized to receive such payment,\nshall be timely for the purpose of this section if made within fifteen\ndays after the mailing to the insured of a notice of cancellation for\nnonpayment of premium.\n (4) "Renewal" or "to renew" means the issuance or offer to issue by an\ninsurer of a policy superseding a policy previously issued and delivered\nby the same insurer, or another insurer under common control, or the\nissuance or delivery of a certificate or notice extending the term of a\npolicy beyond its policy period or term; provided, however, that any\npolicy with a policy period or term of less than one year shall, for the\npurpose of this section, be considered as if written for a policy period\nor term of one year, and any policy with no fixed expiration date shall,\nfor the purpose of this section, be considered as if written for\nsuccessive policy periods or terms of one year.\n (5) "Administrative suspension" means a temporary suspension of a\ndriver's license pending a hearing, prosecution or investigation, or an\nindefinite suspension of a driver's license because of the failure of\nthe person suspended to perform an act, which suspension will be\nterminated by the performance of the act by the person suspended.\n (6) "Excess liability policy" means a policy of commercial risk,\npublic entity or professional liability insurance, including a\ncommercial umbrella policy, when written over one or more underlying\nliability policies that provide with respect to the same risk coverage\nof at least five hundred thousand dollars in the aggregate.\n (7) "Hyper limits excess liability policy" means an excess liability\npolicy of commercial risk, public entity or professional liability\ninsurance, including a commercial umbrella policy, when written over one\nor more underlying liability policies issued by authorized insurers that\nprovide with respect to the same risk coverage of at least ten million\ndollars in the aggregate.\n (8) "Jumbo risk" means a business entity that generates gross revenues\nexceeding one hundred million dollars annually and that develops an\nannual liability premium for the policy of at least five hundred\nthousand dollars, but shall not include any public entity or\nnot-for-profit corporation.\n (9) "Renewal date" means the date specified in a conditional renewal\nnotice, renewal certificate or in the renewal policy itself, for\ncoverage under a renewal policy to take effect.\n (10) "Blanket" or "mass" nonrenewal means a situation where the\ninsurer within a six month period is nonrenewing policies representing\nmore than one percent of a market.\n (11) "Market" shall have the meaning ascribed by paragraph one of\nsubsection (a) of section two thousand three hundred forty-four of this\nchapter.\n (b) During the first sixty days a covered policy is initially in\neffect, except for the bases for cancellation set forth in paragraph\none, two or three of subsection (c) of this section, no cancellation\nshall become effective until twenty days after written notice is mailed\nor delivered to the first-named insured at the m
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