§ 370. Indemnity bonds or insurance policies; notice of accident. 1.\nEvery person, firm, association or corporation engaged in the business\nof carrying or transporting passengers for hire in any motor vehicle or\nmotorcycle, except street cars, and motor vehicles or motorcycles owned\nand operated by a municipality, and except as otherwise provided in this\nsection, which shall be operated over, upon or along any public street\nor highway of the state of New York shall file with the commissioner of\nmotor vehicles for each motor vehicle or motorcycle intended to be so\noperated evidence, in such form as the commissioner may prescribe, of a\ncorporate surety bond or a policy of insurance: (a) approved as to form\nby the superintendent of financial services in a company authorized to\ndo business in the state, approved by the superintendent as to solvency\nand responsibility; or (b) where a vehicle is registered by a\nnot-for-profit organization that is tax-exempt under section 501(c)(3)\nof the federal internal revenue code, a risk retention group not\nchartered in this state but which is registered with the superintendent\nof financial services under the federal liability risk retention act of\n1986, comprised entirely of organizations that are tax-exempt under\nsection 501(c)(3) of the federal internal revenue code and where the\nrisk retention group qualifies as a charitable risk pool under section\n501(n) of the federal internal revenue code, provided that the vehicle\nbeing registered does not have a seating capacity of more than fifteen\npassengers, is not a limousine or luxury limousine, and where such\nvehicles are not solely for personal use by a director, officer,\nauthorized person, or key person, their relatives or related parties.\nSuch surety bond or policy of insurance shall be conditioned for the\npayment of a minimum sum, hereinafter called minimum liability, on a\njudgment or judgments for damages, including damages for care and loss\nof services, because of bodily injury to, or death of any one person in\nany one accident, and subject to such minimum liability a maximum sum,\nhereinafter called maximum liability on a judgment or judgments for\ndamages, including damages for care and loss of services because of\nbodily injury to, or death of two or more persons in any one accident\nand for the payment of a minimum sum, called minimum liability on all\njudgments for damages because of injury to or destruction of property of\nothers in any one accident, recovered against such person, firm,\nassociation or corporation upon claims arising out of the same\ntransaction or transactions connected with the same subject of action,\nto be apportioned ratably among the judgment creditors according to the\namount of their respective judgments for damage or injury caused in the\noperation, maintenance, use or the defective construction of such motor\nvehicle or motorcycle as follows:\n For damages for and incident to death or injuries to persons and\ninjury to or destruction of property: For each motorcycle and for each\nmotor vehicle engaged in the business of carrying or transporting\npassengers for hire, having a seating capacity of not more than seven\npassengers, a bond or insurance policy with a minimum liability of\ntwenty-five thousand dollars and a maximum liability of fifty thousand\ndollars for bodily injury, and a minimum liability of fifty thousand\ndollars and a maximum liability of one hundred thousand dollars for\ndeath and a minimum liability of ten thousand dollars for injury to or\ndestruction of property; for each motor vehicle engaged in the business\nof carrying or transporting passengers for hire, having a seating\ncapacity of not less than eight passengers, a bond or insurance policy\nwith a combined single limit of at least one million five hundred\nthousand dollars for bodily injury or death to one or more persons, and\nbecause of injury to or destruction of property in any one accident;\nprovid
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.