Insurance Regulation
A licensed New York broker places marine coverage on an ocean-going vessel with an unauthorized insurer. How does section 2117 treat that placement?
Answer and explanation
Answer: C. Section 2117 excepts several placements by licensed brokers, among them reinsurance, property permanently located outside this state, marine insurance on shipments and ocean vessels, and certain out-of-state vehicle and aircraft liability. Marine coverage of that kind is inside the exception, so no waiver or individual approval is needed.Source: N.Y. Ins. Law § 2117 — § 2117
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