The Office of General Counsel issued the following opinion on September 28, 2005, representing the position of the New York State Insurance Department.
Re: Renewal Requirements for Commercial Risk Policies
May a commercial risk insurer, when renewing a policy, attach only an updated declarations page along with newly added or amended endorsements, or must it send out the entire policy to the insured?
Yes. A commercial risk insurer when renewing a policy, need not send out the entire policy. Rather it may send out only the amended or added endorsements along with a declaration page.
The inquirers company would like to renew a commercial risk policy. After complying with the requirements under N.Y. Ins. Law § 3426 (McKinney 2000), the inquirer now wishes to know if it needs to send out the entire policy to the insured or just send a declaration page with the newly added endorsements.
This question was asked in light of a Department letter dated January 27th, 2000 (OGC Opinion # 00-01-09). In that letter the Department opined, where there are no changes to the policy, that upon renewal of a non-commercial automobile insurance policy, all the insurer need send out is a declaration page. The Department believes that because, the analysis is no different in this case, upon renewal, all the insurer need send out is a declaration page. Where there are added or amended endorsements, those endorsements must be included as well.
However if there are changes to the policy itself, the insurer must send a new policy.
For further information please contact Principal Attorney Paul A. Zuckerman at the New York City Office.