§ 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.