§ 89-iii. Insurance. 1. Every armored car carrier shall obtain a
minimum of ten million dollars all risk insurance coverage and such
additional amounts as are sufficient to cover the value of each valuable
cargo consigned in transit or while safeguarded in such carrier's
vaults. In addition, each such carrier 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 each armored car carrier as part of its
application for a license pursuant to the provisions of section
eighty-nine-ddd of this article, or for renewal of such license in
accordance with the provisions of subdivision five of section
eighty-nine-fff of this article.

3. Failure by an armored car carrier to keep such all risk insurance
or comprehensive general liability insurance coverage in full force and
effect, shall be a ground 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 eighty-nine-ggg of this article.

4. All such insurance required by this section shall be issued by an
insurance company licensed to do business in the state or shall
otherwise be procured by a duly licensed excess line broker pursuant to
section two thousand one hundred eighteen of the insurance law.