§ 3447. Qualification of environmental remediation insurance for tax
credit. (a) The superintendent of financial services is hereby
authorized to promulgate regulations relating to the certification of
policies of insurance which qualify for the environmental remediation
insurance tax credit provided for under section twenty-three of the tax
law. Such tax credit shall only apply against a portion of the premium
paid for coverage provided under subsection (b) of this section.

(b) In order to qualify for the environmental remediation insurance
tax credit provided for under section twenty-three of the tax law, the
insurance must be written pursuant to the provisions of paragraph
thirteen or fourteen of subsection (a) of section one thousand one
hundred thirteen of this chapter and contain any of the following
coverages or substantially similar coverages or combination of
coverages:

(1) coverage for the costs of on-site clean-up of pre-existing
pollution conditions from the insured property which are outside the
scope of the remedial work plan pursuant to section 27-1411 of the
environmental conservation law for such insured property;

(2) coverage for third-party claims for on-site bodily injury and
property damage resulting from pre-existing pollution conditions outside
the scope of such remedial work plan for the insured property;

(3) coverage which caps clean-up costs relating to such remedial work
plan; and

(4) coverage for the costs of state re-openers pursuant to section
27-1421 of the environmental conservation law or modifications to such
remedial work plan to fill any gap in any liability limitation provided
pursuant to section 27-1421 of the environmental conservation law for
environmental conditions.