N.Y. General Business Law 904 – Insurable interest
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§ 904. Insurable interest. 1. Notwithstanding any other provision of law to the contrary, a peer-to-peer car sharing program administrator shall have an insurable interest in a shared vehicle during the peer-to-peer car sharing period.
Terms Used In N.Y. General Business Law 904
- administrator: shall mean the corporation, partnership, firm, institution, sole proprietorship or other entity or person that is responsible for operating, facilitating or administering the means, digital or otherwise, by which a business platform facilitates a peer-to-peer car sharing program for financial consideration, but shall not include a person or entity engaged in the business of renting or leasing rental vehicles to be operated upon the public highways for carrying passengers or non-profit or charitable organizations that facilitate peer-to-peer car sharing in exchange for payment of a fee or for financial consideration. See N.Y. General Business Law 900
- car sharing period: shall mean the period of time that shall commence with the peer-to-peer car sharing delivery period or, if there is no peer-to-peer car sharing delivery period, the period of time that shall commence with the peer-to-peer car sharing start time and, in either case, shall end at the peer-to-peer car sharing termination time. See N.Y. General Business Law 900
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Peer-to-peer car sharing: shall mean the authorized use of a shared vehicle by an individual other than the vehicle's owner through a peer-to-peer car sharing program. See N.Y. General Business Law 900
- program: means a program that facilitates the use or operation of a shared vehicle by a shared vehicle driver. See N.Y. General Business Law 900
- Shared vehicle: means a motor vehicle that is available for sharing through a peer-to-peer car sharing program that is both:
(a) used nonexclusively for peer-to-peer car sharing activity pursuant to a peer-to-peer car sharing program agreement; and
(b) not otherwise made available by the shared vehicle owner for use as a rental vehicle as defined in § 137-a of the vehicle and traffic law. See N.Y. General Business Law 900
2. Nothing in this section shall create an obligation for a peer-to-peer car sharing program administrator to provide insurance beyond the requirement to ensure financial security pursuant to the provisions of subdivision two of section nine hundred one of this article.