- (a) Legal defense costs means allocated attorney and all other litigation expenses that can be separately identified as arising from the defense of a specific claim.
- (b) Liability insurance policy means any insurance policy covering liability, even if it also contains other types of coverage.
- (c) Issue shall include issue for delivery.
- (d) Commercial risk insurance means insurance as defined in section 107(a)(47) of the Insurance Law.
- (e) Public entity has the meaning contained in section 107(a)(51) of the Insurance Law.
- (f) Not-for-profit organization means a corporation, association, organization or trust described in section 501(c)(3) of the United States Internal Revenue Code.
(g) Large commercial insured means a commercial risk policy insured that:
- (1) has a net worth of at least $7,500,000, as determined by an independent certified public accountant, as of the insured's fiscal year end immediately preceding the policy's effective date;
- (2) has gross assets exceeding $25,000,000 and a net worth of at least $1,500,000, as determined by an independent certified public accountant, as of the insured's fiscal year end immediately preceding the policy's effective date;
- (3) is a for-profit business entity that generates annual gross revenues exceeding $25,000,000, and has a net worth of at least $1,500,000, as determined by an independent certified public accountant, as of the insured's fiscal year end immediately preceding the policy's effective date;
- (4) is a for-profit business entity that has gross assets exceeding $25,000,000 and generates annual gross revenues exceeding $25,000,000, as determined by an independent certified public accountant, as of the insured's fiscal year end immediately preceding the policy's effective date; or
- (5) is a not-for-profit organization or public entity with an annual budget exceeding $25,000,000 for each of its three fiscal years immediately preceding the policy's effective date.
For purposes of this Part, the following definitions shall apply: