] is old law to be omitted. LBD06443-02-4A. 2551--A 2 1 a specific motor vehicle or motor vehicles within the state of New York, 2 or elsewhere in the United States in North America or the Dominion of 3 Canada, subject to a limit, exclusive of interest and costs, with 4 respect to each such motor vehicle except a tow truck or a motor vehicle 5 which is rented or leased from a person, organization or business regu- 6 larly engaged in the business of renting or leasing motor vehicles to 7 the general public, of twenty-five thousand dollars because of bodily 8 injuries to and fifty thousand dollars because of death of one person in 9 any one accident and, subject to said limit for one person, to a limit 10 of fifty thousand dollars because of bodily injury to and one hundred 11 thousand dollars because of death of two or more persons in any one 12 accident, and to a limit of ten thousand dollars because of injury to or 13 destruction of property of others in any one accident provided, however, 14 that such policy need not be for a period coterminous with the registra- 15 tion period of the vehicle insured. The limit, exclusive of interest and 16 costs, with respect to a tow truck shall be a combined single limit of 17 at least three hundred thousand dollars because of bodily injury or 18 death to one or more persons or because of injury or destruction of 19 property of others in any one accident, and to a limit of twenty-five 20 thousand dollars because of damage to a vehicle in the care, custody and 21 control of the insured. The limit, exclusive of interest and costs, 22 with respect to a motor vehicle which is rented or leased from a person, 23 organization or business regularly engaged in the business of renting or 24 leasing motor vehicles to the general public, shall be a combined single 25 limit of at least one million two hundred fifty thousand dollars because 26 of bodily injury or death to one or more persons or because of injury or 27 destruction of property of others in any one accident, and to a limit of 28 twenty-five thousand dollars because of damage to a vehicle in the care, 29 custody and control of the insured. Any insurer authorized to issue an 30 owner's policy of liability insurance as provided for in this article 31 may, pending the issue of such a policy, make an agreement, to be known 32 as a binder, or may, in lieu of such a policy, issue a renewal endorse- 33 ment or evidence of renewal of an existing policy; each of which shall 34 be construed to provide indemnity or protection in like manner and to 35 the same extent as such a policy. The provisions of this article shall 36 apply to such binders, renewal endorsements or evidences of renewal. 37 Every such policy issued insuring private passenger vehicles and every 38 renewal policy, renewal endorsement, or other evidence of renewal issued 39 shall have attached thereto a rating information form which clearly 40 specifies and defines the rating classification assigned thereto, 41 including any applicable merit rating plan; and 42 § 2. Section 312 of the vehicle and traffic law is amended by adding a 43 new subdivision 6 to read as follows: 44 6. (a) No motor vehicle shall be leased or rented in this state unless 45 upon the registration of the leased or rented motor vehicle, the appli- 46 cation for such registration is accompanied by proof of financial secu- 47 rity required by section three hundred eleven of this article which 48 shall be evidenced by proof of insurance or evidence of a financial 49 security bond, a financial security deposit or qualification as a self- 50 insurer under section three hundred sixteen of this article; provided, 51 that if directed by regulation of the commissioner, upon renewal of 52 registration an application accompanied by a certificate of registration 53 or renewal stub in force immediately preceding the date of application 54 for renewal, together with a statement in a form prescribed by the 55 commissioner certifying that there is in effect proof of financial secu- 56 rity, shall meet the requirements of this section. Upon the issuance orA. 2551--A 3 1 renewal of a private passenger automobile insurance policy subject to 2 the provisions of section three thousand four hundred twenty-five of the 3 insurance law, the insurance company shall provide the insured with an 4 informational statement outlining the legal and financial consequences 5 of convictions under section eleven hundred ninety-two of this chapter, 6 pertaining to operating a motor vehicle while under the influence of 7 alcohol or drugs. Such information shall be supplied to the company by 8 the state department of financial services in consultation with the 9 commissioner. 10 (b) The owner and registrant if the registrant is different from the 11 owner of such leased or rented motor vehicle shall maintain proof of 12 financial security continuously throughout the registration period and 13 his failure to produce proof of financial security when requested to do 14 so upon demand of a magistrate, motor vehicle inspector, peace officer, 15 acting pursuant to his special duties, or police officer, while such 16 vehicle is being operated upon the public highway, shall be presumptive 17 evidence of operating a motor vehicle without proof of financial securi- 18 ty. Upon the production of proof of financial security such presumption 19 is removed. Production of proof of financial security may be made by 20 mailing such proof to the court having jurisdiction in the matter, and 21 any necessary response by such court or acknowledgement of the 22 production of such proof may also be made by mail. When insurance with 23 respect to any motor vehicle, other than a motorcycle, is terminated the 24 owner shall surrender forthwith their registration certificate and 25 number plates of the vehicle to the commissioner unless proof of finan- 26 cial security otherwise is maintained in compliance with this article. 27 (c) The owner of any leased or rented vehicle that fails to maintain 28 the proof of financial security required above may be held personally 29 liable for any judgment entered against any driver and/or registrant of 30 the leased or rented vehicle for damages sustained as a result of 31 personal injury, wrongful death and/or property damage suffered as a 32 result of the use and operation of the leased or rented vehicle. 33 § 3. Paragraph 3 of subdivision (b) of section 345 of the vehicle and 34 traffic law, as amended by chapter 305 of the laws of 1995, is amended 35 to read as follows: 36 (3) Shall insure the insured, the vehicle operator, or such other 37 person against loss from the liability imposed by law for damages, 38 including damages for care and loss of services because of bodily injury 39 to or death of any person and injury to or destruction of property aris- 40 ing out of the ownership, maintenance, use, or operation of such motor 41 vehicle or motor vehicles within the state of New York, or elsewhere in 42 the United States in North America or the Dominion of Canada, subject to 43 a limit, exclusive of interest and cost, with respect to each such motor 44 vehicle, except a tow truck or a motor vehicle which is rented or leased 45 from a person, organization or business regularly engaged in the busi- 46 ness of renting or leasing motor vehicles to the general public, of 47 twenty-five thousand dollars because of bodily injury to or fifty thou- 48 sand dollars because of death of one person in any one accident and, 49 subject to said limit for one person, to a limit of fifty thousand 50 dollars because of bodily injury to or one hundred thousand dollars 51 because of death of two or more persons in any one accident, and to a 52 limit of ten thousand dollars because of injury to or destruction of 53 property of others in any one accident. The limit, exclusive of interest 54 and costs, with respect to a tow truck shall be a combined single limit 55 of three hundred thousand dollars because of bodily injury [of] or death 56 to one or more persons or because of injury or destruction of propertyA. 2551--A 4 1 of others in any one accident, and to a limit of twenty-five thousand 2 dollars because of damage to a vehicle in the care, custody and control 3 of the insured. The limit, exclusive of interest and costs, with 4 respect to a motor vehicle which is rented or leased from a person, 5 organization or business regularly engaged in the business of renting or 6 leasing motor vehicles to the general public, shall be a combined single 7 limit of at least one million two hundred fifty thousand dollars because 8 of bodily injury or death to one or more persons or because of injury or 9 destruction of property of others in any one accident, and to a limit of 10 twenty-five thousand dollars because of damage to a vehicle in the care, 11 custody and control of the insured. 12 § 4. This act shall take effect one year after it shall have become a 13 law and shall apply to policies issued or renewed on or after such date.