] is old law to be omitted. LBD03072-01-5S. 1249 2 1 respect to each such motor vehicle except a tow truck or a motor vehicle 2 which is rented or leased from a person, organization or business regu- 3 larly engaged in the business of renting or leasing motor vehicles to 4 the general public, of twenty-five thousand dollars because of bodily 5 injuries to and fifty thousand dollars because of death of one person in 6 any one accident and, subject to said limit for one person, to a limit 7 of fifty thousand dollars because of bodily injury to and one hundred 8 thousand dollars because of death of two or more persons in any one 9 accident, and to a limit of ten thousand dollars because of injury to or 10 destruction of property of others in any one accident provided, however, 11 that such policy need not be for a period coterminous with the registra- 12 tion period of the vehicle insured. The limit, exclusive of interest and 13 costs, with respect to a tow truck shall be a combined single limit of 14 at least three hundred thousand dollars because of bodily injury or 15 death to one or more persons or because of injury or destruction of 16 property of others in any one accident, and to a limit of twenty-five 17 thousand dollars because of damage to a vehicle in the care, custody and 18 control of the insured. The limit, exclusive of interest and costs, 19 with respect to a motor vehicle which is rented or leased from a person, 20 organization or business regularly engaged in the business of renting or 21 leasing motor vehicles to the general public, shall be a combined single 22 limit of at least one million two hundred fifty thousand dollars because 23 of bodily injury or death to one or more persons or because of injury or 24 destruction of property of others in any one accident, and to a limit of 25 twenty-five thousand dollars because of damage to a vehicle in the care, 26 custody and control of the insured. Any insurer authorized to issue an 27 owner's policy of liability insurance as provided for in this article 28 may, pending the issue of such a policy, make an agreement, to be known 29 as a binder, or may, in lieu of such a policy, issue a renewal endorse- 30 ment or evidence of renewal of an existing policy; each of which shall 31 be construed to provide indemnity or protection in like manner and to 32 the same extent as such a policy. The provisions of this article shall 33 apply to such binders, renewal endorsements or evidences of renewal. 34 Every such policy issued insuring private passenger vehicles and every 35 renewal policy, renewal endorsement, or other evidence of renewal issued 36 shall have attached thereto a rating information form which clearly 37 specifies and defines the rating classification assigned thereto, 38 including any applicable merit rating plan; and 39 § 2. Section 312 of the vehicle and traffic law is amended by adding a 40 new subdivision 6 to read as follows: 41 6. (a) No motor vehicle shall be leased or rented in this state unless 42 upon the registration of the leased or rented motor vehicle, the appli- 43 cation for such registration is accompanied by proof of financial secu- 44 rity required by section three hundred eleven of this article which 45 shall be evidenced by proof of insurance or evidence of a financial 46 security bond, a financial security deposit or qualification as a self- 47 insurer under section three hundred sixteen of this article; provided, 48 that if directed by regulation of the commissioner, upon renewal of 49 registration an application accompanied by a certificate of registration 50 or renewal stub in force immediately preceding the date of application 51 for renewal, together with a statement in a form prescribed by the 52 commissioner certifying that there is in effect proof of financial secu- 53 rity, shall meet the requirements of this section. Upon the issuance or 54 renewal of a private passenger automobile insurance policy subject to 55 the provisions of section three thousand four hundred twenty-five of the 56 insurance law, the insurance company shall provide the insured with anS. 1249 3 1 informational statement outlining the legal and financial consequences 2 of convictions under section eleven hundred ninety-two of this chapter, 3 pertaining to operating a motor vehicle while under the influence of 4 alcohol or drugs. Such information shall be supplied to the company by 5 the state department of financial services in consultation with the 6 commissioner. 7 (b) The owner and registrant if the registrant is different from the 8 owner of such leased or rented motor vehicle shall maintain proof of 9 financial security continuously throughout the registration period and 10 such owner or registrant's failure to produce proof of financial securi- 11 ty when requested to do so upon demand of a magistrate, motor vehicle 12 inspector, peace officer, acting pursuant to such peace officer's 13 special duties, or police officer, while such vehicle is being operated 14 upon the public highway, shall be presumptive evidence of operating a 15 motor vehicle without proof of financial security. Upon the production 16 of proof of financial security such presumption is removed. Production 17 of proof of financial security may be made by mailing such proof to the 18 court having jurisdiction in the matter, and any necessary response by 19 such court or acknowledgement of the production of such proof may also 20 be made by mail. When insurance with respect to any motor vehicle, other 21 than a motorcycle, is terminated the owner shall surrender forthwith 22 their registration certificate and number plates of the vehicle to the 23 commissioner unless proof of financial security otherwise is maintained 24 in compliance with this article. 25 (c) The owner of any leased or rented vehicle that fails to maintain 26 the proof of financial security required above may be held personally 27 liable for any judgment entered against any driver and/or registrant of 28 the leased or rented vehicle for damages sustained as a result of 29 personal injury, wrongful death and/or property damage suffered as a 30 result of the use and operation of the leased or rented vehicle. 31 § 3. Paragraph 3 of subdivision (b) of section 345 of the vehicle and 32 traffic law, as amended by chapter 305 of the laws of 1995, is amended 33 to read as follows: 34 (3) Shall insure the insured, the vehicle operator, or such other 35 person against loss from the liability imposed by law for damages, 36 including damages for care and loss of services because of bodily injury 37 to or death of any person and injury to or destruction of property aris- 38 ing out of the ownership, maintenance, use, or operation of such motor 39 vehicle or motor vehicles within the state of New York, or elsewhere in 40 the United States in North America or the Dominion of Canada, subject to 41 a limit, exclusive of interest and cost, with respect to each such motor 42 vehicle, except a tow truck or a motor vehicle which is rented or leased 43 from a person, organization or business regularly engaged in the busi- 44 ness of renting or leasing motor vehicles to the general public, of 45 twenty-five thousand dollars because of bodily injury to or fifty thou- 46 sand dollars because of death of one person in any one accident and, 47 subject to said limit for one person, to a limit of fifty thousand 48 dollars because of bodily injury to or one hundred thousand dollars 49 because of death of two or more persons in any one accident, and to a 50 limit of ten thousand dollars because of injury to or destruction of 51 property of others in any one accident. The limit, exclusive of interest 52 and costs, with respect to a tow truck shall be a combined single limit 53 of three hundred thousand dollars because of bodily injury [of] or death 54 to one or more persons or because of injury or destruction of property 55 of others in any one accident, and to a limit of twenty-five thousand 56 dollars because of damage to a vehicle in the care, custody and controlS. 1249 4 1 of the insured. The limit, exclusive of interest and costs, with 2 respect to a motor vehicle which is rented or leased from a person, 3 organization or business regularly engaged in the business of renting or 4 leasing motor vehicles to the general public, shall be a combined single 5 limit of at least one million two hundred fifty thousand dollars because 6 of bodily injury or death to one or more persons or because of injury or 7 destruction of property of others in any one accident, and to a limit of 8 twenty-five thousand dollars because of damage to a vehicle in the care, 9 custody and control of the insured. 10 § 4. This act shall take effect one year after it shall have become a 11 law and shall apply to policies issued or renewed on or after such date.