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Representations and Warranties Insurance in New York

New York generally allows 6 years under N.Y. C.P.L.R. § 213(2) for actions on contractual obligations, subject to statutory exceptions, subject to claim-specific exceptions and accrual rules. That statutory filing period does not set the survival date negotiated for each representation or the insurer’s reporting window; if New York is the insured’s home state, the surplus-lines tax rate is 3.6% and 0.15%. 1,2,3

What Is Representations And Warranties?

Representations and warranties insurance can cover a buyer’s or seller’s loss from inaccurate statements in a stock or asset purchase agreement. For a business sale, check who is insured, who can recover and how known issues are treated. Read the national Representations and warranties guide.

What to Watch for in New York

  • Separate The Statute From The Survival Schedule

    N.Y. C.P.L.R. § 213(2) provides 6 years for actions on contractual obligations, subject to statutory exceptions. Ask deal counsel to list a separate survival end date for each representation, then compare those dates with the insurer’s claim-reporting deadline. 1

  • Confirm When A Contract Claim Accrues

    New York measures the cited contract period from accrual; N.Y. C.P.L.R. § 213(2) covers actions on contractual obligations, subject to statutory exceptions. For an R&W placement, ask counsel to identify the alleged breach date and put it beside the purchase-agreement survival date and policy notice deadline. 1

  • Show Home-State Tax In The Closing Costs

    Federal law assigns nonadmitted premium-tax authority to the insured’s home state. If New York is the home state for your R&W policy, 3.6% of gross premium, less returned premium applies under New York Insurance Law §2118(d)(1). Ask the broker to state the tax base and any separate stamping or filing charge in the closing funds flow. 3,2

Who Regulates Insurance in New York

New York State Department of Financial Services

New York DFS supervises insurance companies and producers, administers insurance law and accepts consumer complaints about property and casualty policies, including commercial insurance. 4,5,6,7

Surplus-lines tax and stamping office

Reported tax rate: 3.6% of gross premium, less returned premium; ELANY stamping fee is 0.15% through 2026 and 0.17% for policies incepting on/after Jan. 1, 2027 When New York is the insured’s home state, excess-line tax is 3.6% of gross premium less returned premium. ELANY’s September 20, 2026 bulletin sets a 0.15% stamping fee through December 31, 2026 and 0.17% for policies incepting on or after January 1, 2027; statutory search requirements and guaranty-fund protection depend on the applicable New York excess-line rules. 8,9,10,11

Excess Line Association of New York

Providers With Documented State Licenses

These providers publish a national listing for Representations and warranties; the state records document licenses for the entities and roles shown below. Some records rely on company-reported information rather than independent regulator verification. A national listing does not confirm the product is available in New York. Check the regulator’s license lookup and confirm state availability for your business when requesting a quote.

  • CorgiCorgi Insurance Services, Inc.Insurance producer · checked 2026-09-28Corgi’s company producer-license table lists 50 jurisdictions: 49 states and the District of Columbia, including DC license 3003091619. New Mexico does not appear in the table and is not included here; the omission does not establish that Corgi is unlicensed there. The company-reported table has no stated as-of date and does not establish product availability. 14

Questions to Ask Before You Buy in New York

  1. Which New York limitation period and accrual rule apply to each seller representation, and does the governing-law clause point to a different state?
  2. Can you put each negotiated representation survival date, the escrow release date, and the policy reporting deadline on one closing calendar?
  3. If the policy is placed on a surplus-lines basis, is New York the insured’s home state, what tax base applies, and who remits the tax?
  4. Which state bulk-sale notice, tax-clearance, or successor-liability issues should the deal team evaluate for this asset or stock purchase?

Representations And Warranties in New York: FAQ

How long is the written-contract limitation period in New York? 1

6 years under N.Y. C.P.L.R. § 213(2) for actions on contractual obligations, subject to statutory exceptions. Accrual, claim classification, and statutory exceptions can change which period applies. 1

Does New York’s contract limitation period set the R&W survival period? 1

No. N.Y. C.P.L.R. § 213(2) sets a court-filing limit for actions on contractual obligations, subject to statutory exceptions; it does not set the negotiated survival end date for a representation or the separate deadline to notify the insurer. 1

What surplus-lines tax applies to an R&W policy in New York? 2,3

3.6% of gross premium, less returned premium when New York is the insured’s home state, under New York Insurance Law §2118(d)(1). Federal law assigns the premium-tax obligation to the home state; ask the broker to show the home-state and tax calculation on the closing statement. 2,3

Representations And Warranties in Other States

Other Coverage in New York

Sources

  1. N.Y. C.P.L.R. § 213(2). State Legislature / official state code; N.Y. C.P.L.R. § 213(2); 6 years period applies to actions on contractual obligations, subject to statutory exceptions. Accessed 2026-09-29.
  2. New York Insurance Law §2118(d)(1). New York State Senate; Current statutory text: 3.6% of gross premiums less returned premium when New York is the insured’s home state. Accessed 2026-09-28.
  3. 15 U.S.C. § 8201: Nonadmitted insurance premium tax. U.S. House of Representatives, Office of the Law Revision Counsel; §8201(a): only the insured’s home state may require payment of premium tax for nonadmitted insurance. Accessed 2026-09-29.
  4. New York State Department of Financial Services. New York State Department of Financial Services; Official regulator homepage. Accessed 2026-09-28.
  5. Who We Supervise. New York State Department of Financial Services; DFS describes insurance oversight and provides links to company and producer searches. Accessed 2026-09-28.
  6. Consumer Complaints. New York State Department of Financial Services; Official portal files insurance complaints for health, life and property/casualty insurance. Accessed 2026-09-28.
  7. New York Insurance Law §2118(d)(1). New York State Senate; Current statutory text: 3.6% of gross premiums less returned premium when New York is the insured’s home state. Accessed 2026-09-28.
  8. ELANY Bulletin 2026-20: Notice of Change in Stamping Fee. Excess Line Association of New York; September 20, 2026 bulletin: 0.17% applies to policies incepting from Jan. 1, 2027; endorsements on policies incepting Jan. 1, 2023–Dec. 31, 2026 retain 0.15%; excess-line tax remains 3.6%. Accessed 2026-09-28.
  9. New York Insurance Law §2118. New York State Senate; Excess-line broker duties and filing requirements; §2118(a) due care; exceptions should be applied only where statutory conditions are met. Accessed 2026-09-28.
  10. New York Insurance Law §2118. New York State Senate; Excess-line statutory duties and policies; source is used for placement context. No state-specific guaranty cap/note included. Accessed 2026-09-28.
  11. Licenses. At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21.
  12. Licenses and Carriers. Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535. Accessed 2026-09-22.
  13. Insurance Producer Licenses. Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown. Accessed 2026-09-28.
  14. About Hiscox US Insurance. Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16.
  15. Insurance Licenses by State. TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number. Accessed 2026-09-28.
  16. Licenses. Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict. Accessed 2026-09-15.

Updated .

This guide is informational and does not determine whether a policy is available or meets your needs. Editorial policy. To suggest a correction, contact Spot with a supporting source.

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