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REPORT ON EXAMINATION OF NEW YORK TRANSPORTATION INSURANCE CORPORATION AS OF DECEMBER 31, 2018EXAMINER: DATE OF REPORT:IRENE TRAN MAY 22, 2024TABLE OF CONTENTS ITEMPAGE NO.1.Scope of examination22.Description
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Gather all necessary personal and vehicle information, including driver's license, vehicle registration, and previous insurance details.
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Who needs insurance and liability for?

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Insurance is a financial product that provides protection against potential future losses or damages, while liability refers to the legal responsibility for causing harm or damage to another person or property. Together, they help mitigate the risks associated with accidents and unforeseen events.
Businesses, individuals, and organizations that engage in activities that could potentially cause harm to others or their property are typically required to file for insurance and liability. This includes employers, contractors, and property owners.
To fill out insurance and liability forms, one needs to gather necessary information such as personal and business details, coverage needs, and any relevant claim history. The completed forms should be submitted to the insurance provider, along with any required supporting documentation.
The purpose of insurance and liability is to provide financial protection and support in the event of claims, lawsuits, or damages resulting from accidents or negligence. It helps individuals and businesses manage risk and ensures that they can cover costs associated with potential liabilities.
Information that must typically be reported includes the insured party's details, type of insurance coverage, limits of liability, any past claims or incidents, and the nature of activities that may pose risks.
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