Section 251-A. Notice of insurance coverage in aircraft rental agreements

In addition to  the  requirements  prescribed  in  section  two  hundred
  fifty-one  of  this  article  relating  to  liability  of an owner of an
  aircraft:
    1. Every person who, in the ordinary course of such person's business,
  rents an aircraft to another person, shall  deliver  to  such  renter  a
  written  notice  stating  the  nature  and  extent of insurance coverage
  provided, if any, for the renter against loss of or damage to  the  hull
  of  the  aircraft,  or  against  liability arising out of the ownership,
  maintenance or use of the aircraft; such notice shall contain  the  name
  of  the  person  giving  the  notice,  and shall be in substantially the
  following form:
                         NOTICE OF INSURANCE COVERAGE
    As a renter of aircraft, you are hereby notified that:
    (1) You (are) (are not) (strike phrase not applicable) insured under a
  policy  or  policies  of  insurance  provided  by  the  undersigned  and
  providing  liability  coverage  to  renters  of aircraft. If coverage is
  provided,   it   is   in    the    following    amount    or    amounts:
  $________________________.
    (a)  The  above  insurance  is  subject  to  a  deductible  amount  of
  $____________________.
    (2) You (are) (are not) (strike phrase  not  applicable)  insured  for
  hull damage to the aircraft. If hull insurance is provided, it is in the
  amount of $________________.
    (a) The above insurance is subject to a
  deductible amount of $________________.
    (3)  Although  insurance  may  be  provided  for liability and/or hull
  coverage,  the  undersigned's  insurance  carrier  has  full  rights  to
  subrogate  against  you  for  any payments it may be required to make on
  account of any damage or loss arising  out  of  your  operation  of  the
  aircraft.  It  is  suggested  that you carry insurance to protect you to
  partially or fully cover this possibility.
  _____________________________
  (Signature of Person or Officer
  of Company Renting Aircraft)
  Dated_________________, 19_____
  (Month)    (Day)    (Year)
    2. The notice delivered pursuant to subdivision one  of  this  section
  shall  constitute  a  material  part  of  any rental agreement, and each
  renter shall give written acknowledgement of receipt of such notice.
    3. Delivery of the above notice to a renter  shall  cover  all  future
  rentals,  unless the insurance coverage set forth in the original notice
  has been reduced or eliminated.
    4. Copies of the notices provided  for  in  subdivision  one  of  this
  section  shall  be  maintained  by the owner for a period of three years
  from the last date that the renter has  rented  an  aircraft  from  such
  owner.
    5.  Whoever  fails  to  deliver  the  notice  in  accordance  with the
  provisions of subdivision one of this section shall be  fined  not  less
  than  one hundred dollars nor more than five hundred dollars for a first
  offense, and not less than  five  hundred  dollars  nor  more  than  one
  thousand dollars for a second or subsequent offense.