Section 425. Insurance

1.  Every coin processor shall obtain a minimum of
  ten million dollars all risk  insurance  coverage  and  such  additional
  amounts  as are sufficient to cover the value of coins consigned to such
  coin processor for counting. In addition, each such coin processor shall
  obtain comprehensive general liability  insurance  coverage  for  death,
  personal  injury  and  property  damage  in  the  minimum amount of five
  hundred thousand dollars per occurrence and one million dollars  in  the
  aggregate.
    2. A  written  certificate  or  certificates  of  insurance  shall  be
  provided to the  secretary  by  all  coin  processors  as  part  of  the
  application  for  licenses  process  set  forth  in section four hundred
  twenty-one of this article.
    3. Failure by a coin processor to keep  such  all  risk  insurance  or
  comprehensive  general  liability  insurance  coverage in full force and
  effect, shall be grounds for the secretary to refuse to issue or renew a
  license or to suspend or revoke such license,  in  accordance  with  the
  provisions of section four hundred twenty-four of this article.
    4. All  such  insurance required by this section shall be issued by an
  insurer authorized to do business in the state or otherwise be  procured
  by  an  excess  line  broker  duly  licensed  pursuant to the applicable
  provisions of the insurance law.