Section 89-III. Insurance

1.  Every  armored  car carrier shall obtain a
  minimum of ten million dollars all  risk  insurance  coverage  and  such
  additional amounts as are sufficient to cover the value of each valuable
  cargo  consigned  in  transit  or  while  safeguarded  in such carrier's
  vaults. In  addition,  each  such  carrier  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 each armored car carrier  as  part  of  its
  application  for  a  license  pursuant  to  the  provisions  of  section
  eighty-nine-ddd of this article, or  for  renewal  of  such  license  in
  accordance   with   the   provisions  of  subdivision  five  of  section
  eighty-nine-fff of this article.
    3. Failure by an armored car carrier to keep such all  risk  insurance
  or  comprehensive general liability insurance coverage in full force and
  effect, shall be a ground 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 eighty-nine-ggg of this article.
    4. All such insurance required by this section shall be issued  by  an
  insurance  company  licensed  to  do  business  in  the  state  or shall
  otherwise be procured by a duly licensed excess line broker pursuant  to
  section two thousand one hundred eighteen of the insurance law.