Requires service companies to obtain liability insurance coverage sufficient to cover the value of property consigned to or deposited with such business by customers of the business; requires service companies to display a certificate of insurance; provides remedies for violations.

This bill requires service companies in New York to have liability insurance that is enough to cover the value of customers' property that they handle. Additionally, these companies must display proof of their insurance coverage. If they fail to comply, the bill outlines specific penalties.

Supporters of the bill argue that it will provide greater protection for consumers, ensuring that their valuable property is safeguarded when entrusted to service companies. By requiring insurance and proof of coverage, the bill promotes accountability and transparency in the service industry.

Critics may contend that this bill could impose unnecessary financial burdens on small service companies, potentially driving up costs for consumers. They might argue that the requirement for liability insurance could limit competition and innovation in the market.