ISO PM 00 15–SILVERWARE FORM

(March 2015)

Coverage under a Silverware Form is a type of inland marine coverage focusing on various types of personally owned silverware.

Purchasing separate coverage facilitates protection at amounts that best reflect its value. Valuation is typically based upon relevant documentation such as a current appraisal or sales receipt. Separate protection is important since severe coverage limitations exists in standard homeowners policies for such property.

ISO PM 00 09–Personal Articles Standard Loss Settlement Form

Hobbies – Hazards and Opportunities.

ANALYSIS OF POLICY

SCHEDULE

The schedule has space to indicate coverage for the following classes of property:

· Unscheduled Property – Blanket Insurance

Note: This is only for low valued items because the maximum payment is $500 per item and cover is based on the actual cash value of the item.

· Scheduled Property

The form has additional space for specifically listing items and to indicate whether Agreed Value Loss Settlement in Common Policy Provisions Form applies to that item.

Smith Silverware Schedule
Item	Limit	Premium
1832 Mayfair Apostle spoon	$107	$1.40
Klineposh, silver 16 oz. gravy-warmer	$135	$1.60
Set of 12 Britannia spoons	$690	$9.50
1906, Waysmythe Candle Cup	$312	$3.80
Antique plate with family coat of arms	$2,340	$31.00
Sterling Silver hand mirror with Acanthus border	$1,000	$14.00
Kline posh, engraved Epergne	$570	$8.00
Total	$5,154	$69.30

Related Article: Common Policy Provisions

A. Property Covered

1. Regardless whether protection applies specifically or on a blanket basis, items classified as silverware are eligible for coverage as long as an applicable insurance amount and premium appears in the schedule. The form’s coverage is subject to limitations found in PM 00 01–Common Policy Provisions.

2. Silverware property consists of:

a. Silverware, silver plate, gold plate, pewter and platinum (as well as dinnerware that are plated with these metals)

b. Flatware, hollowware, tea sets, trays and trophies are deemed silverware property if it is made of silver, gold, pewter or platinum

B. Property Not Covered

Ineligibility under this class extends to pens, pencils, flasks, smoking accessories or jewelry that are made of or which includes silver or other precious metals.

Regardless the type of property, if it is contraband or is involved in any form of illegal activity, it is disqualified as eligible, covered property.

Example: The following are items that don’t qualify as silverware:

C. Perils Insured Against

The ISO Silverware Form normally protects against all forms of direct, physical loss. However, it does not insure against loss or damage caused by:

1. Wear and tear, deterioration or inherent vice

2. Insects or vermin

D. Deductible

This insurance is subject to the policy deductible that appears on the declaration page.