(March, 2018)
1. What protection is found under the Newly Acquired Property provision in ISO’s PM 00 13–Cameras Form?
2. What coverage is provided under ISO PM 00 17– Fine Arts Form’s Breakage of Fragile Articles Coverage for Fine Arts option?
3. What are the principal coverages under ISO’s Personal Inland Marine Policy Forms?
4. Under ISO PM 00 16–Golfers’ Equipment Form, what coverage limitation applies to loss to golf balls?
5. Under ISO PM 00 12–Stamp and Coin Collections Form, what property comprises Postage Stamp Collections?
6. When may another party with a legitimate financial interest in a specified article of jewelry be listed on the policy or in the declarations?
7. When Personal Inland Marine Appraisals are used, what information should be obtained on the party performing the appraisal?
8. What musical instruments are identified under ISO PM 00 09–Personal Articles Standard Loss Settlement Form’s Property Not Covered section?
1. An important coverage benefit of the cameras form is the automatic coverage for newly acquired items. The automatic limit is 25% of the amount of insurance for cameras or $10,000, whichever is less.
2. When this option is selected, the breakage limitation does not apply to described articles where a dagger mark is printed next to those articles.
3. The Principal Coverages are:
Owned Property—this portion of the policy protects the
property described in the base form’s schedule.
Newly Acquired Property—protection is granted to property that is
acquired within a specified time frame during the applicable policy period.
Such property is similar to the covered property as defined in the applicable
base coverage form.
Replacement Property—protection is also granted to property that
is similar to the defined covered property. Coverage applies only when such
property is acquired as a replacement to previously, owned property.
4. Golf balls are insured only against loss by fire or burglary, if burglary appears to be the likely cause. In order to qualify for coverage, there must be evidence that balls were taken from within a building. Further, there must be evidence that a person broke into a covered location.
5. This property class applies to a wide variety of philatelic property such as the following:
a. Postal stamps (due, envelope, official match, medical and revenue)
b. Covers, essays, locals, proofs and reprints (as well as similar property)
c. Stamp books, mountings and pages (but only when they contain covered philatelic property)
6. Under ISO PM 00 11–Jewelry and Furs Form’s Additional Person Insured – Engagement Ring, Wedding Ring Or Guard Ring Only Coverage.
7. Information on the Party Performing the Appraisal including:
·
The appraiser’s experience
·
Relevant certification or
qualifications
·
Additional comments about the articles
(in addition to items on the form)
·
Whether the appraisal is guaranteed
8. Ineligibility under this class is created by property use. Unless such coverage is purchased as an option, getting paid for instrument use disqualifies the property. This exclusion is lifted if a performance for pay appears in the form’s Declarations.