What it does
CM 00 26 insures a medical or dental practice's professional property on an open-perils basis: medical and dental equipment, materials, supplies and books usual to the profession (and, at the insured's option, similar property of others used in the practice); office equipment, furniture and fixtures while at the premises; and the tenant's interest in improvements and betterments when it does not own the building. Property is covered anywhere in the United States, its territories, Puerto Rico and Canada.
Who needs it
Physicians, surgeons and dentists whose equipment travels between offices, hospitals and surgery centers, or practices that prefer an inland marine form to a commercial property form for contents.
Key provisions
- Not covered: radium and contraband.
- Exclusions: marring, scratching, exposure to light and breakage of tubes, bulbs and glass articles (except lenses) unless caused by listed perils; dishonest acts; processing or work on the property; artificially generated current; wear, latent defect, mechanical breakdown, rust, dampness, cold or heat; plus government action, nuclear and war.
- Theft damage to buildings extension, an abrupt collapse additional coverage, and a protective safeguards condition.
- Valuation: improvements at ACV if repaired by the insured within a reasonable time, otherwise a pro rata share of original cost based on the remaining lease term; other property at the least of ACV, restoration or replacement.
Quoting and selling notes
Imaging and diagnostic equipment is exposed to mechanical breakdown and electrical damage, both excluded; CM 26 03 adds limited coverage for artificially generated current originating within 100 feet of the premises, and equipment breakdown coverage may be needed separately. CM 26 01 narrows the form to property usually carried by the doctor; CM 26 02 adds small extensions for office equipment away, extra expense, personal effects and records. Coinsurance applies if shown.
