What it does
CM 00 28 is ISO's filed signs floater. It covers the insured's signs and similar signs of others in its care, custody or control against direct physical loss except as excluded, wherever located in the United States, its territories, Puerto Rico and Canada. Commercial property forms treat outdoor signs as property subject to tight limits or exclusions, so a separate signs floater is the usual way to insure valuable pylon, monument and electronic signs.
Who needs it
Retailers, restaurants, gas stations, auto dealers, banks, malls and franchisees whose signs are costly to replace, and sign contractors holding customer signs for repair.
Key provisions
- Breakage exclusion: breakage during transportation, installation, repairing or dismantling is excluded unless caused directly by fire, lightning or accident to the transporting vehicle.
- Other exclusions: delay and loss of market; dishonest acts; artificially generated current; weather combined with excluded causes; faulty work or maintenance; collapse (outside the additional coverage); wear, latent defect, mechanical breakdown, dampness, cold or heat; government action, nuclear and war.
- Coinsurance applies if a percentage is shown; valuation follows CM 00 01 (ACV basis).
Quoting and selling notes
Schedule each sign with replacement value, type (neon, LED, electronic message board), and whether it is on the building or freestanding. Ask about wind and hail history: carriers may impose separate windstorm deductibles by endorsement. Because valuation is ACV, older signs may pay far less than replacement. Some carriers write signs on the nonfiled ISO IH 00 67 instead, which carries different additional coverages.
