What it does
CM 00 42 covers the insured's fine arts and fine arts of others in its care, as described in the declarations, on an open-perils basis in the United States, its territories, Puerto Rico and Canada. Items individually listed are valued at the limit shown for each item (agreed value); other covered art and newly acquired pieces are valued at the least of ACV, restoration cost or replacement with substantially identical property.
Who needs it
Corporate offices with art collections, hotels and restaurants with valuable pieces, professional firms, churches and institutions. Galleries and museums have dedicated ISO IH forms (IH 00 86, IH 00 87) but some use this filed form.
Key provisions
- Not covered: property on exhibition at fairgrounds or national or international expositions, and contraband.
- Newly acquired property: 30 days, up to the lesser of 25% of scheduled limits or $10,000, if reported.
- Exclusions: breakage of art glass, statuary, glassware, marble, porcelain and similar fragile items unless caused by named perils (fire, lightning, explosion, windstorm, earthquake, flood, vandalism, theft and others); repairing, restoration or retouching; dishonest acts; wear and tear, gradual deterioration, inherent vice and insects.
- Conditions: competent packers must pack and unpack; a total loss of one item in a scheduled pair or set pays the full scheduled amount and the insured surrenders the rest.
Quoting and selling notes
Obtain current appraisals for scheduled items, describe the display and climate conditions, and ask about loans to exhibitions (fair and exposition exhibitions are excluded) and art in transit. Breakage of fragile pieces is the main uninsured exposure; carriers can endorse breakage coverage.
