What it does
CM 59 03 modifies the Jewelers Block Coverage Form (CM 00 59). For property sent by Registered Mail (other than to Canada), the form's deductible is replaced by a per-package deductible: the insurer pays nothing on a package until the adjusted loss for that package exceeds $25,000, then pays the excess up to the limit.
Who needs it
Used when the jeweler relies on other protection for the first $25,000 of each registered mail package, such as the declared value with the postal service, or when the underwriter wants the insured to retain smaller shipping losses.
Quoting and selling notes
Ask how the jeweler ships (registered mail, armored carrier, private courier), typical and maximum package values and whether declared values are purchased from the carrier. Make sure the insured understands the large per-package retention before binding.
