What it does
CM 59 07 modifies the Jewelers Block Coverage Form (CM 00 59). The most the insurer pays for covered property away from the premises in the care of the insured, its officers, directors, employees or members, or any commission salesperson or selling agent, is $5,000. Persons named in the endorsement schedule are covered up to the full applicable limit.
Who needs it
Jewelers whose staff or agents travel with merchandise (trunk shows, customer appointments, deliveries). Travelers stock is one of the most theft-prone exposures in the trade, and underwriters use this endorsement to keep it within agreed limits.
Quoting and selling notes
List every person who carries stock and the amounts involved, and ask for a higher limit for each named traveler. Confirm security practices for travelers (never leaving goods in vehicles; the base form excludes theft from an unattended vehicle).
