What it does
CM 60 08 modifies the Mail Coverage Form (CM 00 60) for an insured acting as transfer agent, registrar, trustee under indentures for debt securities (other than its own), or in any other agency capacity for the issuer. Covered property is non-negotiable securities sent to the owner or the owner's agent (stock and voting trust certificates, deposit receipts, registered corporate, government and municipal bonds) and fractional or scrip certificates and warrants valued at no more than $150 per package, recorded before loss.
Who needs it
Transfer agents and trust departments that mail certificates on behalf of issuers and are responsible for replacement costs if items are lost in the mail.
Quoting and selling notes
Ask for annual volume, average certificate value, mail types and recording procedures. The ISO index also lists a transfer agents mail declarations form (CM DS 13).
