What it does
CM 60 10 adds coverage under the Mail Coverage Form (CM 00 60) for securities sent by Registered Mail by the US Treasury Department or another federal agency or corporation to the insured, or to its customers at its direction. There is no coverage if the customer insured the mailing. The insured must record all such shipments before loss, or promptly after learning of a shipment sent without its knowledge.
Who needs it
Financial institutions that direct government securities to be mailed to clients and bear the risk of loss in the mail.
Quoting and selling notes
Ask for annual volume and how incoming government mailings are logged; unrecorded shipments are a coverage problem.
