What it does
CM 67 02 modifies the Valuable Papers And Records Coverage Form (CM 00 67) for libraries. Property away from the premises in the care of a borrower or renter is not covered. Added exclusions remove loss from a borrower's or renter's failure to return property, vandalism or mutilation by anyone using the property within the premises, and unexplained disappearance. Loss that depends on an audit of records or inventory computation to prove its existence is excluded, though those records may still be used to measure a loss that is otherwise covered.
Who needs it
Libraries and archives insuring rare books, special collections and circulating materials on an inland marine form.
Quoting and selling notes
Ask the library to separate rare and irreplaceable items (which should be specifically declared and valued) from circulating stock. Patron damage and unreturned items are the most frequent losses and are excluded; the policy is mainly for catastrophe losses such as fire, water damage and theft by outsiders.
