What it does
CP 00 80 covers Tobacco in Sales Warehouses: leaf, loose, scrap and stem tobacco in the described building that belongs to others and is in the insured's care for auction, or that is on the insured's leaf account for resale. Coverage applies only from 12:01 a.m. on the 15th day before the regular auction season opens at the premises to 12:01 a.m. on the 15th day after the official close of the season.
Key provisions
- Not covered: growing crops or water, tobacco more specifically insured elsewhere (except excess), tobacco outside buildings, waterborne tobacco, and contraband.
- Perils come from the attached Causes of Loss form.
- Additional coverages mirror the main property forms. Debris removal, for example, is subject to the 25% formula and must be reported within 180 days.
- Several CP endorsements list this form among those they modify, including CP 03 21, CP 04 17, CP 10 38 and CP 04 15.
Who needs it
Warehouses in tobacco-growing regions that receive, store and auction growers' leaf tobacco. Values swing sharply during the season, which is why coverage follows the auction calendar.
Quoting and selling notes
- Confirm the auction season dates and peak values.
- Building and equipment coverage is separate. Insure the warehouse structure under CP 00 10.
- Forms lists show 10 12 as the current edition in most states, with 06 07 in Florida and Hawaii.
