What it does
CP 12 30 increases the Limit of Insurance on covered personal property by the additional amount shown in the Schedule. The increase applies only:
- At the described locations.
- From 12:01 A.M. standard time on the first day to 12:01 A.M. standard time on the last day of each peak period shown in the Schedule.
The Schedule lists premises, building, covered property, the additional limit and the period dates. The endorsement attaches to the Building and Personal Property and Condominium Commercial Unit-Owners coverage forms and the Standard Property Policy.
Who needs it
Insureds whose stock values rise sharply for known periods. Without it, the insured would have to carry the peak limit all year, or risk being underinsured and penalized under coinsurance during the peak.
Quoting and selling notes
- Get monthly inventory values to identify the peak months and amounts.
- If values swing unpredictably, or across many locations, a Value Reporting Form (CP 13 10) may fit better.
- Remind the client that the extra limit ends automatically on the last day shown. Late shipments or extended seasons need an endorsement change.
