What it does
CP 00 10's Limits of Insurance pay at most $2,500 per sign in any one occurrence for outdoor signs, whether or not attached to a building. For each sign described in its Schedule, CP 14 40 removes that sign limitation and applies the scheduled limit instead. The scheduled limit is the most paid for loss to that sign in one occurrence.
Key provisions
- The Schedule records premises and building, a description of the sign, its construction (entirely metal or other), the limit, a coinsurance percentage and additional premium.
- It applies to the Building and Personal Property, Condominium Association and Condominium Commercial Unit-Owners coverage forms and the Standard Property Policy.
- Covered perils remain those of the attached Causes of Loss form.
Who needs it
Any insured whose signs are worth more than $2,500 each. Pylon signs, electronic message centers, illuminated channel letters and dealership signs typically cost tens of thousands of dollars to replace.
Quoting and selling notes
- Ask for each sign's replacement cost, including installation and permits. Signs are often leased or franchisor-owned, so confirm who must insure them.
- Signs are especially exposed to windstorm. Check any wind deductible or exclusion that applies.
- Some insurers write signs on an inland marine sign floater instead.
