What it does
IH 00 73 is ISO's Installation Coverage Form. ISO's Mortgageholders (IH 99 14) and Theft From Unattended Vehicle Exclusion (IH 99 23) endorsements both list the Installation Coverage Form among the forms they modify. An installation floater covers the contractor's interest in property to be installed, which a builders risk policy may not cover, especially for subcontractors. ISO publishes this form in its IH series of commercial inland marine forms. IH forms are used within the Commercial Inland Marine Coverage Part, together with the Commercial Inland Marine Conditions (CM 00 01) and the Common Policy Conditions.
Who needs it
Subcontractors and installers whose contracts make them responsible for their materials until the owner accepts the work, and contractors working on existing buildings where no builders risk policy is in place.
Quoting and selling notes
Ask for the largest single job value, annual installations, storage locations, transit exposure, and whether testing of installed equipment is involved. Theft of materials from jobsites is common; ask about jobsite security. If the owner's builders risk includes the subcontractor's materials, confirm before quoting to avoid paying twice.
Before presenting it
ISO's IH forms are often adopted with carrier changes, and their wording differs from the filed CM forms. Obtain the carrier's specimen and walk the insured through covered property, property not covered, the exclusions, valuation, the deductible and any coinsurance or reporting condition, and match the limits to a current schedule of values.
