What it does
IH 00 79 covers property described in the declarations that the insured owns or has in its care, custody or control, for loss of or damage from any cause not excluded. 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. It is ISO's general-purpose scheduled floater for business articles that do not fit a specialized form.
Who needs it
Businesses with movable property that leaves the premises: surveying instruments, audio-visual and presentation equipment, medical devices loaned to patients, musical or sound equipment, tools of a service business. Agents often use it for items carriers exclude from a BOP or property form while away from the premises.
Key provisions
- Not covered: real property, aircraft and watercraft, licensed vehicles, property sold and delivered (including under deferred payment), contraband.
- Additional coverages within the limit: debris removal (25% plus up to $10,000), false pretense ($25,000), and rewards ($10,000 each for information leading to conviction and for return of stolen property).
- Additional coverages outside the limit: newly acquired property of the same type for 60 days (lesser of 25% of listed item limits or $25,000 per item) and inventory and appraisal expense ($25,000).
- Exclusions follow the IH pattern: government action, nuclear, war, delay, dishonest acts, wear and tear and similar maintenance-type causes.
Quoting and selling notes
Schedule each article with description and value, or ask the carrier about blanket coverage for small items (SERFF filings show an IH 79 01 Miscellaneous Articles Blanket Coverage endorsement). Ask where items go, whether they are loaned or rented to others, and how they are secured in vehicles.
