What it does
IH 00 88 covers installment sales and leased property. It is filed with a 12 20 edition and matching declarations (IH DS 88). ISO's Theft From Unattended Vehicle endorsement (IH 99 23) lists the Installment Sales And Leased Property Coverage Form. 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
Dealers who keep a financial interest in goods after delivery, and lessors whose equipment is in lessees' custody. Dealers' forms usually end coverage once property is sold or leased and delivered, so this fills that gap.
Quoting and selling notes
Ask whether coverage is wanted for the seller's interest only or for both seller and buyer, the outstanding balances or lease values, types of property and customer locations. Rating may be on outstanding balances.
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.
