What it does
IH 99 08 attaches to IH-series coverage. A reporting-period symbol in the declarations (DR daily, WR weekly, MR monthly, QR quarterly, PR policy year) replaces the coinsurance percentage. The insured files reports showing values at each location for each reporting period and at expiration; deadlines are 30 days after each period for renewals of reporting policies, with an extended first-report schedule for new reporting accounts. Property at fairs or exhibitions is excluded from covered property under this endorsement. The description follows the 09 09 specimen; carriers have filed a 03 22 edition.
Who needs it
Businesses whose values swing seasonally or by location, so a fixed limit with coinsurance would mean paying for peak values all year or risking a penalty.
Quoting and selling notes
Value reporting forms penalize late or understated reports, so the insured needs a reliable process for gathering values. Set the limit at peak values; reporting does not raise the limit. Explain the fairs and exhibitions carve-out to exhibitors.
