What it does
IM 1000 appears as Accounts Receivable Coverage in carrier forms schedules for AAIS-based commercial package programs. Accounts receivable coverage pays for amounts the insured cannot collect after its receivable records are damaged. AAIS (American Association of Insurance Services) publishes this form in its Inland Marine Guide, a multistate program of inland marine forms, rules and rating procedures that AAIS member insurers adopt. AAIS numbers its inland marine forms with the IM prefix and four digits, which distinguishes them from ISO's CM and IH forms.
Who needs it
Businesses with credit sales whose records could be destroyed by fire, water or theft.
Quoting and selling notes
Ask for average and peak monthly receivables, record keeping and backup. ISO's counterpart is CM 00 66.
Before presenting it
AAIS forms are available to member insurers, and carriers often add their own endorsements or edition changes. Obtain the carrier's specimen and review covered property, property not covered, exclusions, valuation, deductible and coinsurance or reporting conditions with the insured.
