What it does
PM 00 01 replaced the older ISO form IPA 06 01 and is the skeleton form for all personal inland marine coverages. It contains the definitions, conditions such as concealment or fraud, the loss settlement and loss-to-a-pair-or-set provisions, an other insurance clause, and exclusions for war, nuclear hazard, governmental action, intentional loss and neglect.
Who needs it
Every ISO personal articles, personal property or personal effects policy, whether written stand-alone or as a separate policy alongside a homeowners policy.
Key provisions and limits
- The loss settlement section describes three methods depending on whether property is scheduled at agreed value, scheduled without agreed value, or unscheduled; the attached coverage forms often replace it.
- Property is insured as excess over other insurance unless the attached form changes that (the personal property form PM 00 19 does).
Quoting and selling notes
- Read it with the coverage form; most of the coverage terms that matter to a client sit in PM 00 09, PM 00 10, PM 00 19 or PM 00 20.
How the personal inland marine program is assembled
Every ISO personal inland marine policy starts with PM 00 01 (Common Policy Provisions), which holds the general conditions, loss settlement framework and common exclusions, and adds one or more coverage forms: the personal articles forms PM 00 09 (standard loss settlement) or PM 00 10 (agreed value), class forms such as PM 00 11 (jewelry and furs), PM 00 14 (musical instruments), PM 00 17 (fine arts) and PM 00 18 (bicycles), the open-perils personal property form PM 00 19, or the personal effects floater PM 00 20 for property while traveling.
For business owners, remember that business, professional and commercially used property (a photographer's working cameras, a musician's instruments used for pay, a dealer's inventory) generally belongs on a commercial inland marine form rather than these personal forms.
Editions and availability
Current edition: 12 02.
