What it does
PM 00 09 insures scheduled articles in the listed classes for their scheduled amounts, attached to PM 00 01. Because settlement is "standard", the scheduled amount is the maximum, not an agreed value. It includes automatic coverage for newly acquired property in certain classes: the lesser of 25% of the class amount or $10,000 for jewelry, furs, musical instruments and cameras, if reported within 30 days (90 days for fine arts).
Who needs it
Clients whose valuables exceed homeowners special limits, including business owners who want their personal jewelry, art and collections insured separately from the homeowners policy.
Key provisions and limits
- Exclusions for wear and tear, gradual deterioration, inherent vice and insects or vermin are in this form rather than PM 00 01.
- Musical instruments played for pay are excluded unless specifically provided for.
Quoting and selling notes
- Offer PM 00 10 when the client wants agreed value on appraised items.
- Get recent appraisals; scheduled amounts drive premium.
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.
