What it does
PM 00 10 works like PM 00 09 but settles scheduled articles on an agreed-value basis, so the scheduled amount is not merely a cap. Under the standard form the scheduled limit is not an agreed value. It must be attached to PM 00 01.
Who needs it
Clients with appraised jewelry, fine art and collectibles who want certainty on what will be paid.
Quoting and selling notes
- Agreed value raises the importance of current appraisals; update schedules periodically.
- Compare cost with HO 04 60 on the homeowners policy.
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.
