What it does
PM 00 11 is attached to the personal articles policy for furs and jewelry. It includes a vault option: articles marked for vault storage are kept in a bank or acceptable nonbank vault for a reduced premium, and coverage stops on removal unless the insurer is notified in advance and additional premium is paid.
Who needs it
Clients with high-value jewelry or furs, including those who keep items in safe deposit boxes.
Quoting and selling notes
- Confirm with the client which items are worn and which stay in the vault.
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.
