Insuring Valuable Papers and Records
Valuable Papers and Records Understanding the Exposures and Available Coverage
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Personal Property Form CP 00 10 06 95 covers Valuable Papers and Records lost or damaged by a covered cause of loss with a limit of $2,500.00 (which can be increased at added cost). As there is no definition or limitation on this term, it can be read as including Accounts Receivable records, but will not cover irreplaceable valuable papers such as historical documents or rare first edition books. It covers only the cost to research and replace or restore the records.
The ISO Business Owners Policy (Form BP 00 01 01 97) offers two coverage extensions: Valuable Papers and Records; and Accounts Receivable; each with a basic limit of $5,000.00 on the described premises and $2,500.00 away from the described premises. Both of these limits can be raised for added premium. Both require that the loss be from a covered cause of loss under the policy. Collapse loss is more limited, following the limited Collapse coverage of the property form to which it applies.
Accounts Receivable coverage is not excluded from the Valuable Papers and Records item, so presumably a major loss of Accounts Receivable records could be paid for, using the combined limits of both items.
The preferred method to cover valuable papers and records, however, is by purchase of separate Valuable Papers and Records insur-
The ISO Business Owners Policy (Form BP 00 01 01 97) offers two coverage extensions: Valuable Papers and Records; and Accounts Receivable; each with a basic limit of $5,000.00 on the described premises and $2,500.00 away from the described premises. Both of these limits can be raised for added premium. Both require that the loss be from a covered cause of loss under the policy. Collapse loss is more limited, following the limited Collapse coverage of the property form to which it applies.
Accounts Receivable coverage is not excluded from the Valuable Papers and Records item, so presumably a major loss of Accounts Receivable records could be paid for, using the combined limits of both items.
The preferred method to cover valuable papers and records, however, is by purchase of separate Valuable Papers and Records insur-
ance, and if the value of accounts receivable should warrant it, Accounts Receivable insurance.
Insuring Valuable Papers & Records
The cost of reconstructing valuable papers and records following their damage or destruction can be overwhelming. In the case of irreplaceable books or documents, the loss can be devastating.
The protection offered in the extension of the property forms, discussed above, is frequently quite
Insuring Valuable Papers & Records
The cost of reconstructing valuable papers and records following their damage or destruction can be overwhelming. In the case of irreplaceable books or documents, the loss can be devastating.
The protection offered in the extension of the property forms, discussed above, is frequently quite
inadequate to cover the loss of valuable papers and records.
For full coverage, Valuable Papers & Records insurance is called for. Two coverages are offered: For valuable papers and records that can be replaced, a blanket limit of insurance is offered. This limit should be high enough to cover the cost of research and replacement following the worst possible loss that might be sustained.
For valuable papers and records that cannot be replaced, such as
For full coverage, Valuable Papers & Records insurance is called for. Two coverages are offered: For valuable papers and records that can be replaced, a blanket limit of insurance is offered. This limit should be high enough to cover the cost of research and replacement following the worst possible loss that might be sustained.
For valuable papers and records that cannot be replaced, such as
