Inland Marine Coverage You Can Count On
EQUIPMENT SALES AND RENTAL
MOTOR TRUCK CARGO
COMMERCIAL OUTPUT POLICY 3.0
MOBILE MEDICAL EQUIPMENT
ELECTRONIC DATA PROCESSING COVERAGE
FOR OUR CUSTOMERS
MOTOR TRUCK CARGO
PARTNERS AND VENDORS
NATIONAL EQUIPMENT REGISTER IRONWATCH
SOUTHWEST TRANSPORTATION SECURITY COUNCIL
ABOUT BERKLEY FIRE & MARINE UNDERWRITERS
OTHER BERKLEY COMPANIES
EMPLOYMENT SCAM NOTICE
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Equipment Sales and Rental
The Equipment Sales and Rental Coverage form is to provide separate limits coverage for each category of described property. IM 7700 provides coverage for equipment and other related property while at a described premises and for off-site exposures.
IM 7700 01 09
— This coverage form provides “all risk” coverage for equipment at scheduled locations. Under this coverage form, there are two coverage schedule options:
IM 7705 Schedule Of Coverages
— Inside and Outside Building Coverage should be used to provide a limit for described property that is inside of buildings and a separate limit for described property that is outside of buildings.
Coverage inside and outside of buildings is limited to the types of described property that is checked off on the schedule of coverages. Coverage is also limited to property at a scheduled location (premises).
IM 7706 Schedule Of Coverages
— Separate Limit Coverage should be used to provide separate limits for each category of described property (e.g., equipment sold to others).
Most equipment dealers keep track of property based on the type of property (e.g., equipment for sale) they have, rather than basing their inventory on the amount of values that are inside or outside of buildings. Separate Limit Coverage provides coverage in accordance with the way dealers keep track of their property. Coverage for described property is limited to the insured’s premises and the premises must be described on the Schedule Of Coverages.
There are four coverages provided under IM 7700. Each of these coverages is optional. Each coverage must be activated by putting a check mark next to the coverage on the Schedule Of Coverages.
Equipment Intended For Saleis included on the equipment schedule
Equipment You Lease Or Rent To Others
Equipment Of Others You Are Repairing Or Servicing
Accessories, Fluid And Lubrication Supplies, And Tires
— There is an exclusion for manufactured equipment that refers to equipment being manufactured by the insured. Equipment that is shipped to the insured and requires assembly by the insured is not excluded. The exclusion for sold property refers to property that has been sold and delivered by the insured. This exclusion includes property that is sold under the terms of an installment sales plan. Coverage for equipment under an installment sales plan can be provided by using endorsement IM 7716.
25% of paid loss amount + an additional $5,000
Emergency Removal Expenses
Equipment On Exhibition
Equipment Sent Off-Premises For Repairs
Newly Acquired Premises
Off Premises Trial Period
Pollutant Cleanup and Removal
ACV Or Replacement Cost
— The value of equipment is based on either actual cash value or replacement cost. The valuation provision can vary by types of equipment and property. For example, replacement cost provisions can apply to new equipment for sale and actual cash value provisions can apply to used equipment. Also, actual cash value or replacement cost provisions can apply to equipment that the insured leases or rents to others.
— The value of equipment that has been sold will be based on the selling price less any discounts or un-incurred expenses (e.g., transportation).
Equipment On Consignment
— The value of equipment being sold on consignment will be based on the agreed upon value between the insured and the owner of the equipment. If there is no written agreement, the value of property on consignment will be based on the actual cash value.
— Optional coinsurance provisions are built into IM 7700. The Schedule of Coverages can be used to indicate if percentages of 100%, 90%, 80%, or another percentage applies.
Additional Property Coverages IM 7711
—provides coverage for a variety of property that dealers may use as part of their operations:
Valuable papers and accounts receivable
Insured’s supply of gasoline in a fuel depot
Tools own by the insured and tools of employees (coverage is limited to the insured’s premises)
Business personal property (e.g., office contents)
Mobile equipment used by the insured to operate the dealership (e.g., forklifts, computers)
Property You Lease Or Rent To Others
Fraud And Deceit Coverage
Peak Season Coverage
Repair Service Coverage
Equipment Hauling Coverage
Coverage For Loss Of Equipment Rental Income
Earthquake And Flood Coverage Endorsement
Information provided by American Association of Insurance Services, Inc., REV 05 12 04 — Copyright © 2004
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