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ISO Commercial Inland Marine Program

Summary: The jewelers block policy, written subject to commercial inland marine rules and forms promulgated by Insurance Services Office, provides open perils coverage specifically tailored for the needs of insureds in the retail jewelry trade. Coverage is written on a nonreporting basis using form CM 00 59 03 10 and is available at standard rates to retailers with average inventories no larger than $250,000. This article offers an analysis of the changes in the CM 00 59 03 10 from the earlier CM 00 50 08 08 form. Various risks are listed in the ISO commercial lines manual, division eight, as ineligible for jewelers block coverageretailers with average inventories of $250,000 or over; wholesalers and manufacturers; pawnbrokers; loose diamond risks; bullion and precious metal dealers; industrial diamond risks; auction dealers; fine arts and antique dealers; watch repair shops; and exhibitions, provided such risks are not on the premises of the insured. However, the policy may be extended by endorsement to cover exhibitions promoted or financially assisted by a public authority or trade association, such as trade shows. The premium for the extension of coverage is at the judgment of the underwriter and the endorsement must specify the site and duration of the exhibit.

Topics covered:

Coverage Exclusions Limits of insurance Deductible Additional conditions

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