Summary: Many businesses possessing valuable papers and records—such as blueprints, manuscripts, deeds, maps, historical documents, or everyday business records—avoid the financial consequences of physical loss to such items simply by maintaining duplicates at another location. Insureds who are able to do so may have little or no need for valuable papers and records insurance. Other insureds possess property or have operations of such a nature that they cannot make or maintain duplicates. For example, an original Thomas Jefferson letter is irreplaceable, and the existence of a photocopy at another location would not mitigate the loss. Or, an architect may at any given time have many thousands of dollars' worth of uncompleted drawings and sketches that have not yet been copied and stored elsewhere.

There are two methods of insuring valuable papers and records (other than money, securities, and most electronic data) under the commercial lines program of Insurance Services Office. The first method is to rely upon the limited valuable papers and records coverage provided in the building and personal property coverage form (or, in the case of a condominium unit owner, upon the same coverage provided by the condominium commercial unit owners coverage form). The second method is to arrange coverage under the separate valuable papers and records coverage form, . Although the first method is briefly noted here, the main thrust of this article is an examination of CM 00 67, with its coverage agreement, exclusions, and conditions.