February 23, 2015

For many people, jewelry is often the most valuable personal property they own, but stamp and coin collections can be equally as valuable. Stamps and coin collections are covered on a named perils basis, but they are susceptible to many unnamed perils that are more likely due to occur due to the nature of the items. This is where the inland marine forms come in. They provide broader coverage and scheduled limits of coverage. The ISO form PM 00 12 is specifically developed to provide coverage for stamp and coin collections.

Topics covered
Introduction
Property covered
Property not covered
Perils
Deductible, option, safe or vault credit

Introduction

The form allows the insured to schedule described stamp and coin collections for specified amounts. Important in this coverage is an accurate, detailed appraisal of each item. Wear is critically important in the value of coins and stamps; mint quality stamps or coins are much more valuable than those that are worn by use or age. Similar to jewelry, appraisals should be updated regularly as prices change over time. It is important to advise the insured to have the appraisals regularly updated, roughly every five years unless the carrier has specific appraisal update requirements.

Property Covered