What it does
CP 04 04 extends the Your Business Personal Property coverage of CP 00 10 or CP 00 18 to the property types or items described in its Schedule. Coverage applies while the property is:
- Temporarily away from the described premises in the course of the insured's daily business activities.
- In the care of the insured or an authorized employee, including temporary and leased workers.
Key provisions
- Not covered:
- "Stock", samples or products, unless at a fair, trade show or exhibition.
- Property in salespersons' care, except at those events.
- Property with a common or contract carrier or bailee for hire.
- Property while airborne or waterborne.
- Theft from a vehicle requires forced entry into a securely locked body or compartment, with visible marks.
- Territory is limited to the United States, its territories and possessions, Puerto Rico and Canada.
- The scheduled limit is the most paid per occurrence. If the same loss is also covered under Property Off-premises or Property in Transit, the insured may choose the provision paying the most, but only one.
Quoting and selling notes
- The built-in Property Off-premises extension in CP 00 10 is only $10,000 and has restrictions. CP 04 04 gives a scheduled limit for property that routinely leaves the premises.
- For high-value or frequently moving equipment, an inland marine floater may be broader.
