What it does
IM 7400 is AAIS's Fine Arts Floater, filed by carriers in AAIS-based programs ("Fine Arts Floater Coverage" in one state schedule). AAIS lists the Fine Arts Floater among its fine arts classes, alongside fine art dealers and museum coverage. AAIS (American Association of Insurance Services) publishes this form in its Inland Marine Guide, a multistate program of inland marine forms, rules and rating procedures that AAIS member insurers adopt. AAIS numbers its inland marine forms with the IM prefix and four digits, which distinguishes them from ISO's CM and IH forms.
Who needs it
Organizations with art on display or loaned out that want agreed values and coverage in transit.
Quoting and selling notes
Ask for appraisals, display and climate conditions, loans and transit, and breakage exposure for fragile items.
Before presenting it
AAIS forms are available to member insurers, and carriers often add their own endorsements or edition changes. Obtain the carrier's specimen and review covered property, property not covered, exclusions, valuation, deductible and coinsurance or reporting conditions with the insured.
