Equipment Dealers Coverage—Archived Article

Includes copyrighted material of Insurance Services Office, Inc., with its permission.

 

Equipment Dealers Coverage

 

January, 2005

ISO Inland Marine Program

Summary: Form CM 00 22 09 04 provides equipment dealers coverage under the Insurance Services Office commercial insurance program. The form’s purpose is to provide coverage for dealers in agricultural implements and contractors’ equipment, insuring the dealer’s stock in trade and similar property of others in the dealer’s custody or control. Following is a discussion of the form.

Topics covered:

IntroductionInsuring agreementProperty not coveredCauses of lossCollapseCoverage extensionsExclusionsLimits of insurance and deductibleAdditional conditionsDefinitionsDeclarations page

Introduction

Equipment dealers form CM 00 22 provides open perils coverage for dealers in mobile agricultural and construction equipment. Coverage may be written on a reporting or nonreporting basis. When written on a reporting basis, form CM 99 02 09 04 is attached. To create a monoline equipment dealers coverage policy, form CM 00 22 is used together with policy declarations and equipment dealers declarations pages, common policy conditions form IL 00 17 11 98; (see Common Policy Conditions), Commercial Inland Marine Conditions form CM 00 01 09 04 (see Introduction, General Rules and Conditions), and any appropriate endorsements. Declarations pages and forms for any other desired or necessary coverages may be added to complete a package policy for the insured.

Insuring Agreement

A. Coverage

We will pay for direct physical loss of or damage to Covered Property from any of the Covered Causes of Loss.

1.     Covered Property, as used in this coverage form, means:

a.     Your stock in trade consisting principally of mobile agricultural and construction equipment; and

b.     Similar property of others in your care, custody or control.

Analysis