ISO PERSONAL INLAND MARINE PROGRAM AVAILABLE ENDORSEMENTS AND THEIR USES

(March 2024)

Protection under an unendorsed ISO Personal Inland Marine (Personal Article, Personal Property, or various specific property) Form is designed for a residence that includes a significant, high-valued property exposure. Use of such forms achieves several goals. A basic policy that can be used for a very large base of customers creates uniformity of coverage and helps to control the cost of coverage for the greatest number of consumers. How are costs controlled? By making additional or broader coverages optional, those insureds whose needs are met by the basic policy don’t have to subsidize those who need or desire special coverage.

ISO has a variety of optional forms useful to consumers whose coverage needs are not met by an unendorsed personal inland marine contract. The forms typically require additional premium. ISO uses a common system to number its forms: two letters followed by a four-digit form number, then the form’s edition month and year.

Note: The various endorsements are presented in order of Insurance Services Office’s form numbers.

PM 02 01–Large Schedule Endorsement A

This form may be used to provide coverage under an ISO Personal Articles Form for an insured who has a substantial amount of property that is listed on a separate schedule. Per the endorsement, the schedule that is applicable to the form is stated to be at the insurance company’s designated office and the schedule has the date stipulated in the endorsement.

PM 02 02–Large Schedule Endorsement B

This form may be used to provide coverage under an ISO Personal Articles Form for an insured who has a substantial amount of property that is listed on a separate schedule. The endorsement includes information on where the applicable schedule is located. It must be at the described agency location or another agreeable location. An important stipulation is that the schedule must be signed by the insurance company’s representative on the date entered on the endorsement.

PM 02 03–Coverage at Additional Residence

This form may be used with the ISO Personal Property Form. It includes the location of additional residences and provides coverage for the indicated property classes and for indicated amounts at locations one and/or two.

PM 02 04–Automatic Increase in Insurance

This form may be used to provide coverage under an ISO Personal Property Form. The schedule includes a percentage that is applied to the Unscheduled Property located at the insured’s described residence and additional residence. The indicated coverage increase applies every three months from the endorsement’s effective date.

PM 02 05–Renewal Certificate

This form allows for scheduled coverage to be renewed for the policy period indicated in the endorsement.

PM 02 06–Restriction of Individual Policy

This form may be used to provide scheduled coverage according to a given restriction that is specified in the endorsement.

Example: Jill arranges for scheduled coverage under a Personal Property Form that includes $15,000 protection on furs. She is charged according to her stipulating that, for 6 months out of the year, the furs are kept in a commercial, secure storage facility. Her policy is issued with PM 02 06 indicating that coverage only applies during the indicated period in which the furs are NOT in storage.

The agreement is solidified by including signatures of the named insured and the insurer.

PM 02 07–Coverage at Increased Rates

This form may be used to provide coverage at higher, mutually agreed-upon rates. In certain circumstances, the nature of the property needing protection is such that an insurer’s standard, filed rates are insufficient. This form allows for special, higher rates to be applied in order to secure scheduled coverage. The agreement is solidified by including signatures of the named insured and the insurer.

PM 02 08–Coverage at Increased Rates Subject To Prior Approval Of Insurance Regulator

PM 02 09–Restriction of Individual Policy Subject To Prior Approval of Insurance Regulator

This form may be used to provide scheduled coverage according to a given restriction that is specified in the endorsement. The agreement is solidified by including signatures of the named insured but is contingent upon the applicable insurer receiving rate approval from the applicable insurance authority.

PM 02 10–Estates Endorsement

This form amends the PM 00 01–Common Policy Provisions. It changes the form’s E.13 Death Condition. It substitutes a different provision, resulting in the coverage applying to property of the deceased insured (insured’s estate) including eligible property acquired by the applicable estate.

PM 02 11–Conformity to Law Clause

This form may be used to automatically change any applicable policy provision to align with the requirements of a given state’s law.

PM 02 12–Deferred Premium Payment

This form may be used to allow payment for coverage to be made in annual installments. The installments may be recalculated in accordance with possible premium changes. Further, the form advises that coverage will be cancelled should an installment be missed.

PM 02 13–Multiple Company Insurance

This form may be used to facilitate more than one company to partner up to provide portions of unscheduled (blanket) and/or scheduled coverage for a given insured. The form includes space for entering property description, total amount of coverage and the applicable company’s chosen percentage, coverage amount and premium. The form also includes a definition of “multiple company insurance” and a separate coverage provision.

PM 02 14–Change Endorsement

This form may be used to attach a needed policy amendment along with appropriate premium adjustment.