VALUABLE PAPERS AND RECORDS

Valuable papers and records are documents that are important to a company or individual. They are often used to protect tangible and intellectual property and provide evidence of ownership, business transactions, and other legal matters. Valuable papers and records can include original contracts, income tax returns, deeds, titles, stock certificates, wills, important correspondence, and any other official records and documents.

the filed valuable papers and records form is one of the most important and most popular of the inland marine coverages. the commercial property coverage form includes a small amount of coverage, up to $1,000, for the cost to research, replace, or restore lost information. this coverage form also provides coverage to replace or reconstruct lost records. coverage includes both the insured's valuable papers and records and similar property of others in the insured's care, custody, or control. the limit for valuable papers in the CPP is $2,500 at each location. valuable papers and records is defined as inscribed, printed, or written documents; manuscripts or records; abstracts; books; deeds; drawings; films; maps; or mortgages. property not covered includes the following: *any property not specifically described on the declarations if the property cannot be easily replaced with other property *property held as samples or for delivery after sale *property in storage away from the described premises *contraband, and other property in illegal trade or transportation valuable papers and records also do not include any of the following: *money or securities *converted data *programs or instructions used in data processing *material on which such data is recorded property is covered on an all-risk basis, subject to the following additional exclusions: *errors or omissions by the insured, the insured's employees or representatives (except a carrier for hire) *electrical or magnetic injury, disturbance, or erasure there is no coinsurance provision found in the valuable papers and records coverage form. however, there is a special condition that requires the insured to keep all valuable papers and records, when not in use, in a receptacle described in the declarations.