Q

I am insuring a merchant on BOP Form BP 00 02 01 96 who had some rare coins stolen. Under optional coverage 4, burglary and robbery, how should rare coins be valued — at face or current value?

Ohio Subscriber

A

The definition of money on the BOP form is currency, coins, and bank notes in current use and having a face value. The coins in question do have a face value, but they are not in current use. Therefore, they do not fall within the definition of “money.” Assuming the rare coins are business personal property (not the insured's personal collection), they should be valued at actual cash value because they are rare articles.