I am handling an account in which the property coverage is being written on a blanket basis on commercial property form CP 00 10. This insured owns a building that he does not want to insure. Should the building be listed on the statement of values with a "0″ in the value column?
Connecticut Subscriber
All properties that are to be insured within a blanket should be listed on the statement of values with their respective values shown either on an actual cash value or replacement cost basis. If owned properties are not to be insured within the blanket, they should be listed with either "nil" or "0″ in the value column.
If owned properties are omitted from the applicable statement of values, they are not insured on the policy.
These types of blanket coverage policies usually list a blanket value with either a specific list of properties on the policy or a notation stating the coverage is according to a statement of values on file with the company. In either instance, the coverage is based on the values listed on the statement. By signing the statement, the insured attests to the fact that the properties and values listed are accurate and are the only properties to be insured. Various courts have held that separate documents that are attached to or referenced in the policy are to be considered a part of the policy.