We Don’t Need No Stinking Gun Schedule
Did you know there’s a small fix for your insureds who don’t want to submit gun schedules to their insurance company? Read on for a quick overview of one coverage enhancement you can offer.
As I traveled throughout South Dakota recently on a training road show, I spoke to many agents. I was teaching an Introduction to Homeowners’ class, and a theme quickly arose from our South Dakota agents regarding gun schedules.
While many Americans have guns and ammunition galore, not all Americans are comfortable completing gun and ammunition inventories for their insurers. Simply put, they do not trust that the insurers will not share that information with the government. So, what should an agent do?
The Simple Update Many Agents May Forget to Offer
The HO 04 64 can increase Special Limits of Liability for a variety of personal property limited under the HO3 and other ISO homeowners’ coverage forms.
“Bring Lawyers, Guns and Money”
This chart outlines the availability of increased limits for money, jewelry, guns, and other personal property.
While normally the ISO HO-3 (2022) form would offer only $3,000 for theft of guns (probably the most common gun loss), the HO 04 65 endorsement would increase the limit on theft of guns to $10,000. With this endorsement, my understanding is that the insurer may not ask for an inventory of guns and ammunition as many carriers do.
Regarding Errors & Omissions Issues – The HO 04 65 is Not a “Magic Bullet”
While failing to offer this endorsement will not create a big exposure, it is always best if you offer it to your gun-owning insureds and document any refusal to purchase the additional coverage.
According to Pew Research, in 2023 about 32% of U.S. adults state they are gun owners, with an additional 10% has a person with a gun in their household. While $10,000 won’t go far in protecting gun enthusiasts if someone steals their guns, it’s a start.
The chart below outlines the coverage increases to certain personal property limited by the HO-3.
Since we’re discussing only ISO forms here, other carriers may or may not offer a similar endorsement.
For another Virtual University article on firearms coverage, click this link.
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