Whether a business is a restaurant, a television station, a steel mill, a toy manufacturer or an accounting firm, they have one thing in common; they all have various types of important papers and records.
Often documents are routine and their loss would not create a problem. In other cases, loss of certain papers and records can be disastrous; affecting a given organization’s ability to continue operations. When such documents are particularly important; it may be necessary to arrange for special protection, such as Valuable Papers and Records (VPR) Coverage. This protection may be included as a supplement in other types of policies or it may exist as a separate policy. In either case, it protects items such as the following:
- inscribed, printed or written documents
- manuscripts
- records and abstracts
- books
- deeds
- drawings
- films
- maps and
- mortgages
Some types of property are ineligible for coverage including money and securities or any data, programs and instructions used in electronic data processing operations. Materials that store such data are also ineligible for coverage. Further, there’s no protection in the following situations:
- Property not specifically described within the policy and which cannot be replaced with property of similar kind or quality
- Property consisting of samples or for items held for delivery after it is sold
- Property stored at locations other than those described in the applicable VPR policy
- Contraband or illegal property, or legal property that is used in illegal activities
VPR coverage assists with the expense of replacing valuable papers, such as the research necessary to rebuild customer account and billing information or to replace important loan information or documents that prove ownership of property. In some cases, a business may have to severely curtail or stop its operations until such replacements are made. Loss of valuable papers and records can easily result in loss of income and customers. Valuable Papers and Records coverage provides a vital source of important protection.
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