Pawnshops

Totten Insurance Group offers a package for pawn shops and secondhand goods stores involving retail sale of new and used articles. Available coverage also includes customer goods.

Mandatory coverages include Property (building and contents) and Liability. Optional coverages such as Loss of Income, Crime and Equipment Breakdown are available as required.

Limits on jewelry, furs, watches, precious and semi-precious stones (as defined) are limited to $10,000 on any one loss and $1,000 on any one item. These coverage are available if the client has or installs a burglar alarm which meets our requirements.

Second hand articles endorsement applies.

Coverages

Property
Broad Form, Replacement Cost (Excluding Stock), $1,000 Deductible

 

  • 90% Co-insurance
  • Sewer back-up
  • Secondhand articles
  • Broad form extension end:
    • Temporary locations - $25,000
    • Newly acquired locations - $100,000
    • Parcel post - $2,500
    • Other transit - $2,500
    • Sales representatives - $2,500

Named Perils, Actual Cash Value, $1,000 Deductible

  • 80% Co-insurance
  • Secondhand articles clause


Extension Endorsement

  • Accounts receivable - $5,000
  • Valuable papers & records - $5,000
  • Professional fees - $5,000
  • Outdoor signs - $5,000
  • Consequential Loss Assumption clause - $5,000
  • EDP systems/media/breakdown
  • Increased jewelry limit - $10,000 any one loss; $1,000 maximum any one item


Business Interruption - Business Income

  • Please provide limit required


Crime - Broad Form Money & Securities

  • $2,500 basic (higher limits available)
  • Overnight cover restriction


Commercial General Liability - $2,000,000

  • Non-owned auto
  • Tenants legal liability - $250,000
  • Medical payments - $10,000


Underwriting Considerations

  • Minimum premium - $1,500
  • Burglar alarm system (ULC/CSA approved/best system available in area/all doors and windows contacted and/or motion detectors
  • All perimeter doors must have deadbolt locks

For new submissions please contact us toll-free at 1-888-868-8367, or email property@tottengroup.com.