Antique Stores

What Does GL Code 10026 Cover?

ISO GL class code 10026 specifically covers businesses engaged in the retail sale of antiques, vintage items, and collectibles. This includes operations where items are bought, restored, and sold, classifying the general liability exposures associated with customer interactions and property on premises.

Who Uses This Class Code?

This code applies to various establishments such as antique shops, vintage furniture stores, collectible dealers, antique malls, and consignment shops specializing in older goods. Businesses that primarily deal in historical artifacts, rare books, or unique decorative arts would also fall under this classification.

Common GL Claims for This Class

Common general liability claims for antique stores include customer slip-and-falls on premises, damage to customer property while handling or moving items, and theft of valuable inventory from the store.

Coverage Tips for Code 10026

• Ensure your policy includes adequate coverage for valuable inventory, often requiring a separate floater or endorsement for high-value items.
• Implement robust security measures, including alarm systems and surveillance, as theft of valuable antiques is a significant exposure.
• Verify that your general liability policy extends to cover items on consignment or those being restored, as these may have different ownership implications.
• Regularly appraise and document your inventory, especially after restoration, to ensure accurate valuation for insurance purposes and in the event of a claim.