I am purchasing an item from an established brick & mortar store on Friday. I currently own similar items and have a PAP for them. On the other items I didn't get the PAP until well after I took possession of the items. Due to the nature of the item, it will remain in the store's possession after I pay for it for roughly 8-9 months. I would like to insure it from the date of purchase since I will be paying in full up front. I'm just wanting to insure it in case the store is hit by a tornado or burns down or something. Are there any problems with this?
Personal Articles Policy Question
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Based off your screen name & description of your question, I'm guessing it's an NFA Class III "you know what" happy toy so congrats to you!! any chance you can share what it is?
Realistically speaking you "could" get away throwing it on your PAP or HOI...but if it's a 24k Colt M4 and there's actually a loss...they could bring up the insurable interest issue if the ATF paperwork didn't go through yet. Remember...you're not the owner until the ATF processes the paperwork...
Your safest option is to have documentation of the sale confirming that the NFA item is yours...thus showing it's in the CCC (care custody & control) of the shop. You'd then wanna confirm that the shop has coverage for items in the CCC of others. Ultimately in the interim phase of waiting upon clearance...it's the shop's property. So it doesn't matter how you go about attempting to insure it b/c it's simply not yours for most of that time.
That's maybe entering the bond market...get something on paper. Again...What is it?!
Realistically speaking you "could" get away throwing it on your PAP or HOI...but if it's a 24k Colt M4 and there's actually a loss...they could bring up the insurable interest issue if the ATF paperwork didn't go through yet. Remember...you're not the owner until the ATF processes the paperwork...
Your safest option is to have documentation of the sale confirming that the NFA item is yours...thus showing it's in the CCC (care custody & control) of the shop. You'd then wanna confirm that the shop has coverage for items in the CCC of others. Ultimately in the interim phase of waiting upon clearance...it's the shop's property. So it doesn't matter how you go about attempting to insure it b/c it's simply not yours for most of that time.
That's maybe entering the bond market...get something on paper. Again...What is it?!
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I would think I would have an insurable interest since I paid for it in full. I would see it as going to a car dealership and paying cash for a car then wrecking it the following day. You may not have filed the paperwork with the tag agency and received the title yet, but it's still your car. (We don't pay tag, title & tax at the dealership in this state. We pay it after the fact typically a month later). So I would consider that I owned it just waiting for the "title to clear".
It's not this exact gun and I'm not buying it from this dealer, but this is what it is: HK MP5A2 with a Fleming HK Machine Gun Auto Sear Registered in All Three Calibers #2259 » DealerNFA
It's not this exact gun and I'm not buying it from this dealer, but this is what it is: HK MP5A2 with a Fleming HK Machine Gun Auto Sear Registered in All Three Calibers #2259 » DealerNFA
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