Under valuable papers business insurance, which of the following would NOT be covered?

Under valuable papers business insurance, coverage typically includes items that are essential to the business's operations, such as legal contracts, insurance policies, and customer lists. The fundamental purpose of this type of insurance is to protect documents that are vital for a business to function and continue its operations in the event of a loss or disaster.

Stock certificates, on the other hand, represent ownership in a corporation and are generally considered financial instruments rather than vital business documentation for operational purposes. They do not fit within the typical scope of valuable papers that this insurance aims to protect, which is focused more on records necessary for the ongoing function or legal standing of a business. Therefore, stock certificates would not be covered under the valuable papers business insurance, making this the correct identification of an excluded item.