Joe,

Is it a violation to use this type of equiptment as surge protection of typically valuable merchandise?

Many folks ask for quads and even two quads in TV and computer locations, they are not protected in the event of a surge.

Then we get into protecting the panel, I recomend surge protecting devices to everyone as a rule of thumb.
High voltage, as well as all low voltage, especially low voltage.

And, this way the manufacturer with his lifetime waranty upto whatever $$$ amount is the liable party.

NonLinearLoad.