diff --git a/docs/findmy-py-servicekey-der-report.md b/docs/findmy-py-servicekey-der-report.md
new file mode 100644
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+# Report to FindMy.py: a raw `DerError` escapes `service_keys_from_der` and kills the run
+
+> **A bug report from a consumer**, addressed to whoever works on FindMy.py. Delete it from this
+> repository once the library has an answer.
+>
+> Traced from a real user's run — [OpenTagViewer#89](https://github.com/parawanderer/OpenTagViewer/issues/89).
+> Their account is ordinary: five Apple AirTags, all owned by the signed-in Apple ID, all visible
+> under *Items*. Nothing exotic about it, which is the point — this is reachable by anybody.
+
+## One sentence
+
+`service_keys_from_der` converts a `DerError` to `ServiceKeyError` for the *outer* parse and not
+for the descent, so an item whose first element parses but whose contents are not DER escapes as a
+raw `DerError` and aborts the export — where the two items immediately before it, failing for the
+same underlying reason, were skipped correctly.
+
+## The evidence, from one run
+
+The last three lines of the user's log, in order:
+
+```
+DEBUG findmy.keychain.session: Item for acct 504353426f756e64 holds no key: An item's v_Data is
+      not DER at all: Truncated DER: element claims 42 bytes, 30 remain
+DEBUG findmy.keychain.session: Item for acct 64656661756c74 holds no key: An item's v_Data is
+      not DER at all: Truncated DER: element claims 67 bytes, 19 remain
+
+DerError: Truncated DER: element claims 109 bytes, 61 remain      <- fatal
+```
+
+The first two are hex for `PCSBound` and `default`. Both were **handled**: caught, logged, skipped,
+run continues. The third is the same class of malformed payload and it takes down the whole export.
+
+The view held 61 items and 59 were read, so this is one item in sixty-one.
+
+## Why the difference
+
+`servicekey.py`:
+
+```python
+try:
+    element, _ = der.parse_one(payload)          # guarded
+except der.DerError as e:
+    msg = f"An item's v_Data is not DER at all: {e}"
+    raise ServiceKeyError(msg) from None
+
+if element.tag_class == der.CLASS_APPLICATION and element.tag_number == PRIVATE_KEY_V2_TAG:
+    return _from_v2(element)
+
+return _from_v1(element)                          # not guarded
+```
+
+`_from_v1` opens with `children = element.children()` (line 398), which calls `parse_all` on the
+element's *content*. If the outer TLV is well-formed but its content is not DER — which is exactly
+what a non-key item looks like — that raises `DerError`, and `DerError` is not a `ServiceKeyError`.
+
+The caller only catches the latter:
+
+```python
+# session.py:603
+try:
+    found = service_keys_from_der(payload_of(item))
+except (ItemError, ServiceKeyError) as e:
+    logger.debug("Item for acct %s holds no key: %s", account[:8].hex(), e)
+    continue
+```
+
+So the skip-and-continue that exists for precisely this situation is bypassed on a technicality of
+which exception type came out.
+
+## Suggested fix
+
+Make the whole of `service_keys_from_der` answer in its own vocabulary, rather than only its first
+statement:
+
+```python
+try:
+    element, _ = der.parse_one(payload)
+    if element.tag_class == der.CLASS_APPLICATION and element.tag_number == PRIVATE_KEY_V2_TAG:
+        return _from_v2(element)
+    return _from_v1(element)
+except der.DerError as e:
+    msg = f"An item's v_Data is not DER at all: {e}"
+    raise ServiceKeyError(msg) from None
+```
+
+`_from_v1` and `_from_v2` both descend, so both can raise it; wrapping at this level covers the
+two arms and anything added later. The docstring already promises `:raises ServiceKeyError: If the
+payload is neither form` — this makes that true.
+
+Worth considering whether `session.py:603` should also catch `DerError` defensively. Belt and
+braces, but the failure mode is a user's whole export dying on one unreadable item out of sixty-one,
+which is a bad trade against one extra exception type in a tuple.
+
+## What this is not
+
+- **Not the user's account.** Owned tags, on the right account, visible under *Items*.
+- **Not Advanced Data Protection**, which they initially suspected. Keychain material is end-to-end
+  encrypted under trusted-device custody either way.
+- **Not the two `carries no signing key` warnings** in the same log; those peers are skipped by
+  design.
+
+## Reproducing without an account
+
+The failing shape is an outer TLV whose length is honest and whose content is not DER:
+
+```python
+from findmy.keychain.servicekey import service_keys_from_der
+
+# SEQUENCE, length 3, content that is not parseable as DER elements
+service_keys_from_der(bytes([0x30, 0x03, 0x02, 0x7F, 0x41]))
+```
+
+Expected: `ServiceKeyError`. Actual: `DerError`.
diff --git a/python/uv.lock b/python/uv.lock
index 46b599be..eb979ec3 100644
--- a/python/uv.lock
+++ b/python/uv.lock
@@ -659,7 +659,7 @@ wheels = [
 [[package]]
 name = "findmy"
 version = "0.10.1"
-source = { git = "https://github.com/parawanderer/FindMy.py?branch=feat%2Ficloud-keychain-export#acd17c507b63e8bd0e56d8b4c5a92c096050bfa3" }
+source = { git = "https://github.com/parawanderer/FindMy.py?branch=feat%2Ficloud-keychain-export#47c4f898e4664420d203569a94bae435af73a252" }
 dependencies = [
     { name = "aiohttp" },
     { name = "anisette" },