Certain property is subject to special
limits of insurance.
The following property is limited only
for the cause of loss THEFT.
- $1,000 for loss by theft of jewelry, watches, furs, precious
and semiprecious stones.
- $2,500 for loss by theft of silverware, silver-plated
ware, goldware, gold-plated ware and pewterware. Included in this category
are platedware, flatware, hollowware, tea sets, trays, trophies and the like,
and other utilitarian items made of or including silver, gold or pewter.
- $2,000 for loss by theft of firearms.
Coverage can be increased for THEFT
by one of three ways:
- With the Coverage C Increased Limits Endorsement you
can increase theft coverage for any or all of the above items. This endorsement
increases limits for theft only. It does not improve the coverage to risks
of direct physical loss. With jewelry there is one more limitation - loss
of a stone from its setting is not covered.
- With the Scheduled Personal Property Endorsement you
remove items from coverage under the basic homeowners policy and place them
in a new risks of direct physical loss contract. Each individual item is scheduled
or listed and a value is attached to that item. That value is the most that
will be paid in the event of a total loss. In the case of jewelry, guns and
furs, insurance companies have vast buying power and can normally replace
the article for far less than the retail value and will probably do so. However,
if the limit of insurance is not enough, you can't go back to the homeowners
policy for more coverage. The limit of insurance is usually established by
an appraisal. The description of the item in an appraisal is usually transferred
to the policy as a very effective way to help the insurance company find a
replacement for you after a loss. Appraising valuables every few years is
an excellent idea. Jewelry, furs and guns are covered world-wide. An additional
feature of the Scheduled Personal Property Form is that it gives up to $10,000
coverage for newly acquired property in the same class of property that you
have coverage now. Thus, if you have jewelry scheduled, but not guns, there
would be up to $10,000 coverage for newly acquired jewelry, but not guns.
- The third option is to cover the item(s) under a special
Inland Marine property floater. This kind of coverage is available from insurance
companies who specialize in high valued homes and expensive collections. Considerations
such as residential alarm systems, vault storage and special overseas coverage
may be necessary for expensive articles. Your agent will know when to recommend
a specialty coverage.
Special Considerations for Fine Art
Fine arts are pictures, statuary, sculptures, collectibles,
antiques and other items that do not fit into standard personal property definitions.
The problem is value. Personal property is normally covered at actual cash value
- replacement cost at the time of loss, less depreciation for use and wear.
Replacement cost can be provided by the Personal Property Replacement Cost endorsement.
The following have limits for ALL causes
of loss, not just theft:
- $200 on money, bank notes, bullion, gold other than goldware,
silver other than silverware, platinum, coins and medals.
- $1,000 on securities, accounts, deeds, evidences of debt,
letters of credit, notes other than bank notes, manuscripts, passports, tickets
and stamps.
- $1,000 on watercraft, including their trailers, furnishings,
equipment and outboard motors. (Purchase a boat insurance policy to provide
the coverage)
- $1,000 on trailers not used with watercraft. (Purchase
an auto insurance policy to provide the coverage)
- $2,500 Business Property on the residence premises. (Can
be increased by endorsement) (Not covered in Dwelling Fire policy)
- $250 on business property off premises. (Can be increased
by endorsement) (Not covered in Dwelling Fire policy)
- $1,000 for loss to electronic apparatus in a car. (This
includes cellular phones. Can be increased by endorsement.) (Not covered in
Dwelling Fire policy)
- $1,000 for loss to electronic apparatus while away from
the residence premises, used solely for business purposes. (Can be increased
by endorsement) (Not covered in Dwelling Fire policy)
Coverage can be increased by one
of three ways:
- With the Coverage C Increased Limits Endorsement you
can increase theft coverage for any or all of the above items. This endorsement
increases limits for theft only. It does not improve the coverage to risks
of direct physical loss. With jewelry there is one more limitation - loss
of a stone from its setting is not covered.
- With the Scheduled Personal Property Endorsement you
remove items from coverage under the basic homeowners policy and place them
in a new risks of direct physical loss contract. Each individual item is scheduled
or listed and a value is attached to that item. That value is the most that
will be paid in the event of a total loss. In the case of jewelry, guns and
furs, insurance companies have vast buying power and can normally replace
the article for far less than the retail value and will probably do so. However,
if the limit of insurance is not enough, you can't go back to the homeowners
policy for more coverage. The limit of insurance is usually established by
an appraisal. The description of the item in an appraisal is usually transferred
to the policy as a very effective way to help the insurance company find a
replacement for you after a loss. Appraising valuables every few years is
an excellent idea. Jewelry, furs and guns are covered world-wide. An additional
feature of the Scheduled Personal Property Form is that it gives up to $10,000
coverage for newly acquired property in the same class of property that you
have coverage now. Thus, if you have jewelry scheduled, but not guns, there
would be up to $10,000 coverage for newly acquired jewelry, but not guns.
- The third option is to cover the item(s) under a special
Inland Marine property floater. This kind of coverage is available from insurance
companies who specialize in high valued homes and expensive collections. Considerations
such as residential alarm systems, vault storage and special overseas coverage
may be necessary for expensive articles. Your agent will know when to recommend
a specialty coverage.
430f001
COPYRIGHT: Insurance Publishing Plus, Inc. 1996
All rights reserved. Production or distribution, whether
in whole or in part, in any form of media or language; and no matter what
country, state or territory, is expressly forbidden without written consent
of Insurance Publishing Plus, Inc.
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