Personal Articles Floater
kinds of property that may be written under this policy include:
fine arts, cameras and photographic equipment, golfing equipment,
musical instruments, personal furs, jewelry, and silverware,
stamp, and coin collections. Each of the foregoing types of
property is listed in the contract along with any special
conditions which may apply. This eliminates the need for a
series of endorsements.
policy covers listed personal property owned by or in the
custody of the insured or a member of his household.
Fine Arts Floater is written to cover objects of art such
as paintings, statuary, rare manuscripts, and antiques. The
coverage is open-perils with the usual exceptions. In addition
to the standard open-peril exclusions of wear and tear, gradual
deterioration or inherent vice, and insects or vermin, war
and nuclear energy, coverage on fine arts and antiques is
subject to three additional exclusions: The first excludes
damage caused by repairing, restoration, or retouching process;
the second excludes breakage of certain fragile articles,
unless the breakage is caused by specifically named perils.
Fragile articles specifically listed in the contract to which
the breakage exclusion applies include art glass windows,
glassware, statuary, marble, bric-a-brac, and porcelains.
The exclusion is not limited to these however; it also applies
to other similar fragile articles. The specifically named
perils for which coverage by breakage is provided are:
Fire or lightning
Explosion, aircraft or collision
Windstorm, earthquake, or flood
Malicious damage or theft
Derailment or overturn of a conveyance
for breakage from causes other than these named perils is
available for an additional premium. When the insured wishes
to eliminate the exclusion of breakage, an entry is made in
the declarations section of the endorsement.
final exclusion applicable to antiques and fine arts eliminates
coverage for loss by any cause to property on exhibition at
fair grounds or premises of national or international expositions
unless the premises are covered by the policy. The purpose
of this exclusion is to alert the insurer to situations in
which an unexpected concentration of insured values might
occur. The exclusion requires the insured to notify the insurer
when property will be exposed to loss at such locations.
is customary to insure antiques and fine arts on a valued
rather than an actual cash value basis. Since this means that
the insurance company agrees to the value of each item insured
and that this is the value paid in the event of a loss, the
greatest care must be used in determining these values. Appraisals
normally are mandatory, and some insurance companies even
have art appraisers who advise them on the values. Each insured
item is scheduled with an amount of insurance automatically
but subject to a percentage limitation relative to the aggregate
amount of the schedule. However, reports of additional items
must be made within ninety days and the proper pro rata additional
Please note that the precise coverage afforded is subject
to the terms, conditions, and exclusions of the policy as
issued. This explanation is intended only as a guideline.
This information is not intended to be considered investment,
tax or legal advice. It is provided, for your education only.
This is not an insurance contract. All terms and coverages
are defined solely by your policy.
more details, please call a PaulBalep representative toll-free
1-800-964-8614 to receive a free, no-obligation quote. Like
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you did. And to set up a meeting to discuss additional insurance
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or e-mail us at firstname.lastname@example.org.
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