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.

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