A Personal Articles floater is used to insure valuable personal property that often requires more coverage than what is provided by an insured’s homeowner policy due to various exclusions and limitations on homeowner coverage. The personal articles floater can be used to ensure the following categories of personal property:
– Jewelry: Most personal jewelry can be included on a floater; however, jewelry is given more consideration than other personal items. Generally, any item over $1,000 in value would require an appraisal.
– Furs: Fur coats, personal fur items consisting of fur, garments trimmed with fur, and even imitation fur can be included.
– Fine Arts: Fine arts can include private collections of paintings, antique furniture, rare books, glasses, ornament knickknacks, and manuscripts. Fine arts are insured on a valued basis, which means if a loss occurs, payment would be made for the amount of insurance stated in that particular item’s schedule.
– Cameras: Items usually included are motion picture recording equipment, projection machines, films, binoculars, and telescopes.
– Bicycles: Each item must be described on a schedule with an amount of insurance.
– Musical Instruments: Most personal musical instruments, including sound and amplifying equipment, can be listed on a floater. Each item should be listed on a schedule with the requested amount of insurance coverage.
– Silverware / China / Crystal: Item must be listed on a schedule with the insurance amount.
– Stamps / Coin Collections: Valuable stamps and coin collections can be insured either on a scheduled basis or a blanket basis.
– Guns: Each item must be described on a schedule with an amount of insurance.
– Golfers Equipment Most golf equipment, including the insured’s golf clothes.
Although there are no standard floater policies, most floater policies share the following four characteristics:
- The coverage can be tailored to ensure a specific type of property.
- The insured can select the appropriate policy limit for the property.
- Floaters are typically written on an all-risk basis, which means all direct physical losses to the property are covered, except for specially excluded losses.
- Most floaters cover the property anywhere globally; however, fine arts are usually covered only in the United States.
Exclusions: The personal articles form contains two exclusions that apply: the property is not covered for wear and tear, deterioration, or inherent vice. The property is not covered for loss caused by insects or vermin.