Inland
Marine Floater
An inland marine policy
provides coverage for property transported from one place to another, goods in
transit, bridges, tunnels, television broadcasting towers and other means of
transportation and communication. Inland marine insurance also includes various
floater policies that provide coverage for personal property. An inland marine
floater policy is used to provide coverage that floats or moves along with the
covered property as it changes locations. There are no standard inland marine
floater policies, however, most floater policies share the following four
characteristics: (1) The coverage can be tailored in order to insure a specific
type of property for the insured. (2) The insured can select the appropriate
policy limit for the property. (3) Floaters are typically written on an all risk
basis which means all direct physical losses to property are covered, except for
specially excluded losses. (4) Most floaters cover the property anywhere in the
world, however, fine arts are usually covered only in the United States. The
following is a brief explanation of the inland marine personal articles floater.
An inland marine personal
articles floater is used to insure valuable personal property that often
requires broader coverage than that provided by an insured's homeowner policy,
due to the various exclusions and limitations on homeowners coverages.
The personal articles floater
can be used to insure the following nine optional classes of personal property.
Jewelry
Most personal jewelry can be
included on a floater, however, jewelry is given more consideration than other
personal items so should be carefully selected before scheduling.
Furs
Fur coats, personal fur items
consisting mostly of fur, garments trimmed with fur and even imitation fur can
be included on a floater. Each item must be separately listed with a specific
amount of insurance.
Fine Arts
Fine arts can include private
collections of paintings, antique furniture, rare books, glasses, ornament
knickknacks, and manuscripts. Each item must also be listed in the schedule with
a specific amount of insurance. 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 the schedule for that particular item .
Cameras
Most photographic equipment
can be included in this class of property. Each item must be described on a schedule with an amount of insurance.
Items usually included are, motion picture recording equipment, projection
machines, films, binoculars, and telescopes. Smaller miscellaneous items can
sometimes be insured for a total value without scheduling each item.
Musical
Instruments
Most personal musical
instruments, which includes 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
Silverware and gold ware can
be insured under the personal articles floater. Each item must be listed on a
schedule with the amount of insurance.
Stamps and Coin
Collections
Valuable stamps and coin
collections can be insured under the personal articles floater on either a
scheduled basis or on a blanket basis. When the blanket basis is used the amount
of insurance would apply to the entire collection.
Golfers Equipment
Most golf equipment can be
included on a floater including the insureds golf clothes. All golfing equipment
must be on a schedule with the requested amount of insurance stated.
|