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Miscellaneous Insurance Coverages

Personal Article Floater (covers Jewelry and Fine Arts)

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A personal article floater is a specialized form of insurance that can be used to cover personal property on an itemized and scheduled basis. A personal article floater provides "all risk" coverage for direct physical loss.

 A personal article floater contains an itemized schedule listing insurable property such as jewelry, furs, cameras, musical instruments, silverware, golf equipment, fine arts, stamps and coins.

An appraisal is generally required for each article covered.

Uninsurable property includes accounts, bills, currency, deeds, evidences of debt, money and securities. 

NOTE: If you do not wear your valuable gems or look at your valuable collections often, consider putting them in your safe deposit box at your bank and asking your insurance agent for "valuable article coverage for in-vault jewelry." Premiums for jewelry and other items in a safe deposit box are much less expensive than when the items are not in a safe deposit box. You are generally required to inform the insurance company if you remove items from the box temporarily. (For comparative purposes, adding a "floater" to your homeowner policy to protect these items may cost between $1.90 to $4.00 per $100 of value, while vault coverage can be $.30 per $100, plus a small amount for the few days a year when you take the jewels out of the safe. A few banks offer their own safe deposit coverage which is generally cheaper than a homeowners policy).

Banks are generally not liable for loss unless they have been found to be negligent in some way. Check your contract.

Always retain proof that you keep in a safe place away form the safe deposit box that lists what you store in your safe deposit box."

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