Personal Inland Marine Policies

All those special items that are cluttering your house right now are probably valuable to both you and appraisers.  Let us insure your personal articles by filling out our quote form or by calling 888-668-8398.

Personal inland marine policies in Florida can cover collectibles, jewelry, the family boat, snowmobile or other similar qualified items such as art, musical instruments, stamps, and golf equipment.

The majority of Inland Marine insurance covering specific forms of personal property is written in the homeowners program, under the scheduled property endorsement.  However the same coverage can be issued as an Inland Marine policy.

The general property floaters are Personal Effects and Personal Property and are considered controlled lines.  Uncontrolled lines which are offered by many companies include, boat equipment, gun floaters, sporting equipment floaters, and wedding present floaters.

Personal Articles Floater

In most cases in Florida, all the specific property floaters are combined into a single policy form called the Personal Articles Floater.  The PAF contains a declarations which lists all the property, the coverage amount, and the premium item by item.

The PAF policy territory is considered “world-wide” and the coverage is based on the lesser of: the ACV (actual cash value); the cost to repair or replace; or the limit specified for coverage.  Most carriers will also offer an option of agreed value which is negotiated at the time the policy is bound.  There is no deductible under standard Florida rules applied to losses under a Personal Articles Floater.

Jewelry – is the first class of property listed for PAF coverage.  Rules require that property to be covered be individual scheduled with a specific limit on each item.  Eligible property include personal adornment articles containing precious metals, whether no not jewels are contained, pearls or semiprecious stones.  Other items such as pens, flasks, smoking equipment, trophies etc. may insured as jewelry.  Automatic coverage is provided for newly acquired property for 30 days after acquisition.

Furs – includes garments that are wholly genuine or imitation fur or trimmed in fur, and fur rugs.  Again, each item must be individual scheduled, except ensembles.  Also, like jewelry, fur have automatic coverage for new purchases.

Cameras – the third class of PAF which may include all types of personal photographic equipment and property such as binoculars, telescopes, and microscopes.  With this type of equipment you can do individual items or blanket items.

Silverware – Eligible in this category are silverware, silver-plated  ware, goldware, gold-plated ware and pewterware (my favorite ware).

Golfers equipment – no golf balls!

Fine Arts – means private collections of painting, etchings, pictures, tapestries, art glass windows and other legitimate works of art including rugs, marbles, bronzes, etc.  Scheduling or blanket is permitted.

Stamps and Coin Collections are the final two classes of property eligible for coverage under a PAF and include postage stamps and/or rare and current coins.

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