Chapter 7 Miscellaneous PL Coverage

Question 1

Personal Inland Marine Insurance

Answer 1

Personal Inland Marine coverage can be attached by endorsement to a Homeowners or Dwelling Policy; it may also be written as a separate policy. Personal Inland Marine Insurance is a form of coverage used to insure moveable property against direct loss. Since moveable property is known as floating property, the word floater is often used.

Question 2

Personal Articles Floater (Scheduled Article Floater)

Answer 2

The basic form used to insure “individual” items of personal property on a scheduled basis. Claims are normally settled on an “actual cash value basis” with some exceptions.
Coverage is provided worldwide, with some exceptions.
Coverage is provided on an open perils basis with very few exclusions. Typical exclusions are wear and tear, insects or vermin, intentional loss, and war. Specific classes of property have additional exclusions. For example, a collection of glassware may have specific exclusions for breakage caused by certain perils.
Coverage may be provided for classes of property consisting principally of the following:
Jewelry
Furs
Cameras
Musical Instruments
Silverware and Goldware
Golfer’s Equipment
Fine Arts
Stamp Collections
Coin Collections
China and crystal

Question 3

Personal Jewelry Floater

Answer 3

– Coverage may be written on a valued or actual cash value basis. The floater contains a “Pair and Sets Clause”. If a covered loss occurs to an item that is part of a set, the value of the remaining item(s) is reduced based on the difference between the value of the total set and the value of each item individually. This is because each item is worth more as a “set” than on its own. For example, if a pair of diamond earrings is valued at $2,000, and a loss occurs to one earring, the value of the pair drops by more than 50%. If one earring by itself is valued at $800, the total loss is $1,200. The “Pair and Sets Clause” specifies the conditions and the policy limit should this type of loss occur.

When insuring most items on a floater, the insured must submit an appraisal that documents both a description of the property to be insured and its value. Some insurers require appraisals for all insured items; others only require appraisals for items insured in excess of a certain amount, such as $2,500. An appraisal is usually required at or before the time insurance is bound.

Newly acquired items are automatically insured if they are the same class of property already insured by the floater. The limit of coverage is no more than a specific percentage of the value shown on the schedule. Automatic coverage for newly acquired items is only provided for 30 days.

Question 4

Which of the following statements about the Personal Jewelry Floater is correct?

Answer 4

Automatic coverage for newly acquired items is only provided for 30 days
The Pair and Set Clause applies. Coverage is written on a valued or actual cash value basis and appraisal is required.

Question 5

Personal Effects Floater

Answer 5

This floater provides open peril coverage for items worn or carried by tourists and travelers. The coverage applies worldwide, but not at the insured’s home.

Question 6

Fine Arts Floater –

Answer 6

This floater covers such items as paintings, etchings, pictures, tapestries, rare manuscripts, and antiques. The floater provides automatic coverage for 90 days for newly acquired items.

Coverage is usually written on a valued, or agreed, basis. Additional exclusions include:
Loss caused by the restoration or repairing process.
Breakage that is not caused by fire, lightning, explosion, aircraft, collision, windstorm, earthquake, flood, malicious mischief, theft, or derailment or overturn of a conveyance.
Mysterious disappearance.

Question 7

Cameras Floater –

Answer 7

The insured items are scheduled, with the exception that blanket coverage is provided on items such as shades, filters, etc. Automatic coverage is provided on newly acquired items for 30 days at a limit of insurance up to 25% of the limit designated on the schedule.

Question 8

Musical Instrument Floater

Answer 8

No coverage is provided if the covered instruments are played for remuneration, or a fee. Anyone playing for hire must purchase an endorsement and pay an additional premium. The insured must report newly acquired items within 30 days.

Question 9

Which of the following types of property are covered by the Personal Effects Floater?

Answer 9

Personal property carried by travelers
This floater covers a traveler’s personal property on an open perils basis anywhere in the world EXCEPT at the insured’s home. (The types of property listed in the other answer choices would require the Personal Articles floater.)

Question 10

Personal Watercraft Insurance

Boatowners Policy

Answer 10

The Boatowners policy is a package policy that provides both property and liability coverage and is similar in design to the homeowners policy. The coverage it provides is similar to that provided by the personal auto policy. The policy is generally used to insure boats that can be towed by a car.
Section I of the policy provides open perils coverage for the hull, motor, trailer, equipment, and accessories manufactured for marine use. Losses are settled on an actual cash value (ACV) basis.
Section II provides Watercraft Liability, Medical Payments for passengers, and Uninsured Boaters coverages. (Does not include Personal Injury Liability.)

Question 11

Yacht Policy

Answer 11

A Yacht policy is designed for larger vessels, many of which have crew members. Larger vessels are normally insured under the complete package of yacht coverages, which includes in addition to Hull Insurance, Protection and Indemnity and Medical Payments.

A “Lay Up Warranty” applies when the insured boat is in storage and allows for a return of premium due to the reduced risk of the boat not being used when laid up. If the insured operates the yacht during the lay-up period (or lives on it), no coverage is provided. Each yacht policy contains a navigation territory that states where the boat will be navigated, such as on inland lakes and waterways. The insured does NOT have coverage if the boat is navigated outside the designated territory. If the insured wishes to change or broaden the navigation territory, the insurer must issue an endorsement.

In addition to providing property and liability coverage, a yacht policy also offers the following coverages:
Protection and indemnity coverage for the insured’s legal liability for bodily injury and damage to property of others.
Personal property coverage for property on the yacht.
Coverage for fuel spills, commercial towing, and dinghies.

Question 12

Section I of the Boatowners policy provides what type of coverage for the hull?

Answer 12

Open perils

The hull, motor, trailer, equipment, and marine accessories are covered on an open peril basis.

Question 13

Difference in Conditions (DIC)

Answer 13

DIC insurance requires the use of a special form designed to fill in the coverage gaps contained in a property policy. There is no standard policy form. Coverage is generally written on an open perils basis, excluding losses by perils that are covered under standard property forms (such as fire, lightning, windstorm, hail, etc.).

The form does not contain a Coinsurance or Pro Rata Clause, and the form may be written for an amount of insurance different from the limit of insurance provided by the policy it complements. When written to supplement an underlying policy, DIC coverage normally carries a high deductible, such as $10,000 or more. The form is often written to provide coverage in the event of earthquake, flood, collapse, and subsidence.

Question 14

Which of the following is correct about Difference in Conditions (DIC) Insurance?

Answer 14

Flood is a peril that can be covered by this policy
This policy fills in insurance gaps and covers perils that are excluded under standard property policies (such as flood), and excludes perils that are covered under standard property policies.

Question 15

Match each coverage with its corresponding description

Answer 15

Yacht Policy
Insures large vessels and includes Hull insurance, Protection and Indemnity and Medical Payments coverage and a Lay Up Warranty

Boatowners Policy
Packaged policy for boats that can be towed by a car and provides open perils coverage for the hull, motor, trailer and equipment as well as watercraft liability, medical payments, and uninsured boaters coverage

Personal Effects Floater
Provides open perils coverage for personal property worn or carried by tourists and travelers anywhere in the world except the insured’s home

Personal Articles Floater
Insures individual personal property on a scheduled basis with open perils coverage worldwide

Difference in Conditions Insurance
An open perils policy with a high deductible used to fill coverage gaps in a property policy for certain perils, such as earthquake, flood, collapse and subsidence

Question 16

Earthquake Endorsement

Answer 16

The peril of earthquake, or earth movement, is excluded on virtually all property policies. It may be added to most homeowners policies by endorsements and, in some jurisdictions, such as California, may also be purchased as a separate policy.

Included in the peril of earthquake are earth movement, land shock waves or tremors, landslide, mudslide, mudflow, sinkhole, and the rising, sinking, or shifting of the earth. All earth movements occurring within a 72-hour period are considered a single occurrence of earth movement.

Question 17

In order to be considered a single occurrence, the Earthquake endorsement covers all earth movement that occurs within what time period?

Answer 17

72 Hours
Earth movement includes earthquakes, land shock waves or tremors, landslides, mudslides, mudflows, sinkhole, and the rising, sinking, or shifting of the earth, and must occur within 72 hours.

Question 18

National Flood Insurance Program (NFIP)

Answer 18

A federal program that enables certain property owners to purchase flood insurance. The Federal Insurance Administration administers the program under the Federal Emergency Management Agency (FEMA). The federal government makes payment for, or subsidizes, all flood losses.

Flood policies are available from participating private insurers who participate in the Write Your Own (WYO) Program, and directly from the NFIP. Agents do not have authority to bind coverage with the NFIP, but all licensed agents and brokers may write flood insurance with the NFIP.

Communities in flood-prone areas must have established an approved flood control program in order to participate in the NFIP and are called participating communities. If a property owner lives in a community that is not a participating community, the property owner CANNOT purchase flood insurance, regardless of the degree of flood risk.

Flood policies provide protection for direct loss to insured property such as a dwelling and its contents. Flood is defined as a general and temporary condition of partial or complete inundation of land. The land MUST be normally dry land and the flood must involve:
2 or more acres of the insured’s land, OR the insured’s entire piece of property AND an adjacent piece of property
The inundation of land may be the result of:
Overflow of inland or tidal waters, such as a tidal wave generated by a hurricane
Unusual and rapid accumulation or runoff of surface waters
Mudflow caused by accumulation of water
Collapse or destabilization of land along a shoreline resulting from erosion or the effect of waves or water currents exceeding normal, cyclical levels
Dwellings eligible for coverage must have 2 or more rigid outside walls, a fully secured roof, and be affixed on a permanent foundation. Coverage is available for both the building and personal property, however, NO coverage is provided for personal property in basements.

Exclusions include personal property located in basements, loss of profits, loss of access to property, business interruption, additional living expenses, ordinance or law, earth movement, theft, fire, explosion, wind, freezing, and damage to lawns, trees, shrubs, plants and growing crops. The NFIP also does not cover money, securities, livestock, wharves, piers, bridges, docks and other structures on or entirely over water.

Question 19

The National Flood Insurance Program (NFIP) sells flood insurance in which of the following types of communities?

Answer 19

Participating communities

Communities in flood-prone areas must have an approved flood control program in order to benefit from the NFIP.

Question 20

NFIP Eligibility, Limits and Conditions excess

Answer 20

Coverage is provided on/for:
1- to 4- family dwellings under the (Dwelling Form).
Other residential buildings and non-residential buildings under the General Property Form.
Buildings owned by a residential condominium association under the Residential Condominium Building Association Form (RCBAP).

Under FEMA regulations, in order to obtain, renew, or change a federal loan, a property owner must purchase flood insurance if the property is located in a special flood hazard area (SFHA).

Two separate programs of coverage are available: the Emergency Program (for communities in the earliest stage of participation in the NFIP) and the Regular Program. Maximum limits of insurance apply to property insured under both programs.

1. The Emergency Program offers a $35,000 maximum amount of coverage on 1- to 4-family dwellings and a maximum $100,000 on other residential and non-residential buildings. The maximum amount of coverage for contents in a single-family dwelling is $10,000 and $100,000 on other residential and non-residential buildings.
2. The Regular Program offers a $250,000 maximum amount of coverage on residential buildings and $500,000 on non-residential buildings. The maximum amount of coverage for contents in a residential building is $100,000 and $500,000 on non-residential buildings.

Coverage becomes effective on the 30th calendar day after the applicant completes the application and pays the premium. Property is insured on an actual cash value basis, except 1- to 4-family residences and residential condominiums may be insured on a replacement cost basis. Property removed to protect it from flood is covered for 45 days at other locations.

Coverage up to $30,000 applies to the increased cost of compliance with flood plain management ordinances or laws that regulate the repair or rebuilding of property damaged in a flood.

Each type of property loss is subject to a deductible. The $500 loss deductible applies separately to the building and to personal property, including any appurtenant structure and debris removal expense.

Example

A loss that involves damage to both the building and contents would result in a $1,000 deductible (2 x $500 = $1,000).

Question 21

A single-family dwelling may purchase up to what amount of flood insurance in the NFIP’s Emergency program?

Answer 21

$35,000

The Emergency NFIP program covers up to $35,000 on a single-family dwelling.

Question 22

Write Your Own (WYO Program)

Answer 22

The WYO Program is a cooperative effort involving FEMA and the private sector that allows existing property and casualty insurance companies to write, issue, and service flood insurance under their own names. It is estimated that over 90% of the flood insurance policies in force are maintained by WYO companies. The remaining policies are written and maintained directly by FEMA.

WYO companies, according to guidelines and regulations of the NFIP, may structure their flood insurance business within their existing personal lines business. This provides incentive for producers or agents to place their flood business with the WYO companies they represent.

Question 23

Match each Flood Insurance term with its correct definition

Answer 23

Write Your Own Program
Insurance available from private insurers that write, issue and service flood insurance under their own names

National Flood Insurance Program
A federal program administered under FEMA that enables certain property owners to purchase flood insurance that is subsidized by the federal government

Regular Program
Protection for communities that have established an approved flood control program

Emergency Program
Protection for communities in the early stages of participation in the NFIP

Question 24

Fair Access to Insurance Requirements (FAIR)

Answer 24

Most states have established a Fair Access to Insurance Requirements program, called a FAIR plan, to provide basic property insurance to property owners who are unable to secure coverage in the standard property marketplace. Most FAIR plans operate in a similar fashion.

FAIR plans are utilized when existing homeowners or dwelling property coverage is being cancelled or non-renewed due to loss history or the property owner or the property fail to meet other underwriting guidelines of an insurer. Insurance may also be purchased from a FAIR plan when a dwelling is currently uninsured, and no carrier in the standard marketplace will write coverage.

In some states, the insured must certify the inability to secure coverage elsewhere. Farm property isn’t eligible for coverage, though certain types of incidental business use may be allowed. Agents don’t have binding authority, and coverage is usually bound only after the receipt of the application and first premium payment by the insured.

Question 25

Which of the following is not eligible for coverage under a Fair Access to Insurance Requirements program?

Answer 25

farm property

While farm property is not eligible, some incidental business use on the farm property is allowed.

Question 26

Personal Umbrella Policy

Answer 26

Personal umbrella coverage is liability insurance provided on an excess basis. Each contract is unique and may contain provisions and language not found in other umbrella policies. Personal umbrella coverage may be issued as an endorsement added to a homeowners policy or as a standalone policy.

The purpose of the umbrella policy contains three elements:
It provides an additional layer of liability insurance after the limits of underlying primary policies are exhausted due to paid claims.
It provides coverage on a broader basis than the primary policies.
It drops down to provide first-dollar coverage when the underlying primary policies don’t provide coverage.

Coverage is usually written in increments of $1 million, with a single limit per occurrence covering claims for both Bodily Injury/Property Damage, and Personal Injury in excess of the insured’s underlying policy limits.

Insurance companies issuing umbrella coverage require their insureds to have underlying primary insurance in place. “Primary” insurance pays before the umbrella pays and “underlying” insurance provides coverage for the same risks that are insured under an umbrella policy. For example, every umbrella policyholder must also have personal auto and personal liability insurance in place. If the insured owns recreational vehicles, watercraft, or rental property, those exposures must also be insured on underlying primary policies.

The umbrella acts as excess coverage over the limits of these underlying primary policies. If the coverage in an umbrella is broader than the underlying policy—meaning the primary policy doesn’t insure a loss—the umbrella will “drop down” and cover the entire loss. When an umbrella policy drops down and acts as a primary policy, the insured pays a self-insured retention, which is a method of loss cost-sharing. The only time the insured must pay a self-insured retention is when the umbrella drops down. If the primary policy pays its limit, and then the umbrella policy makes payment, the insured does NOT pay the self-insured retention.

Example

Umbrella policies ordinarily cover personal injury losses caused by an insured, while the underlying Personal liability policy (i.e., homeowners) may only cover bodily injury and property damage. In the event a personal injury claim is submitted against the insured under such a circumstance, the umbrella would “drop down” and act as primary insurance for that claim.

The personal umbrella policy is generally designed to provide coverage on a worldwide basis to third parties and does not pay benefits directly to an insured. Common personal umbrella liability exclusions include:
Losses arising from bodily injury and property damage if the insured fails to maintain the required underlying insurance.
Intentional injury
Damage to property in the care, custody, or control of an insured
Aircraft
Business pursuits
Professional Liability
Directors and Officers Liability
Discrimination

Question 27

All of the following are true regarding the Personal Umbrella Policy, except:

Answer 27

The Umbrella acts as a contributory liability policy

The Umbrella acts as an excess liability policy over the limits of the underlying policies.

Question 28

Which of the following perils is covered under the Personal Umbrella?

Answer 28

Personal injury
Personal injury perils are covered under the Umbrella policy, and will drop down to cover from the first dollar if personal injury coverage is not covered on the primary policy.

Question 29

The self-insured retention in the Umbrella policy is described as which of the following?

Answer 29

A method of cost-sharing
Like a deductible, the insured pays the self-insured retention unless there is a primary policy available to pay its limit of insurance.

Question 30

Mobile Home Insurance

Answer 30

Insurance on mobile homes may be written by adding a Mobile Home Endorsement to a Homeowners Policy, or by writing a separate Mobile Homeowners Policy. When mobile homes are insured by writing a separate policy, the policy includes Section I - Property and Section II - Liability, which are similar to the corresponding sections in a homeowners policy.

Under the mobile homeowners policy, Coverage A (Mobile Home), insures the mobile home itself; property installed on a permanent basis, (such as appliances, floor coverings, dressers and cabinets, attached structures, and utility tanks). Coverages B, C, and D are nearly identical to the same coverages under the homeowners policy, except that Coverage C - Personal Property is generally written at 40% of Coverage A, instead of at 50%. The Additional Coverage, Property Removed, is generally expanded to include up to $500 for reasonable expenses incurred while moving the mobile home when threatened by a covered peril.

The mobile homeowners policy may be written on an open perils basis with losses to the mobile home valued on a replacement cost basis, with other items of property being valued on an actual cash value basis.
Typically, the endorsements available for attachment to a homeowners policy are also available for coverage with a mobile homeowners policy. Endorsements unique to the mobile homeowners policy are the Transportation/Permission to Move Endorsement and the Mobile Home Actual Cash Value Settlement Endorsement. The Transportation/Permission to Move Endorsement provides coverage for collision, upset, stranding, or sinking for up to 30 days while the mobile home is being moved to a new location. The Mobile Home Actual Cash Value Settlement Endorsement may be used when the insured does not desire to insure the mobile home to 80% of replacement cost.
notes

Question 31

Crop, Hail, and Windstorm Insurance

Answer 31

Crop insurance is a specialized policy that protects the insured against reduced yield because of a covered loss to crops before they are harvested.

Crop/Hail Insurance
This is private insurance, not reinsured by the federal government. This policy provides named perils coverage. Other perils that may be included in addition to hail are:
Fire, lightning, wind.
Freezing, drought, insects and disease.

The rates for crop hail insurance are developed by the Crop Hail Insurance Actuarial Association (CHIAA). Crop-hail insurance is rated on an acreage basis and the insured can choose a wide variety of coverage options. Typically, coverage begins at 12:01 a.m. following the date the application is signed, provided the crop is clearly visible above the ground. However, this will vary by insurer and state. Changes will be addressed in the state law chapter if applicable.

The policy is typically written with deductibles (normally a 5% yield reduction). Policies can be written to cover a percentage of expected yield, such as 50% or 100%. If a crop is expected to yield 10,000 bushels but yields only 5,000, the policy will cover the unrealized 5,000 bushels. The coverage ceases when the crop is harvested (1 growing season) and the payment of an insured loss reduces the total amount of available insurance. The policy includes a replanting provision designed to reduce both the insured’s and the insurer’s losses. The insurer may reimburse the insured up to 20% of the amount of insurance. The reimbursement does not reduce the amount of insurance available for the crop.

Exclusions – These may vary by company, but common exclusions include:
Until normal visible (crop must be above ground)
Failure to harvest a mature crop
Non-owned property (share crop)
Loss from injury to buds, blossoms or blooms, unless the crop is affected
Injury to leaves, vines, etc unless crops are also damaged or affected
Injury to trees, bushes, fruit or nut crops

Question 32

Multi-Peril Crop Insurance (MPCI)

Answer 32

The coverage is written by private insurers and is reinsured by the Federal Crop Insurance Corporation (FCIC). Coverage may be provided for approximately 200 different types of crops, but 5 major crops account for 90% of the liability assumed (corn and maize, cereal grains, soybeans, tobacco, and cotton). Covered causes of loss include: adverse weather conditions, fire, insects, plant disease, wildlife, earthquake, and volcanic eruption.

Question 33

Windstorm Insurance Coverage

Answer 33

Windstorm damage is covered under the peril of wind in standard property insurance policies. In some states, exclusionary endorsements may be added to property policies to exclude coverage for the peril of wind or windstorm. These states are Alabama, Delaware, Florida, Georgia, Louisiana, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, South Carolina, and Texas. Because these states are at high risk for wind loss caused by hurricane, they have established wind and/or wind and hail associations that provide a marketplace of last resort for those who are unable to purchase insurance for the peril of wind on their primary property policies. In these and other states, some insurers require mandatory wind deductibles of a certain dollar amount, such as $2,500 or higher, based on the geographic location of property (such as within a certain distance of the sea coast) or prior wind losses.

Question 34

The Boatowners Policy does not cover which of the following?

Answer 34

Personal Property
Section I of the policy provides open perils coverage for the hull, motor, trailer, equipment, and accessories manufactured for marine use. Section II provides Watercraft Liability, Medical Payments for passengers, and Uninsured Boaters coverages.

Question 35

For an antique insured under a Personal Articles Floater, coverage would not be provided for damage caused by:

Answer 35

Damage caused by the insured during a heated argument

Losses caused by the insured (intentional losses) are not covered.

Question 36

Which statement would not be included in a description of the National Flood Insurance Program?

Answer 36

It provides unlimited coverage for qualified property owners

There are maximum limits for both the Regular and Emergency programs.

Question 37

What coverage is not included under the Yacht policy?

Answer 37

Personal Injury Coverage
In addition to providing property and liability coverage, a yacht policy also offers protection and indemnity coverage for the insured’s legal liability for bodily injury and damage to property of others, personal property coverage for property on the yacht, and coverage for fuel spills, commercial towing, and dinghies. Personal injury is not covered.

Question 38

A flood damages a single-family dwelling that is in a community in the early stages of participation in the NFIP, but they are not yet considered participating. What is the maximum a resident may receive for damages to their personal property?

Answer 38

$10,000.
The dwelling is covered under the Emergency program. The maximum amount of coverage for contents in a single-family dwelling is $10,000.

Question 39

Which of the following may be insured on a replacement cost basis under the National Flood Insurance Program?

Answer 39

1- to 4-family residences and residential condominiums
Under the National Flood Insurance Program, property is insured on an actual cash value basis, except one- to four- family residences and residential condominiums may be insured on a replacement cost basis.

Question 40

Which Statement is true regarding a Difference In Conditions Policy?

Answer 40

There is no standard form

There is no coinsurance or pro rata clause and the standard deductible is in the range of $10,000.

Question 41

The intent of the Personal Effects Floater is:

Answer 41

To provide coverage worldwide for travelers
The Personal Effects Floater provides worldwide open-peril coverage for items carried by travelers and tourists. The other three answer choices would be covered by a Personal Articles Floater instead.

Question 42

A flood damages a home that is in a community in early stages of participation in NFIP, but are not yet considered a participating community. What is the maximum a resident may receive for damages to personal property?

Answer 42

$10,000

he home is covered under the Emergency Program and is eligible for contents coverage for up to $10,000.

Question 43

An insured who has coverage under the NFIP with a $500 deductible for the dwelling and contents sustains flood damage to both their home and personal property. What is the maximum the insured will have to pay for damages assuming the loss is under the policy limits?

Answer 43

$1,000
The deductible applies separately for the dwelling and the contents, therefore the insured is responsible for $1000 in deductibles.

Question 44

Which of the following is true regarding the Musical Instrument Floater?

Answer 44

Insured instruments may not be played for remuneration during the policy term
If coverage is desired for musical instruments played for hire, the policy must be endorsed for such usage and an additional premium paid.

Question 45

Personal Article Floater claims are normally settled on a(n):

Answer 45

Actual cash value basis with some exceptions

The exception to actual cash value loss valuation basis is Agreed Value, used when insuring jewelry and fine arts.

Question 46

All of the following statements about the Musical Instrument Floater are true, except:

Answer 46

No additional premium is required if instruments are played for hire
Playing for pay requires an endorsement and additional premium.

Question 47

Which of the following is true regarding the Fine Arts Floater?

Answer 47

It provides automatic coverage on newly acquired items for 90 days
This policy, covering paintings, statuary, carvings, other works of art, rare manuscripts, and antiques, has automatic coverage on newly acquired items for 90 days from the date of their acquisition.

Question 48

Under the Cameras Floater, which of the following is true?

Answer 48

Automatic coverage is provided on newly acquired items for 30 days, up to 25% of the policy amount
Under the Camera Floater, cameras and lenses are scheduled, but blanket coverage is provided on accessories such as shades and filters. Automatic coverage is provided on newly acquired items for 30 days at a limit of insurance up to 25% of the limit designated on the schedule.