Scheduling Your Valuable Property Summer 2010 Issue
To many, a schedule is the time and day your favorite football team plays. However, in the insurance world, scheduling property means individually insuring specific items of personal property.
The common items our clients schedule are items of high value or particular significance, including:
| • | Jewelry | • | Furs |
| • | Fine art | • | Stamp collections |
| • | Coins | • | Hearing aids |
| • | Musical instruments | • | Firearms |
| • | Silverware | • | Cameras |
| • | Prosthetics | • | And more... |
Why schedule these items? Scheduling provides a cost-effective way to insure individual items for most events that cause loss and up to their actual value. The benefits of scheduling include:
- No Deductible. Since more of our clients are effectively lowering their premiums by selecting higher deductibles, scheduling allows you to eliminate the deductible for that particular item.
- "All Risk" Protection. Scheduling provides the broadest protection available so the item is insured for all losses except limited situations that are excluded.
- Removes Policy Limitations. Standard homeowner policies contain limitations for certain classes of property, such as the standard policy limitation of $1,000 for the theft of an individual piece of jewelry. Scheduling removes the per-item limitation for that scheduled piece of jewelry.
Are there any requirements? There are a few things we need in order to schedule any particular item or collection of items. The following help us clearly identify your property, establish the value and premium, and avoid any potential delays in settling your claim in the event of a loss:
- Description of Item: We need a clear and complete description of the item. For example, on a piece of jewelry we ask for the type of metal, purity of metal, clarity, cut, color and carat of any stones. Appraisals or estimates of value generally provide very good descriptions.
- Appraisals: Although appraisals are suggested, we only require appraisals on items valued at more than $15,000.
- Engagement Rings: Although not a requirement, engagement rings have a tremendous emotional value, are very expensive (in many cases), and are confusing when it comes to insurance. The fact is, you'll want to insure the ring up until you give it to your future spouse. Once accepted, the engagement ring is a symbol of the promise the two of you made to marry and becomes his or hers to insure until the wedding day.
Contact your professional CIG Insurance Advisor for more guidance on scheduling your personal property. They can also tell you about other important cost and coverage considerations, including our...
- Home Appliance and Electronics Breakdown - This exceptional endorsement provides up to $50,000 of protection (with an industry-standard $500 deductible) for the sudden and accidental breakdown of any home appliances or electronics at a low $27 annual premium.
- Secure Choice HO-5 Endorsement - This endorsement expands your standard policy coverage and provides "All Risk" protection for your personal property, $10,000 for water backup, $10,000 for business property on premises, $5,000 per item for the theft, loss or disappearance of jewelry, and more.
- Ordinance or Law - With new green initiatives and other changes to building ordinances or codes, even a home just several years old can be out of date and cost more to rebuild. We offer Ordinance or Law protection up to 10% (within our Cal-Pak Endorsement) or an option that includes up to 100% of the Coverage A Limit of Liability.
- Deductible options from $100 up to $25,000, depending on your needs and comfort level with assuming the part of a loss you can comfortably pay for in the event one occurs.