P-III.F · Inland Marine Risks
Personal Articles Floater vs. scheduled personal property endorsement
There are two common ways to insure valuables item by item: a Personal Articles Floater (PAF) and the homeowners scheduled personal property endorsement. CDI's earlier exam objectives noted that the two provide the same coverage. What differs is the vehicle.
What they share:
Each article is described and given its own stated amount (it is scheduled).
Broad coverage for accidental loss or damage, rather than the named perils of Coverage C.
Protection that follows the item away from home.
The homeowners special limits do not apply to the listed items.
The difference:
A PAF is a separate, stand-alone personal inland marine policy. Someone with no homeowners or renters policy can buy one.
The endorsement is part of a homeowners policy. It needs that policy in force to attach to, and it ends when that policy ends.
Remember
· PAF = stand-alone policy; endorsement = part of a homeowners policy.
· Both: itemized schedule, broad coverage, protection follows the item.
· No homeowners or renters policy? Use a PAF.
CA
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