Definition
A Fur and Jewelry Floater is a type of property insurance policy that offers comprehensive coverage for jewelry and furs. This floater provides protection against various risks such as theft, loss, damage, and mysterious disappearance, regardless of where the items are located.
Meaning
A fur and jewelry floater is a supplemental policy designed to fill gaps that may exist in standard homeowner’s insurance policies. This specific type of insurance covers high-value items often not fully insured under typical policies.
Etymology
The term “floater” originates from the policy’s ability to “float” with the insured items. Instead of coverage being limited to a particular location, the coverage moves with the items wherever they go. The terms “fur” and “jewelry” explicitly relate to the policy’s focus on these valuable items.
Background
The increasing value of personal properties like jewelry and furs has necessitated specialized insurance coverage beyond standard policies. As people travel and transport their valuable items more frequently, the demand for comprehensive protection grew, giving rise to floater policies tailored to luxurious items.
Key Takeaways
- Comprehensive Coverage: Fur and jewelry floaters cover a wide range of risks, including theft, accidental loss, and damage.
- Flexibility: The coverage is not limited to a specific location and follows the insured items wherever they go.
- Valuation: Items are usually covered up to their appraised value.
- Supplementary Insurance: Acts as a supplement to homeowner’s insurance, which may not cover high-value personal items adequately.
Differences and Similarities
Differences:
- Homeowner’s Insurance vs. Floater: Homeowner’s insurance typically has limits on the amount it will cover for personal belongings, as opposed to floater policies, which cover high-value items to their total worth.
Similarities:
- Both types of insurance policies aim to protect the policyholder’s assets against risks and losses.
Synonyms
- Personal Articles Floater
- Valuable Items Insurance
- High-Value Personal Property Coverage
Antonyms
- Standard Homeowner’s Property Insurance
- Limited Liability Coverage
Related Terms
- Scheduled Personal Property: A list of items that are individually listed and valued in an insurance policy.
- All-Risk Coverage: Insurance that covers all risks except those expressly excluded.
Frequently Asked Questions
Q: Will a fur and jewelry floater cover a lost diamond ring? A: Yes, if the lost item was individually listed under the floater policy and a precise appraisal was provided.
Q: How do I establish the value of my items for a floater policy? A: Items must be appraised by qualified professionals to ascertain their value accurately.
Q: Can I obtain coverage for antiques under a floater policy? A: While primarily designed for jewelry and furs, certain floater policies can be extended to cover antiques and other high-value items upon discussion with the insurer.
Exciting Facts
- Highest Claim: The most expensive jewelry float example was valued at over $50 million.
- Ubiquity: Floaters can cover items lost internationally, offering global protection.
- Heirlooms: Many individuals cover inherited jewelry, ensuring these family treasures are protected.
Quotations and Proverbs
“Heirlooms aren’t about the material worth but the memories.” - Sheridan P. L. Barclay
“For life’s precious moments, let insurance be your safeguard.” - Anonymous
Humorous Saying: “Insurance - Bringing peace of mind, even when you can’t find that precious diamond under the couch.”
Related Government Regulations
- Consumer Protection Regulations: Most countries have strong consumer protection laws ensuring fair dealings and clarity in insurance policies.
- State Insurance Commissions: In the U.S., each state may have its regulations overseeing personal property insurance, including guidelines on floaters.
Literature and Further Studies
- “Personal Property Insurance and Risk Management” by Kara L. Harris
- “Insuring Valuables: A Guide to Protecting Your Prized Possessions” by Stephen K. Lowell
- Industry Reports provided by National Association of Insurance Commissioners (NAIC)
Quizzes
Published by Studious Firefly Publishing, a division of the Encompass Knowledge Group.
Thank you for delving into the sparkling facets of insurance protections. Remember, “In wisdom gathered over time one can find treasures.” Stay covered and curious!
Warm Regards and Best of Allowed Coverage, Sheridan P. L. Barclay
