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Personal Articles Floater

We all have those items in our home that mean the most to us; whether it is that prized bottle of wine, a rare autograph from a sports player, or your grandmother’s pearls. Most of the time, these special items also require special coverage that picks up where traditional home insurance leaves off and includes provisions for special personal assets, including fine art, jewelry, silverware, antiques, sports cards, or other unique collections.

As a leader in providing access to excess and specialty insurance coverage, Burns & Wilcox can connect your client to a Personal Articles Floater (PAF), which boosts the limits of the typical homeowner’s policy. Protecting what you cherish most!

Coverage Details and Features

Features

  • Reimbursement available in form of replacement cost or actual cash value
  • Single items eligible for coverage
  • Scheduled or blanket coverage available
  • Breakage coverage available for fine arts
  • Optional earthquake coverage available
  • Agreed value available
  • Policies from “A” rated carriers in admitted and non-admitted markets

Details

  • Includes Breakage for fine arts
  • Limited or Broad Form coverage available for musical instruments
  • Contents in storage coverage covers named perils and protects against burglary

Target Classes

  • Extremely valuable heirlooms
  • Cameras
  • Jewelry
  • Collectibles
  • Memorabilia
  • Fine art
  • Musical instruments
  • Furs
  • Sports cards
  • Guns
  • Wine collections
  • Other collections and collectibles

Ask an Expert

What circumstances require a personal article floater in addition to a homeowners policy?
Most homeowners insurance policies have sub limits on certain classifications of property and only cover specific types of losses. For example, if a valuable antique vase is shattered during an earthquake, a homeowners policy may not cover the loss of the vase, because earthquakes aren’t a covered peril or breakage may be excluded as a covered loss. A personal article floater is much broader than a homeowners policy and generally comes with no deductible. It also itemizes the belongings it covers, including the value of each piece.
What types of items do personal article floaters cover?
Personal article floaters act as supplemental coverage for a wide variety of specialty items, such as jewelry, guns, fine art, antiques, sports memorabilia, wine cellars, etc. Unlike most standard homeowners policies, personal article floaters can be customized to insure unique and unusual items. In many cases, these personal belongings are irreplaceable and hold significant sentimental value, so providing proper insurance coverage is extremely important.
Why is it important for a broker to offer a personal article floater option to a client?
A broker’s job is to provide risk management solutions that safeguard their client’s assets, and offering customized coverage solutions can build loyalty and improve client retention. A personal article floater is the best way to guarantee that your clients’ most valued, prized possessions are fully protected. While personal article floaters are generally affordable, consumers are often unaware they are an option or that they may have gaps in coverage as a result of relying solely on their homeowners policy for protection. It’s critical that brokers discuss homeowners policy sub limits with their clients to determine if these coverage gaps exist.

At Burns & Wilcox our expertise becomes your expertise. Our marketing materials are designed to help you give your clients what they want to hear – yes to almost any hard-to-place-risk.

Personal Articles Floater: Applications

Please choose the application that best fits your needs.

If you need additional assistance please contact your local office.

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