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Understanding a Personal Article Floater

What Is a Personal Article Floater?
A personal article floater policy is a type of inland marine insurance that may protect readily movable property. The coverage travels
or “floats” with the valuable items. It can supplement your other standard insurance policies, such as a homeowners policy. A personal article floater can be a separate policy or an endorsement from your current insurer. A personal article floater is typically designed to provide “open peril” coverage. This means that items will be covered unless explicitly excluded from your policy.
What Does a Personal Article Floater Cover?
A personal article floater can cover a wide range of personal property items, such as:
• Jewelry and luxury handbags
• Furs and antiques
• Silverware, glassware and china
• Cameras, computers and electronics
• Coin and stamp collections
• Sports memorabilia
What Types of Settlement Options Are Available With a Personal Article Floater Insurance Policy?
Two different types of loss settlement options are typically available with a personal article floater insurance policy:
• Replacement cost settlement—This type of settlement generally provides coverage that replaces the item with one of like
kind or quality. The amount of the replacement may be lower than the value listed on the policy.
• Agreed value settlement—This type of settlement typically pays the amount for which the item is listed on the policy. This
option may require an additional premium.

For More Information
If you have questions about your coverage or would like to learn more about a personal article floater, contact us today.