transcript
When a property owner has a normal homeowners, condominium or renters policy in effect, there are low limits on the coverage available for high-dollar items, like rare art, jewelry, gold and silver items and other costly personal property. But a personal inland marine plan can protect such costly items while giving broad risk protection. When there is a gap in property coverage, expensive personal items can be left uninsured or not fully protected in the event of a total loss. If valuable firearms, musical instruments, furs or other items are stolen or destroyed by fire or some other peril, there might not be enough coverage to replace them or fully reimburse the policyholder. But a personal inland marine insurance policy can provide coverage to repair or replace such insured items and not leave their owners in the lurch if a total loss occurs.
Without inland marine protection, property owners might be left with no hope of replacing their lost valuables if the loss is caused by a peril for which there is no coverage in their homeowners, condo owners or renters insurance plans. And if those items are being transported and are damaged or destroyed in the process, an inland marine rider would repair, replace or reimburse the policyholder up to coverage limits and minus any deductible amounts. Some property and casualty firms offer several kinds of coverage to protect the valuable items homeowners, condominium and renters plans do not protect. Insurance coverage can be written for individual items, each with their own coverage limits, such as when a particular piece of artwork might be much more valuable than any other personal items. Coverage also can be had that provides blanket protection for high value items instead of listing them individually. In such cases, settlements are negotiated on an individual basis, taking into account factors such as depreciation and rarity when determining a final payout for insured losses. An Inland marine plan can protect expensive items on an agreed-value basis, which determines the value of the insured item at the time the policy is written. If a loss occurs, the insurer simply pays the policyholder rather than attempting to replace the item. Repairs will be made doing so will cost less and would not significantly impact the value of the insured item. If a repaired item would wind up nearly worthless as a result, then it would not be repaired. Instead, it would be declared a total loss and payment made up to coverage limits and minus any deductibles.
There are many ways to protect valuable items, and personal inland marine plan works well when protecting high-value items that would not be fully covered by normal property insurance plans.
source