Tag: Jewelry Insurance

Special Insurance for Your Special Event

If you’re planning a wedding, anniversary, graduation party, Bar/Bat Mitzvah or other special event, consider adding insurance to your ‘to-do’ list. Special Events Insurance provides financial protection—just in case things don’t go as planned on that special day.

Perhaps the most popular feature of Special Events Insurance is cancellation / postponement coverage. If there is a necessary and unavoidable cancellation or postponement, this insurance covers deposits and other amounts paid or owed for various event-related items, such as catering services, location and equipment rentals, accommodations, flowers, photographers, videographers and entertainment. Rehearsal dinners within 48 hours of a wedding may also be covered.

Not every cancellation or postponement is covered, like those resulting from the non-premature delivery of a child or a change of heart. Though normal weather conditions (heat, rain, snow) do not trigger coverage, cancellation or postponement caused by unanticipated extreme weather conditions, like hurricanes and tropical storms that developed after the policy’s inception date, may be covered. Cancellations or postponements caused by any known circumstance that might reasonably give rise to cancellation or postponement of the event are also not covered.

Special Events policies can also provide optional liability coverage, including host liquor liability coverage, to protect against bodily injury or property damage suffered during the event or at the reception. Though homeowners’ policies may provide some liability coverage, it’s better to keep event-related liability claims away from your homeowners’ insurance homeowners’ insurance company. Special Events policies also let you provide additional insured status, which is often required by event venues, but which may not be easy or possible under a homeowners’ policy.

Special Events policies can provide other valuable coverages, such as:

Additional Expense Coverage to pay unanticipated expenses that are incurred to avoid cancellation or postponement of the event if a vendor fails to provide contractually agreed upon items, services or locations.

Special Jewelry Coverage to pay for loss or damage to jewelry purchased or rented, but not borrowed, specifically for an honoree’s personal decoration or for exchange at the event by an honoree. The loss or damage must occur on the date of the event date or within seven days prior to the event. Any thefts must be reported to the police as soon as reasonably practicable. Mysterious disappearances are not covered.

Photograph and Video Coverage to pay reasonable expenses to take or retake event photographs or video in a comparable setting if, for example, the professional photographer or videographer fails to appear at the event or the originals are lost or damaged prior to delivery.

Event Gifts Coverage to pay for loss or damage to gifts that occurs at or before the event.

Special Attire Coverage to pay the cost of replacing or repairing clothing, headwear or shoes purchased or rented, but not borrowed, by the honoree (bride, groom, etc.) specifically for the event. Watches, jewelry or precious or semi-precious gemstones or pearls are not covered.

When shopping for Special Events Insurance, pay special attention to coverage exclusions that may be relevant to your situation, such as those relating to pregnancy or other pre-existing medical conditions.

If you have any questions or would like to learn more about Special Events Insurance, please contact us.

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Making the Case for Personal Property Floaters

Most people believe their standard homeowners’ insurance policy is all they need to protect their property. While this may be true in terms of protecting their dwelling and other structures, the same may not be the case when it comes to protecting their personal property. This is because a standard homeowners’ insurance policy typically limits the amount an insured can recover for specific kinds of personal property.

For example, a standard homeowners’ insurance policy may contain various special coverage limitations, such as:

  • $200 for bank notes, bullion, various kinds of precious metals, such as gold, silver, and platinum;
  • $1,500 for securities, accounts, deeds, and other evidence of debt;
  • $1,500 for loss by theft of jewelry, watches, furs, precious and semi-precious stones;
  • $2,500 for loss by theft of firearms; and
  • $2,500 for loss by theft of silver-, gold-, and platinum-ware.

Although property types and coverage limitations may vary among policies, the result is the same—some property will not be covered by a standard homeowners’ insurance policy. This poses a significant risk for those who own property that would be excluded under their standard insurance policy, especially given the value of such property.

If an insured is not adequately covered against the loss of these kinds of property, it may be necessary to acquire additional coverage for such property beyond that which is available under their standard homeowners’ insurance policy. This is often accomplished by obtaining a Personal Property Floater (PPF), which is sometimes referred to as a Scheduled Personal Property Endorsement.

A PPF can either be a separate policy altogether, or it can be added to an existing homeowners’ policy through an endorsement. The purpose of the PPF is to provide insurance coverage that is broader, both in terms of coverage and limits, to a standard homeowners’ policy.

A typical PPF will itemize an insured’s valuable items, along with a description of the property and the amount for which it is insured. As a result, items that would not ordinarily be covered under a standard policy will be covered by the PPF, such as jewelry, furs, fine arts, musical instruments, high-value silverware and flatware, and collectibles, such as firearms, stamps, and coins.

The value of a PPF is quite clear, as is determining whether a homeowner would benefit from the additional security afforded by a PPF. If, after reviewing the coverage limitations in a standard homeowners’ insurance policy it appears that significant property would not be covered in the event of a loss, a PPF should be considered.

If you would like more information about Personal Property Floaters, or if you would like our assistance in determining whether a Personal Property Floater is necessary, please contact us.