What is Inland marine Personal Insurance (ACORD 81)?

8.09.2020
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Introduction

Personal inland marine insurance acts as an extension of the homeowner’s insurance policy to offer additional coverage for personal belongings ranging from jewellery to collectables, musical instruments, cameras, and fine art. Personal property can also be damaged or destroyed while being transported, that’s where personal inland marine insurance kicks in. One’s personal property is precious and valuable and hence requires adequate insurance protection, which personal inland marine can provide.

What does an Inland marine Personal Insurance policy cover?

Covered property damages in a Personal Inland Marine Insurance Floater are as follows:

Cameras – Personal inland marine policy typically covers photographic cameras, accessories, and equipment for photography. This comprises not only the photographic cameras, but other tools like projection devices, video recording instruments, lenses, films, photographic lighting, telescopes, binoculars, and other equipment that may add to the total value covered.

Fine Arts – Many different types of fine arts can be included under the personal inland marine coverage, each of which will have an individual value to be covered should they become stolen or damaged. Examples of fine art that may be covered include paintings and other works of art, rare books, antiques such as furniture and artwork, glasses, valuable manuscripts, ornamental knick-knacks, and many others.

Furs – Personal inland marine floater policies also cover furs and items made with furs. These may be fur coats, boots, and other valuable clothing items made with genuine or imitation fur, or even those trimmed or lined with fur. As the most types of personal goods are covered by personal inland marine, each item has its own unique value to be covered should it become lost, damaged, or stolen.

Golfing Equipment – Personal inland marine floater insurance also covers Golf equipment. It includes the golf clubs, accessories, and even the clothes of the golfer. Each piece of golfing equipment, accessories, and clothing are listed on the floater coverage schedule with their values.

Jewellery – Most of the valuable jewellery will be covered under a personal inland marine insurance floater, but it is looked at more closely for the exact value and whether or not each piece is going to be covered. Expect to have the jewellery carefully examined and appraised for its value before it’s covered by personal inland marine insurance.

Musical Instruments – Most of the musical instruments and musical instrument devices or accessories can be covered by a personal inland marine policy. This includes not only the musical instruments, but equipment such as amplifiers and sound equipment, and other types of accessories used for the musical instruments.

Silverware – If one has silverware or goldware valuables in the home, it can also be covered under the personal inland marine insurance floater policy. Rather than being covered as one amount, each singular silverware or goldware item is going to be listed individually according to its estimated value for the insurance.

Stamps and Coin Collectibles – As part of the valuable personal property collection, stamp and coin collections may also be covered under the personal inland marine floater insurance policy. This will depend on the value of the collectables and may be listed individually or on a blanket basis.

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