What is a Personal Articles Floater (PAF), and when is it typically used?

What is a Personal Articles Floater (PAF), and when is it typically used?

• A. A scheduled coverage program for valuable items (jewelry, fine arts, cameras) that provides broader coverage and higher limits than standard homeowners.
• B. A standard homeowners endorsement for minor items.
• C. Insurance for personal automobiles.
• D. A rider that covers floods.

Answer: (A)

A Personal Articles Floater is a scheduled inland marine coverage that protects valuable personal items—like jewelry, fine arts, and cameras—on an all-risk basis with higher limits than a standard homeowners policy. It’s used when you have items whose value or exposure isn’t adequately covered by your home policy, or items you carry, travel with, or store away from home. You list each item with its appraised value, and the policy provides broad protection tailored to those specific items, often worldwide and with flexible terms such as agreed value. This helps close coverage gaps that a typical homeowners policy might have for valuable belongings.

A Personal Articles Floater is a scheduled inland marine coverage that protects valuable personal items—like jewelry, fine arts, and cameras—on an all-risk basis with higher limits than a standard homeowners policy. It’s used when you have items whose value or exposure isn’t adequately covered by your home policy, or items you carry, travel with, or store away from home. You list each item with its appraised value, and the policy provides broad protection tailored to those specific items, often worldwide and with flexible terms such as agreed value. This helps close coverage gaps that a typical homeowners policy might have for valuable belongings.