Special Limits and Fine Arts

Regarding the HO 3, please confirm there are no Special Limits of Liability under Contents for Fine Arts, artwork, etc (other than the policy limits for Contents, of course).

Florida Subscriber

It depends on what the fine art/artwork is. Remember there are special limits for gold, goldware, silver, platinum, coins, medals, jewelry, furs, precious stones, silverware, goldware, tea sets, and trophies. If the artwork falls into one of these categories then the special limits apply, and they aren't much.

Property that does not fall into a special limit is covered under the policy limits, but remember that the property loss is settled at ACV but not more than the cost to repair or replace. If the insured has valuable arts, it would be wise to schedule them so that the contents limit isn't blown on the artwork leaving the insured with little or no limits of insurance left for a loss to furniture, clothes, dishes, etc. Most insureds underestimate the total value of their personal possessions. Therefore we recommend that you have the insured complete an inventory form in order to make sure enough coverage is available.