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The Rule of Thumb:
For Example:
If the innkeeper has a Victorian bedroom set that they could replace without
too much difficulty, include the replacement cost of this set in the "contents"
amount. If the set is destroyed, the innkeeper would replace the Victorian
bedroom set with another Victorian bedroom set. It may not be the exact same
piece or wood type, but another Victorian bedroom set.
If, on the other hand, the innkeeper has Queen Victoria's bedroom set, this
will need to be scheduled.
This policy provides replacement cost coverage for personal property/contents,
including unscheduled antiques, works of art and rare articles. Replacement
cost means the cost to replace with items of similar type, quality and design.
A "one-of-a-kind" item cannot be replaced nor would replacement
cost coverage extend to that item.
It is up to the innkeeper to decide whether an object is replaceable and can
be included in the contents amount or one-of-a-kind and will need to be scheduled.
1) An object is replaceable
if the innkeeper can replace the antique or artwork with
another antique or piece of art that is of like kind and quality. In this
case, the
innkeeper is being reimbursed for the "replacement" of the piece.
a) A print or a painting that if destroyed would be replaced with another similar print of like kind and quality such as replacing a landscape watercolor with another landscape watercolor.
b) An antique vase made of depression glass that would be replaced with another vase.
2) A one-of-a-kind item is one that cannot be replaced and should be scheduled onto the policy. In order to schedule an item onto the policy, the innkeeper will need to have the piece appraised. In the event of a loss, the innkeeper will have up to the scheduled limit with which to purchase some type of replacement. In the event the innkeeper can find nothing comparable to the original item, they would then receive in, dollar amount, the scheduled limit on the policy for the item. In this instance, the innkeeper is not having to replace the item to receive the value of the item.
Examples:
a) An original painting by Monet that if destroyed could not be replaced. Receiving another painting will not make the innkeeper happy; therefore, we would simply have the scheduled value of the painting reimbursed to the innkeeper. If the innkeeper found another painting with the same or lesser value as the limit scheduled onto the policy, the innkeeper could purchase the painting. If the painting is of lesser value than the value scheduled onto the policy, the innkeeper will not be reimbursed for the unused portion.
b) An antique bedroom set once owned by Martha Washington that cannot be replaced nor does the innkeeper want just another bedroom set. The innkeeper would simply like to be reimbursed for the scheduled value on the policy.
As with all items, this policy provides no coverage for the mysterious disappearance of antiques, works of art, or rare articles; mysterious disappearance of these items is not a common occurrence. The only way to obtain mysterious disappearance coverage for an item is to schedule that item onto the policy.
Jewelry/Watches &
Furs
Unless the individual item (jewelry, watch, fur) has been scheduled onto the
insurance policy, there is no coverage for mysterious disappearance.
The policy has a $5,000
limit of insurance for any one occurrence of theft for unscheduled jewelry/watches/furs,
regardless of the types or number of articles that are stolen or damaged during
the occurrence. This limit does not apply to jewelry & watches worth $100
or less per item.
Even though there is a
$5,000 limit built into the policy, we strongly urge the innkeeper to schedule
all of their jewelry and/or furs. The majority of losses associated with jewelry
and furs are due to mysterious disappearance.
To schedule any jewelry/watch/fur
onto the insurance policy, a copy of the appraisal is required. Furs are defined
by the policy to include fur garments or garments trimmed with fur.
