Susan has recently purchased another piece of gems worth $50,000 and has chosen to purchase a floater insurance contract to make preparations for robbery and harm to the piece.
A reputable jeweler evaluates the jewelry to ascertain its authenticity and value as part of the insurance process.
The item then receives a premium price from the insurance company equal to $500, or one percent of its assessed value.
Purchasing a floater policy for each valuable item can be more expensive than increasing the liability limit.
However, coverage for both individual items and losses as a whole is constrained.
For instance, the coverage limits for a single item might be $2,000, with a $5,000 total limit.
