Texas General Lines — Property and CasualtyCommercial LinesHard
A client is seeking coverage for their large collection of antique maps and rare books, which are frequently moved between their office, a climate-controlled storage facility, and occasionally to exhibitions. Which Inland Marine coverage form would be most suitable to protect these items against various perils?
- AValuable Papers and Records Coverage
- BAccounts Receivable Coverage
- CCommercial Articles Floater
- DElectronic Data Processing Coverage
Show answer & explanationAnswer & explanation
Correct answer: C. Commercial Articles Floater
The Commercial Articles Floater is designed to cover scheduled items such as fine art, cameras, musical instruments, and other valuable articles that are often moved or stored in various locations, making it suitable for antique maps and rare books.
Why the other options are wrong
- A. Valuable Papers and Records Coverage is for the cost to replace or restore damaged documents, not the intrinsic value of rare or antique items.
- B. Accounts Receivable Coverage protects against financial loss due to damaged records of money owed, not physical rare items.
- D. Electronic Data Processing Coverage is for computer hardware, software, and data, not physical antique collections.
Commercial Articles Floater
An Inland Marine coverage form that provides 'all-risks' coverage for scheduled valuable items such as fine art, cameras, musical instruments, and other specialized articles, often covering them at various locations, in transit, or in storage.
- Covers scheduled items of high value.
- Provides broad 'all-risks' coverage.
- Ideal for portable valuable property not typically covered by standard property forms.
Memory trick: Articles' Artful Adventures: Always Afoot.