Jewelry
When is an appraisal required for jewelry?
When any single item is over $12,500
Would you insure comic books as Collectible Class 1, 2, or 3?
Class 2 - Will Burn
Name one descriptive item we need in order to insure a musical instrument
Serial number, Purchase value, Type of instrument, Manufacturer or brand name, Model name or number, year of manufacture, etc.
Are bicycles covered for loss or damage under Sports Equipment?
No, they have their own separate endorsement
Can we insure prescription eyeglasses under a PAP?
No
If a policyholder wishes to insure a bracelet that includes charms, do we require a complete description for each charm?
If the charms are soldered together, it can be insured as 1 unit. If the charms are not soldered together and have been individually added, a complete description for each charm is required and will be scheduled separately
How are Fine Arts losses settled?
State Farm may elect to repair or replace any part to restore the pair or set to its value before the loss or pay the difference between actual cash value of the property before and after the loss
At what coverage amount is an appraisal required for musical instruments?
An appraisal or receipt is required for any item in excess of $1,000
At what value would a bicycle be eligible for a PAP?
$500 or higher
Computers and related items are eligible for coverage under the PAP. Name a "related item" that would qualify.
Media and software, printers, monitors, scanners, 2-in-1 laptops, all-in-1 and touch screen laptops, accessories purchased for use with eligible computers
If an appraisal is received, and the appraised value is established in a foreign currency amount, how will this be handled?
The customer, agent, appraiser, or underwriter is responsible for converting the currency. If the new value is determined by the underwriter, it must be approved by the customer or agent. If the entire appraisal is in a foreign language, it is unacceptable
Name one characteristic of an item that would indicate that it should be insured under Collectibles rather than Fine Arts
Designed to be collected, have a feeling of attraction, part of a set, commonly collected by others, not intended for daily use, limited production
Do we insure amplifiers used with electric guitars as musical instruments?
No
Name one item that might be made of silver but cannot be insured as Silverware under the PAP?
Pens, pencils, flasks, smoking implements or accessories, articles of personal adornment
Can we insure smart watches on a PAP?
Yes
For individual coins or stamps, at what value must they be individually scheduled rather than included in a blanket coverage amount?
Excess of $250