Section 4.28 Coverage C—Personal Property

• Library: Insurance Practice 2015

Personal property owned or used by an insured is covered while it is anywhere in the world. The insurance company may provide coverage for personal property owned by others “while the property is on the part of the ‘residence premises’ occupied by an ‘insured.’” Copyright, ISO Properties, Inc., 1999. In addition, the company may cover “personal property owned by . . . [a] guest or a ‘residence employee’, while the property is in any residence occupied by an ‘insured.’” Copyright, ISO Properties, Inc., 1999. Liability for personal property usually located at an insured’s residence, other than the residence premises, is limited to 10% of the Coverage C limit, or $1,000, whichever is larger. But the premises limitation does not apply to personal property removed from the residence because of renovations or repairs, and the premises limitation is not applicable to personal property in a newly acquired principal residence for the first 30 days after the insured begins to move.

Special limits of liability are usually imposed on the following types of property:

a. $200 on money, bank notes, bullion, gold other than goldware, silver other than silverware, platinum other than platinumware, coins, medals scrip, stored value cards and smart cards.

b...