PERSONAL INLAND MARINE · 5 MIN READ

Scheduling, Appraisals, and Documentation

Inland marine floaters are written on a scheduled basis: each item or class is listed on the policy with a specific stated dollar limit established at inception. That limit is supported by documentation, and the documentation requirements are heavily tested. For jewelry and similar valuables the carrier requires a current written appraisal from a qualified expert — a graduate gemologist for jewelry, an accredited fine-arts appraiser for art — describing the item's specifications and replacement-cost value. Carriers commonly ask for color photographs showing identifying features as well, which speed claims verification and help recover stolen property. For high-forgery categories like autographed sports memorabilia, third-party authentication from a recognized authority is essential; without an inception authentication, the insurer can contest both authenticity and value after a loss. Schedules are living documents. Best practice calls for an annual schedule review at renewal to confirm items are still owned, add acquisitions, remove disposals, and refresh values. Appraisals should be updated periodically — every 3 to 5 years is the standard cadence — because jewelry, fine art, and collectibles move with precious-metal and market prices. Mid-term, the insured can request a value-revision endorsement by submitting a new appraisal; the carrier updates the schedule and charges the additional premium pro rata. Most classes are individually scheduled, but blanket coverage — one aggregate limit without itemization — is available for certain classes such as silverware, stamps, and coins under specific endorsements. Premium is based on the total scheduled values, so an accurate, current schedule is both a coverage and a pricing exercise. Note also the scope limitation: the floater covers the insured's own property, not property of others in the insured's care.