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How does a Personal Articles Floater (PAF) differ from scheduling valuables only under Homeowners Coverage C?
APAF is written on a named-perils basis; HO Coverage C personal property is written on a broad open-perils basis under HO-3
BBoth forms provide identical open-perils coverage with identical exclusions and identical valuation provisions
PAF provides open-perils (special form) coverage; HO Coverage C personal property is typically named-perils under HO-3
DPAF covers only fire and theft losses; HO Coverage C covers all causes of loss without any peril limitation
Why this is the answer
A Personal Articles Floater (or HO 04 61 Scheduled Personal Property endorsement) extends open-perils (special form) coverage to specifically listed items such as jewelry, furs, fine art, cameras, musical instruments, silverware, stamps, coins, and golf equipment. Under HO-3, Coverage C personal property is written on a named-perils basis (16 listed perils), which excludes mysterious disappearance and many soft-loss causes. By scheduling items on a PAF, the insured upgrades to open-perils treatment — any direct physical loss not specifically excluded is covered.
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