Blanket Vs Scheduled Jewelry Differences?

[dales769]

Does "blanket" cover ring setting failure(lost stone) like "schedule" does??

 

[AZDave]

Yes, if the blanket form provides all risk coverage. If named peril, no. Blanket is limited to a per item limit.

 

[Aram Fingal]

AZDave is correct, the basic difference between blanket and individually scheduled is that the blanket has a per item limit. Probably something like $1,500. So if someone has a bunch of jewelry that adds up to like $10,000, but none of the pieces are individually worth more than the per piece limit, you can just schedule them all as blanket coverage. It's a lot easier than listing out every single piece. But you still get the same kind of coverage (double check with your carrier to be sure, but all the ones I've worked with work that way).

It's not unusual to have both on a policy. You schedule the big ticket items that are over the per piece limit individually, and then do a blanket to cover the miscellaneous small stuff.

 

[dales769]

Thanks. Turns out that Fireman's Fund High Value Home (HO5)will blanket any one piece up to $50K and with no deductible being applicable. They are great to work with as well. Very responsive and friendly!

 

[USF3983]

Yeah for anyone that might read this in the future, HO3 and HO6 cover personal contents on a named peril basis (broad form) (no mysterious disappearance coverage).

There are companies that will allow you to endorse open peril (special form) coverage to contents but where I am, it isn't always offered.