Re: Fire Hazard From Plastic Domes?Posted By Mark Holden |
The PAF term seems to be used by some companies and not by others.
When I was insured by Chubb, they called it a PAF. OneBeacon doesn't.
A more generic term is "inland marine schedule". Both companies categorized my Astro stuff as "photographic equipment".
If your equipment includes desirable items that are out of production or with collector or historical value, you should probably make sure the company you're using will cover it at an "agreed value" instead of at a "stated amount".
Stated amount means if your item is stolen, they can shop around for something they think is comparable at a lower price. They won't pay more than the stated amount, but they could pay less.
Agreed value means if your item is stolen, they send you a check for the amount of coverage you had.
When I was insured by Chubb, they called it a PAF. OneBeacon doesn't.
A more generic term is "inland marine schedule". Both companies categorized my Astro stuff as "photographic equipment".
If your equipment includes desirable items that are out of production or with collector or historical value, you should probably make sure the company you're using will cover it at an "agreed value" instead of at a "stated amount".
Stated amount means if your item is stolen, they can shop around for something they think is comparable at a lower price. They won't pay more than the stated amount, but they could pay less.
Agreed value means if your item is stolen, they send you a check for the amount of coverage you had.