Well if it's in your house, I doubt it can be classed as lost, and if you probably dropped it in the street two years ago, I seriously doubt you'll see it again. Even if an honest person hands it into the police, the police will eventually hand it over to the one that handed it in if it isn't claimed. _________________ I have a new personal crusade. I'm going to hunt down the people who have strong opinions on subjects they don't understand. Then I'll bop them with this cardboard tube.- Dogbert
I ain't a legal expert, take what I say with a grain of salt.
,and I do not know how can claim it. It was two years ago. and I do not lost outside or in home?
I'm not sure whether I've understood your problem clearly or not. The incident happened two years ago and you've not filed any claim in these two years. Also you are not sure where exactly you have lost it. I guess there is a very thin chance of recovering it after such a long time.
Normally, your valuables remain covered under your homeowners insurance, though may cover it only partially, and you can recover the amount if it is stolen. _________________ Register Now to have your Insurance queries solved.
Hey, do you carry a floater on your policy? It'll cover the loss of the valuable item, if it is enlisted in the policy. _________________ Register Now to have your Insurance queries solved.
'lost' isn't generally covered, and why two year wait? personally i think you're out of luck.... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Waiting two years to claim anything is a long time. It would be like trying to return your car to the dealer after 2 years becauseyou have finally gotten tired of that knocking sound the engine had made since you drove it off the lot.
,and I do not know how can claim it. It was two years ago. and I do not lost outside or in home?
First off, homeowner insurance policies are "occurrence" based contracts. So, even though the insurance policy requires you to report a claim as soon as possible, as long as the occurrence (the loss) happened within the policy period, coverage, if it's there, would apply. They will get really mad at you (the insurer), but IF there's coverage, it would still apply.
Secondly...
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Hey, do you carry a floater on your policy? It'll cover the loss of the valuable item, if it is enlisted in the policy.
Personal Property Floaters (PPF forms) are commonly referred to in personal lines homeowner's policies as "scheduled" items. Adding this coverage to your homeowner's policy adds a significany amount of premium to your costs, but will add (for those items on the schedule ONLY) what is referred to as "open perils" coverage. This coverage includes accidental loss, whereas your basic homeowner's insurance will not cover "mysterious disappearance."
Normally, in order for a theft claim to be covered, the loss must meet certain requirements:
It must be what is referred to as "ascertainable." This means that the loss must be definite as to time, place and amount.
Secondly, theft must be the most reasonable explanation for the loss in order to support a theft claim. For example: I have seen situations in which a person will take off their wedding band in a restaurant bathroom to wash their hands. They go back to their table and discovered that they left the wedding ring next to the sink in the bathrood. They RUN back to the bathroom only to discover the ring is gone (!!). Next, they will run to the front counter to see if anyone has turned in the ring to "lost and found." Once in a while it has! More often it hasn't.
Is this loss ascertainable? Most definitely, assuming we know the amount (value) of the lost item. Unfortunately, your situation is NOT ascertainable. You're not even sure WHEN it happened or HOW it happened with any clarity. Sorry 'bout that one.
So, unless the piece of jewelry was scheduled on your policy, I think you're out of luck. If any of the other forum members (Lori, InsInvestigator, Tcope, etc.) disagree...please let me (and the OP) know!
Finally, and this is one of those "it just drives me crazy" things...items and people are not "enlisted" on your policy...they are LISTED on the policy.
Personal Property Floaters (PPF forms) are commonly referred to in personal lines homeowner's policies as "scheduled" items. Adding this coverage to your homeowner's policy adds a significany amount of premium to your costs, but will add (for those items on the schedule ONLY) what is referred to as "open perils" coverage. This coverage includes accidental loss, whereas your basic homeowner's insurance will not cover "mysterious disappearance."
Ins teacher correct me (duh ) if I'm wrong about this (been several years since I handled HO claims) but as I recall adding an endorcement or a 'scheduled' item...in most cases was done to increase the limit...ie standard HO policys have specific limits on certain property (for certain perils) lets say the standard policy allowed only 2k for jewelry theft, and you could in effect bump that limit to well whatever say 10k (of course paying the premium associated with it)....right? Course I've always thought of a scheduled item as being basically the same as a 'stated amount' (for that item-if it was limited in the policy) as well, cause it is right? straighten a sister out..... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
I would be more than happy to address Lori's question...
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I recall adding an endorcement or a 'scheduled' item...in most cases was done to increase the limit...ie standard HO policys have specific limits on certain property (for certain perils) lets say the standard policy allowed only 2k for jewelry theft, and you could in effect bump that limit to well whatever say 10k (of course paying the premium associated with it)....right? Course I've always thought of a scheduled item as being basically the same as a 'stated amount' (for that item-if it was limited in the policy) as well, cause it is right?
OK...here we go. A, for example, "jewelry schedule" is a list of items that have associated appraisals (for valuation purposes), and each item is insured for a specific and maximum amount: i.e. "a 14 karat yellow gold woman's wedding ring with a VVSI .75 carat center stone, etc." may be scheduled for $2,500. This scheduling does several things:
First of all, it replaces the "named perils" coverage form with an "open perils" form. What does this do?
Standard Homeowner Form 3 (HO-3) policies cover "unscheduled" personal property (UPP) under a "named perils" coverage form. This means that your "stuff" is only covered for certain, specified types of losses: fire, burglary, theft, and a host of others. There are, depending on the state you live in, roughly 19 perils that are covered under a standard, unendorsed HO-3. Mysterious disappearance is NOT one of them.
A scheduled item is covered, as stated above, under an open perils coverage form. Many producers mistakenly refer to this type of coverage as "all risk." That is a mistake...how many insurance policies truly cover something for anything that can happen to it? I don't know of any! More properly stated, open perils coverage is (if you have to use that all risk term) "all risk of loss with certain exclusions."
In the above example, we scheduled the wedding ring for $2,500. This is the maximum amount that will be paid for a covered loss, and here- mysterious disappearance WOULD be covered. "Open Perils," remember? The insured will not automatically get the $2,500. The language within the policy states that the insurer is only required to pay the amount of the loss equal to the cost to "repair, replace or cash out" the insured, and it's the insurers choice as to what is paid. In other words, if the insurer feels that they could replace the ring for $2,000, all the insured would receive would be $2,000. If the ring costs $3,000 to replace, the insured would max out at the $2,500 limit. Lastly, there is typically NO deductible associated with scheduled property losses.
The last part of your questions deals with "increased limits on specified personal property." This is an endorsement that simply increases the amount of UNSCHEDULED coverage available under the contract.
All HO-3 (as well as other property contracts) have what are known as "Special limits" on personal property. Those items are normally things like jewelry, cash, furs, sterling and gold ware, tools, coins, stamps, etc. Look at your policy for specifics. Let's say that your policy limits UPP coverage on jewelry for loss by theft to $2,000, and you need $10,000 of coverage for all of your jewelry. Get your producer to endorse increased limits on unscheduled jewelry to that $10,000 level. It will still be subject to the named perils coverage, it will still have a deductible in the event of a loss, you have simply raised the coverage amount. It's a lot less expensive to do this compared to schedules, but compare the difference in coverage!
Hope this helps, please let me know if you need anything else!
Sorry...forgot to address something in Lori's post.
"Stated amount" coverage, ofter referred to as "agree-value" policies, are different than scheduled articles.
Scheduled articles, as stated in my previous post, will not necessarily pay the insured the full scheduled amount in the event of a covered loss. Remember, it will only pay UP TO the scheduled amount. Think of the schedule as a maximum the policy will pay.
Agree-value contracts are exactly what they sound like. These type of policies are most commonly found when dealing with collector type of vehicles. Let's say that you have insured your 1955 Chevy Corvette under an agreed-value contract for, oh...$75,000. In the event of a total loss, the insured would receive the agreed-amount coverage, or the full $75,000. The requires the insured to keep current on the value of the vehicle, because if the value at the time of loss was, say, $90,000- the insured would ONLY get the agreed-amount of $75k.
I'm so glad the Ins Teacher 'hangs out' with us! really.....
Thanks, a bunch! one thing though:
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Agree-value contracts are exactly what they sound like. These type of policies are most commonly found when dealing with collector type of vehicles. Let's say that you have insured your 1955 Chevy Corvette under an agreed-value contract for, oh...$75,000. In the event of a total loss, the insured would receive the agreed-amount coverage, or the full $75,000. The requires the insured to keep current on the value of the vehicle, because if the value at the time of loss was, say, $90,000- the insured would ONLY get the agreed-amount of $75k.
And I suppose this is could be a state specific thing, I doubt this particular one is company specific as both insurers I've worked for were the same...as I said don't handle homeowners claims any more auto only....but the 'state amount' (that's what we call them here) auto policy claims that I have handled here (missouri), are handle the same as your first rather than your last example...in other words, the state amount is the ''up to'' amount, meaning they don't 'automatically' get that amount it is a limit only....of course if the vehicle is totally vanished pretty much the stated amount would apply...but I have personally had to settle many of these for less than the stated amount (for various reasons-always pissin' off the insured-rightfully so in my opinion and i'll get to that in a sec...)...anyway just thought i'd throw that in here..
Something I personally have always found a rip...in the stated amount (auto) policys and as in your example of scheduled property....it seems to me it 'should' be the stated amount rather than what the co can replace it for BECAUSE the premium is based on the stated amount...see my point?
What you are calling an 'open peril' is in effect an inland marine on this scheduled property as an endorcement to the HO rather than a separate policy,, right? You know I know that I have never seen this (in my part of the woods) re: added to the HO, (other than in my example where it simply increased the limit and does nothing re:changing the perils)...only thing I've ever seen in a separate inland marine...again I don't know if that's a state deal or this could've been the company that I worked for....only sold it this particular way...
Thank you so much friend....for you always helpful information...... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
First off, I'd like to address Lori's point concerning this statement:
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Something I personally have always found a rip...in the stated amount (auto) policys and as in your example of scheduled property....it seems to me it 'should' be the stated amount rather than what the co can replace it for BECAUSE the premium is based on the stated amount...see my point?
OK, I think I can change your mind on this one, Lori. You're saying that since the insured paid the premium for a specific level of coverage, they should receive the coverage amount (in the event of a total loss) that they paid for, and NOT be settled on the insurer's determination of "repair, replace or cash out" value at the time of loss. Is this right? Keep in mind, we're still talking about an ACV contract.
All right, here's the comparison: Let's say that you insure your home for $300, and it burns to the ground. During the initial underwriting phase, when the carrier first considered issuing the policy, they made sure (most carriers) that the home was insured to "100% of it's current replacement cost" (standard HO-3 carrier requirements).
Let's say that the $300k was the replacement cost at the time of issuance. Now, here comes the house fire that totals out the home. However, at the time of the loss, the insurance company found that they can pay a builder $275,000, and this builder will replace the house with "like" materials and workmanship (as the polict mandates). So, the insurance company has replaced the home according to the terms of the policy, the insured gets a new house, and everyone is happy. Theoretically. Insured's always have something to whine about, eh?
Now, are you suggesting that the insured should get the policy limit of $300K in this example simply because they paid for $300k of coverage? Now, I know that you aren't...but this is a good basis for discussion.
Next, Lori said:
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What you are calling an 'open peril' is in effect an inland marine on this scheduled property as an endorcement to the HO rather than a separate policy,, right? You know I know that I have never seen this (in my part of the woods) re: added to the HO, (other than in my example where it simply increased the limit and does nothing re:changing the perils)...only thing I've ever seen in a separate inland marine...again I don't know if that's a state deal or this could've been the company that I worked for....only sold it this particular way...
I have worked with I don't know how many carriers in my career, and there aren't many technical differences between adding a scheduled article as an endorsement to a homeowner's policy and Personal Property Floaters (PPFs) that are typically sold as "stand-alone" contracts, commonly part of a commercial insurance policy package.
Most of the insurers that I have worked with use this method: schedules for personal lines articles that need the open-perils coverage, and PPFs for commercial insureds that need the same coverage protection. The primary difference between the two is where you would be covered. Schedules normally provide worldwide coverage, PPFs are commonly restrictive in nature regarding the territory where the property would be covered. BUT! I have seen it the "other" way as well, just rarely, that's all.
So, in closing, I would suggest that it is carrier specific as to how this is done, and it not subject to state rule or law.
Thanks thanks and thanks again ins teacher! BUUUUUUUUUUT, ( )
I'm not though
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we're still talking about an ACV contract.
regarding a stated amount policy...I get you and 100% agree on an acv policy, and guess you were making the point that although an acv policy a homeowners is 'still' based on a 'limit' or actually a specific amount for the structure right? But a stated amount (or scheduled) well hell, I guess it's based on the amount too...ok (once again ) you're right! I bow to the master! _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
BUT! I have seen it the "other" way as well, just rarely, that's all.
The carrier that I worked for (ten years, when I saw it only this way) is a small (13 states I think) carrier so maybe that was it...(shelter) _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
) if I'm wrong about this (been several years since I handled HO claims) but as I recall adding an endorcement or a 'scheduled' item...in most cases was done to increase the limit...ie standard HO policys have specific limits on certain property (for certain perils) lets say the standard policy allowed only 2k for jewelry theft, and you could in effect bump that limit to well whatever say 10k (of course paying the premium associated with it)....right? Course I've always thought of a scheduled item as being basically the same as a 'stated amount' (for that item-if it was limited in the policy) as well, cause it is right? straighten a sister out..... 
)
) you're right! I bow to the master! 
