Question

The extension of coverage under the Commercial Fine Arts Floater includes coverage for newly acquired property for a maximum of

1) $15,000
2) $20,000
3) $5,000
4) $10,000

Answer 1

The Commercial Fine Arts Floater offers an extension of coverage for newly acquired property, with limits that may vary by policy. The mentioned limit of $10,000 should be confirmed with the insurance provider as it does not match the provided reference information.

Step-by-step explanation:

The Commercial Fine Arts Floater typically provides coverage for newly acquired property. This coverage caters to items that an individual or a business may acquire that falls under the category of fine arts, which is broadly defined as objects of art such as paintings, sculptures, or rare manuscripts. It is standard for such policies to include a clause that automatically extends coverage to new acquisitions for a certain period and up to a specified amount, without the insured needing to immediately notify the insurer of the new items.

For a Commercial Fine Arts Floater, the extension of coverage usually includes a limit for newly acquired property. However, the value mentioned in the question, $10,000, does not match with the reference information provided. Therefore, it's essential to confirm this limit with the policy documentation or with the insurance provider directly, as amounts and terms can vary significantly between different insurance contracts.