While the carrier is willing to insure routine office contents on a more or less blanket basis, when it comes to fine art, a schedule of the covered property including an appraisal of each item's value must accompany the request for coverage. Not surprisingly, the cost of fine art coverage tends to be significantly higher than that of more routine office contents. Many nonprofits have property insurance needs that standard property coverage may not adequately cover. For example, office contents more than 100 feet away from the insured's location are considered off premises and are not covered the same way as property remaining at the insured office. Nonprofits quite commonly insure property while it is in transit or while it is temporarily away at a show or a meeting.
Many policies specifically exclude coverage for property off premises at exhibitions.
Nonprofit organizations particularly need to be aware of coverage limits on property while it is in transit or temporarily away from their premises. Ltd. All rights reserved.