31 Pa. Code § 91.8 - Property floater risks

(a) Personal property floater policies may cover any of the following, individually or generally:

(1) Personal effects floater policies.

(2) The personal property floater.

(3) Government service floaters.

(4) Personal fur floaters.

(5) Personal jewelry floaters.

(6) Wedding present floaters for not exceeding 90 days after the date of the wedding.

(7) Silverware floaters.

(8) Fine arts floaters covering paintings; etchings; pictures; tapestries; art glass windows; and other bona fide works of art of rarity, historical value, or artistic merit.

(9) Stamp and coin floaters.

(10) Musical instrument floaters. Radios, televisions, record players, and combinations thereof are not deemed musical instruments.

(11) Mobile articles, machinery, and equipment floaters-excluding motor vehicles designed for highway use, and auto homes, trailers, and semitrailers except when hauled by tractors not designed for highway use-covering identified property of a mobile or floating nature pertaining to or usual to a household. Such policies shall not cover furniture and fixtures not customarily used away from premises where such property is usually kept.

(12) Live animal floaters.

(b) Commercial property floater policies covering property pertaining to a business, profession, or occupation may cover any of the following:

(1) Radium floaters.

(2) Physicians' and surgeons' instrument floaters. Such policies may include coverage of such furniture, fixtures, and tenant assured's interest in such improvements and betterments of buildings as are located in the portion of the premises occupied by the assured in the practice of his profession.

(3) Pattern and die floaters.

(4) Theatrical floaters, excluding buildings and their improvements and betterments, and furniture and fixtures which do not travel about with theatricaltroupes.

(5) Film floaters, including builders' risk during the production and coverage on completed negatives and positives and sound records.

(6) Salesmen's samples floaters.

(7) Exhibition policies on property while on exhibitions and in transit to or from such exhibitions.

(8) Live animal floaters.

(9) Builders' risks and installation risks covering interest of owner, seller, or contractor against loss or damage to machinery, equipment, building materials, or supplies being used with, and during the course of installation, testing, building, renovating, or repairing. Such policies may cover at points or places where work is being performed, while in transit and during temporary storage or deposit, property designated for and awaiting specific installation, building, renovating, or repairing. Such coverage shall be limited to builders' risks or installation risks where perils in addition to fire and extended coverage are to be insured. If written for account of owner, the coverage shall cease upon completion and acceptance thereof; or, if written for account of a seller or contractor, the coverage shall terminate when the interest of the seller or contractor ceases.

(10) Mobile articles, machinery and equipment floaters (excluding motor vehicles designed for highway use and auto homes, trailers, and semitrailers, except when hauled by tractors not designed for highway use and snow plows constructed exclusively for highway use) covering identified property of a mobile or floating nature, not on sale or consignment, or in course of manufactur, which has come into the custody or control of parties who intend to use such property for the purpose for which it was manufactured or created. Such policies shall not cover furniture and fixtures not customarily used away from premises where such property is usually kept.

(11) Property in transit to or from and in the custody of bailees not owned, controlled, or operated by the bailor. Such policies shall not cover the property of the bailee at his premises.

(12) Installment sales and leased property. Policies may cover property sold under conditional contract of sale, partial payment contract, or installment sales contract or property leased but may not cover motor vehicles designed for highway use. Such policies shall cover in transit but shall not extend beyond the termination of the seller's or lessor's interest. This paragraph is not intended to include machinery and equipment under certain "lease-back" contracts.

(13) Garment contractors floaters.

(14) Furriers or fur storer's customer's policies, that is policies under which certificates or receipts are issued by furriers or fur storers, covering specified articles which are the property of the customers.

(15) Accounts receivable policies, valuable papers and records policies.

(16) Floor plan policies, covering property for sale while in the possession of dealers under a floor plan or any similar plan under which the dealer borrows money from a bank or lending institution with which to pay the manufacturer, provided all of the following apply:

(i) Such merchandise is specifically identifiable as encumbered to the bank or lending institution.

(ii) The right of the dealer to sell or otherwise dispose of such merchandise is conditioned upon its being released from encumbrance by the bank or lending institution.

(iii) Such policies cover in transit and do not extend beyond the termination of the interest of the dealer.

(iv) Such policies shall not cover automobiles or motor vehicles, merchandise for which the collateral of the dealer is the stock or inventory as distinguished from merchandise specifically identifiable as encumbered to the lending institution.

(17) Sign and street clock policies, covering neon signs, automatic or mechanical signs, and street clocks, while in use as such.

(18) Fine arts policies covering paintings, etchings, pictures, tapestries, art glass windows, and other bona fide works of art of rarity, historical value, or artistic merit for account of museums, galleries, universities, businesses, municipalities, and other similar interests.

(19) Policies covering property which, when sold to the ultimate purchaser, may be covered specifically by the owner under inland marine policies.

(i) Such policies include the following:

(A) Musical instrument dealers policies, covering property consisting principally of musical instruments and their accessories. Radios, televisions, record players, and combinations thereof are not deemed musical instruments.

(B) Camera dealers policies, covering property consisting principally of cameras and their accessories.

(C) Furrier's dealers policies, covering property consisting principally of furs and fur garments.

(D) Equipment dealers policies, covering mobile equipment consisting of binders, reapers, tractors, harvesters, harrows, tedders, and other similar agricultural equipment and accessories therefor; construction equipment consisting of bulldozers, road scrapers, tractors, compressors, pneumatic tools, and similar equipment and accessories therefor; but excluding motor vehicles designed for highway use.

(E) Stamp and coin dealers policies covering property of philatelic and numismatic nature.

(F) Jewelers' block policies.

(G) Fine arts dealers policies.

(ii) Such policies may include coverage of money in locked safes or vaults on the assured's premises. Such policies also may include coverage of furniture, fixtures, tools, machinery, patterns, molds, dies, and tenant insured's interest in improvements of buildings.

(20) Wool growers floaters.

(21) Domestic bulk liquids policies, covering tanks and domestic bulk liquids stored therein.

(22) Difference in conditions coverage excluding fire and extended coverage perils.

(23) Electronic data processing policies.

(c) Unless otherwise permitted, nothing set forth in subsection (b) shall be construed to permit marine or transportation policies to cover any of the following:

(1) Storage of assured's merchandise, except as otherwise provided.

(2) Merchandise in the course of manufacture, the property of and on the premises of the manufacturer.

(3) Furniture and fixtures and improvements and betterments to buildings.

(4) Moneys and securities in safes, vaults, safety deposit vaults, banks, or assured's premises, except while in the course of transportation.

Notes

31 Pa. Code § 91.8

The provisions of this § 91.8 amended September 4, 1981, effective 12/4/1981, 11 Pa.B. 3046.

The provisions of this § 91.8 issued under The Insurance Department Act of 1921 (40 P. S. §§ 1-321); The Insurance Company Law of 1921 (40 P. S. §§ 341-991); sections 206, 506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S. § 66, 186, 411 and 412); and The Fire, Marine and Inland Marine Rate Regulatory Act (40 P. S. §§ 1221-1238).

This section cited in 31 Pa. Code § 112.3 (relating to explanation of submission of rates).