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The ‘Owned Equipment’ policy limit is made up of two sub-limits: scheduled and unscheduled equipment.
‘Unscheduled’ equipment considered to be all items you own that are individually valued below $2,000. Your ‘Unscheduled’ limit is a blanket limit which covers all of your smaller items that are not individually listed on your policy.
Unscheduled Equipment Limit
Your Owned Equipment Limit is made up of your scheduled items (items valued above $2,000) and your unscheduled limit. When you select a limit, the value of the scheduled items are subtracted from your overall limit and remainder is your blanket unscheduled limit.
You have purchased an Owned Equipment policy with a $50,000 limit. You add two cameras to the policy, one valued at $5,000 and another valued at $15,000. Your ‘Scheduled’ equipment limit is $20,000. Your ‘Unscheduled’ equipment is $30,000.
A few months later you purchase another camera valued at $3,000 and add it to your ‘Scheduled’ equipment list. Your new ‘Scheduled’ equipment limit is $23,000. Your new ‘Unscheduled Equipment limit is $27,000.
Because the value of your added scheduled items will be subtracted from your ‘Unscheduled’ Limit, you may need to increase your overall limit to bring your ‘Unscheduled’ limit back to a comfortable level
You will not need to submit a list of your unscheduled equipment to us. However, you will need to provide a list of any equipment involved in any potential claim, at the time the claim is submitted. Because of this, we do recommend that you keep a list of all equipment you own handy (make, model, serial number and replacement cost).