Someone please explain me why the correct answer to the question listed below is "None:
A Blanket Personal Articles Floater policy covering stamps and coins for $100,000 is purchased. The insured sends stamps and two rare coins by First Class Mail, which are lost. The stamps and coins are valued $50,000. How much does the policy pay?
Thank you in advance!
Andres,
If you go to page 86 & 87 under the Stamps and Coins Collection of the PAF you will find a section that says "Several Additional Exclusions Apply to Stamps and Coins. Under #5 it says Property in custody of transportation companies or in the mail (except registered mail). So there is No Coverage because the question stated it was sent First Class Mail which is excluded. Hope that helps a little.
Billy
Thank you both!