What is the maximum coverage for newly acquired property under the Commercial Fine Arts Floater?

The maximum coverage for newly acquired property under the Commercial Fine Arts Floater is $10,000. This provision is significant as it allows businesses to receive temporary coverage for art pieces that are recently purchased, reflecting the nature of the fine arts market where acquisitions can occur suddenly and frequently.

This coverage ensures that businesses are not left vulnerable after making a significant investment in new art, which can be subject to various risks like theft or damage. The amount of $10,000 is a standard limit within many commercial policies, aiming to provide adequate but not unlimited protection as businesses are encouraged to formally list and insure newly acquired pieces over this threshold promptly.

Understanding this provision helps frame expectations for coverage and emphasizes the importance of timely reporting and documenting new acquisitions for comprehensive insurance coverage.