Scheduled Items (Fine Arts, Musical Instruments, Jewelry)
These items are insured individually and are insured where ever they happen to be, thus the expression “floater.” Items on the schedule or floater would usually have a lower deductible and a value which would be unavailable within a regular policy.
Typically if a painting is destroyed a homeowners policy would pay for the frame, the paint and the canvas, not the artistic value, unless the painting and its value is on a fine art schedule. If your guitar is stolen your insurance might replace it with a new guitar but not a 1953 Gibson J200 which has a far greater value. The guitar must be scheduled. Instruments used Professionally would be insured elsewhere.
The Chubb Masterpiece policy does give some automatic coverages in this area up to $5000, however others do not.