Within how many days must newly acquired fine arts be reported to the insurer under the scheduled personal property endorsement?

Newly acquired fine arts must typically be reported to the insurer within 90 days under the scheduled personal property endorsement. This time frame allows the policyholder to enjoy a certain degree of coverage for high-value items that are purchased but not yet formally added to the insurance policy. The 90-day reporting period is designed to provide a practical balance, giving individuals sufficient time to determine the value of their new acquisitions and communicate those details to their insurer. This period is also established to help avoid potential gaps in coverage, ensuring that valuable items are protected without delay.

A shorter reporting period, such as 30 or 60 days, might not provide the adequate time required for policyholders to accurately assess and document their newly acquired items. Conversely, a longer period, such as 120 days, could lead to unnecessary extended risk for both the insured and the insurer. Thus, the 90-day threshold effectively fulfills the need for timely notification while also affording policyholders flexibility in managing their coverage.