Sublimit
A separate, lower cap on one category of things.
What it means for your money
Your policy limit is not the only ceiling. Certain categories — jewellery, watches, firearms, cash, collectibles — carry their own much lower cap that binds long before the policy limit does.
This is where people under-claim without realising. A $30,000 contents limit does not mean $30,000 of jewellery is covered; a $1,500 jewellery sublimit means the rest is simply not paid, no matter how well you document it.
Where the number comes from
Listed on your declarations page, usually as 'special limits of liability'. It is a short list and it is worth reading before you build your inventory rather than after.
See this on real jewellery
- Contents limit on the policy
- $30,000
- Jewellery lost in the fire
- $8,000
- Jewellery sublimit
- $1,500
- Paid for the jewellery
- $1,500
Documenting all $8,000 does not move this number. A sublimit is raised before a loss by scheduling the items separately, not argued after one.
Sublimit sits next to deductible, peril and loss report. They tend to arrive together.
Indemnia builds the itemized list this all gets applied to, with the receipt attached to the line it proves. See how it works.