What is the Special Limit of Liability for Bullion and Valuable Papers?

The Special Limit of Liability for Bullion and Valuable Papers is set at $500. This limit applies specifically to certain types of personal property, such as precious metals (bullion) and documents that hold significant value (valuable papers), such as stock certificates, deeds, or important legal documents.

This limit is important to understand because it defines the maximum amount that an insurance policy will pay for a loss involving these items. Recognizing the need for a specific limit helps policyholders understand the coverage they have and encourages them to make informed decisions regarding additional coverage if they possess items that exceed this limit.

Other amounts mentioned may represent different coverage categories or may not specifically pertain to bullion and valuable papers, which is why they are not applicable for this question.