What does the term "scheduled limit" indicate in an insurance policy?

The term "scheduled limit" in an insurance policy refers to a situation where each insured item has an individual, specified limit of coverage. This means that rather than providing a blanket amount of coverage for a group of items, the policy outlines specific coverage amounts for each item listed. This approach allows for precise coverage based on the value and risk associated with each individual item, which is particularly useful for high-value personal property, such as jewelry, art, or collectibles. By insuring items separately with predetermined limits, policyholders ensure that high-value items receive adequate protection without being grouped together under a single limit that may be insufficient in case of a loss. This method helps both the insurer and the insured manage risk and expectations regarding coverage.