Jim and Mary are celebrating their 50th wedding anniversary and are on a worldwide cruise. They carry a DP-3 dwelling policy with a personal property limit of $50,000. While off the coast of Africa the ship catches fire and their property is completely destroyed. How much, if anything, will they collect?

Jim and Mary are celebrating their 50th wedding anniversary and are on a worldwide cruise. They carry a DP-3 dwelling policy with a personal property limit of $50,000. While off the coast of Africa the ship catches fire and their property is completely destroyed. How much, if anything, will they collect?



Nothing

$5,000

Up to the personal property limit

$1,000 on a replacement cost basis



Answer: $5,000

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