What type of insurance policy is characterized by identifying several items, each with its own description and limit?

The scheduled insurance policy is defined by its structure, which lists specific items or properties that are covered under the policy. Each item is described in detail, including individual coverage limits that apply to each one. This allows the policyholder to tailor the coverage to fit their specific needs, ensuring that high-value or unique items are adequately insured based on their actual value.

For instance, a scheduled personal property policy might cover specific jewelry, artwork, or collectibles, each with a defined limit and description, thus providing clarity about what is included in the coverage and the amount the insurer will pay in the event of a loss.

This approach allows policyholders to have a better understanding of their coverage and ensures that each listed item is specifically accounted for, which can be particularly useful for high-value items that may exceed standard coverage limits set by other types of policies.