How many days does an insured have to notify the insurer about acquiring a new painting under the Personal Property Schedule?

When an insured acquires a new painting under the Personal Property Schedule, they typically have a designated period in which to notify the insurer. In this context, the correct timeframe is 90 days. This allowance ensures that the new item is covered under the existing policy without any immediate action needed from the insured after the purchase.

The rationale behind this timeframe is to provide some flexibility to the insured, acknowledging that they may not immediately realize that they need to update their insurance coverage or that they might be preoccupied with other matters related to their new acquisition. By allowing 90 days for notification, insurers aim to facilitate the process of keeping coverage current while also ensuring that the insured understands their responsibilities regarding valuable items.

The other answer choices, while they represent varying time frames for notification, do not align with the standard practice of 90 days given for new acquisitions under personal property policies, which is consistent with widely accepted insurance conventions.