Chapter 3 Flashcards
what vessels does yacht insurance cover
sailing vessels
motor vessels
inland vessels
what does commercial vessel insurance cover
cargo vessels
cruise vessels
specialist vessels
what does cargo insurance cover
physical damage to the goods
what does good in transit insurance cover
liability insurance for the organisation moving the goods
what is stock throughput insurance
storage and transit insurance combined
what does specie insurance cover
loose gemstones
precious metals
valuable documents
risk prevention for cash in transit
varied routes
armed crew
not leaving boat unattended
what are examples of marine liabilites
injury/ death to crew
pollution like oil spill
damage to property or possesions
what does upstream mean in marine insurance
any part of the industry involved with the extraction of oil and gas
what are pecuniary insurances
relate to monetary loss rather than physical damage
what is fidelity guarantee insurance
relates to employee fraud
what does onshore insurance involve
elements of gas and oil industry that come after its been located
what is bloodstock
horses
what is livestock
other animals that arent pets
types of contingencys covered by contingency insurance
event cancellation
weather related
prize indemnity
death or disgrace - bad PR for celeb who is fronting a business
over - redemption too many wins for competitions such as mcdonalds monopoly
is reinsurance compulsorary
no but considered good practice
reasons for reinsurance
for insurers to :
increase capacity
smooth out peaks and troughs
risk transfer
what is to cede
act of sharing risk with reinsurers
what is a cedant
the original insurer who is passing the risk to reinsuers
what is cessant
the share of the risk passed to reinsurers
what is a collecting note
document used to present claim to reinsurers
what is facultative reinsurance
reinsurance for an individual risk
what is non proportional reinsurance
where the premium and claims dont have a direct correlation
what is proportional reinsurance
premium and claims are shared between insurer and reinsurer in pre agreed terms such as 30%
what does retrocedant mean
a reinsurer obtaining reinsurance for itself
what does retrocession mean
a cession where the entity ceding is already a reinsurer
what does retrocessionaire mean
reinsurance to cover a wide portfolio of risks
