Commercial Inland Marine Flashcards
Commercial Inland Marine Features
- Filed (standardized) or unfiled (unique exposure) with state regulatory authorities
- Coverage on any property that is portable
- Policies called floaters, because coverage floats with the insured property anywhere in the world
Personal Property Floater
Provides coverage to personal property on an all-risk basis anywhere in the world
Personal Articles Floater
Used to cover certain types of personal property on a scheduled basis. (furs, jewelry, cameras, fine arts)
Personal Effects Floater
Used to cover personal effects worn or carried by travelers anywhere in the world, but not while at home.
Filed Form
Form that may require an insurance provider to file for rate and form approval
Unfiled Form
May not require an approved filing to the state insurance department
Nationwide Marine Defintion & its 4 classes of risk
-Statement about the coverage written on Inland Marine and Ocean Marine forms
4 classes of risk
- Domestic shipments and transportation risks
- Tunnels, bridges
- Commercial property floater risks
- Personal property floater risks
National Flood Insurance Program
Established by the federal government to mitigate the coverage gap left by the private insurance industry and is implemented by FIMA and FEMA.
*Floods cause more property damage in the US than any other type of natural disaster
3 primary components of NFIP
- Insurance
- Floodplain Management
- Floodplain Mapping
3 types of Coverage of NFIP
- Direct through NFIP
- Write Your Own Insurance Program (WYO)-through private insurance providers
- Identical coverage through both
Eligibility for NFIP
- Community must meet the minimum floodplain management guidelines
- Eligible structures: A roof, 2 solid walls, and mostly above ground
- 30-Day Waiting Period
- Damage must be a result of a flood as defined by the NFIP
4 Flood Definitions
- Overflow of inland or tidal waters
- Rapid and unusual accumulation or runoff of surface waters from any source
- Mudflow (river of flowing mud on typically dry land) and collapse
- Collapse of land along a lake’s shore that result in flood.
Other Policies within Commercial Inland Marine
- Mobile Home
- Watercraft
- Windstorm
- Earthquake
Details of Mobile Home
- Similar structure to homeowners policy
- Provides 40% of Coverage A
- Pays $500 if mobile home is moved to safer area to prevent loss
- Transportation/Permission to move endorsement: must be obtained to move to location of covered mobile home, includes perils of collision, upset, standing and sinking.
- Applied anywhere in continental US or Canada, up to 30 days.
