Exam 2: Inland Marine Part 3

Question 1

Contractor’s Equipment

Answer 1

• Largest class of inland marine
• All risk policy that covers equipment and machinery not licensed as an over the road vehicle
• Large contractors large amounts of equipment would utilize a blanket schedule

Question 2

What do small and medium sized businesses usually have in a Contractor’s Equipment Policy?

Answer 2

Policy that lists equipment on a schedule

Question 3

What type of schedule would large businesses list on their Contractor’s Equipment policy?

Answer 3

Blanket Schedule

Question 4

Contractor Equipment Floater

Answer 4

mobile equipment or tools

Question 5

Rental Reimbursement

Answer 5

common feature of the policy

Question 6

Builder’s Risk

Answer 6

Covers structure being built, temporary structures, and material to be part of completed strucuture
- can be included on commercial property policy

Question 7

What do inland marine policies cover that are sometimes excluded on commercial property policies?

Answer 7

• Flood
• Earthquake
• Theft

Question 8

Wrap Ups

Answer 8

• alias for builder’s risk
• wraps every coverage from construction of building into one policy
• lists every contractor
• also pulls in liability and workers comp

Question 9

Soft Cost Replacement (Builder’s Risk)

Answer 9

• incidental expenses that occur after a firect physical loss
• additional interest on borrowed funds for the project
• additional taxes, advertising expenses, additional least costs