Inland Marine

Question 1

Personal Floater

Answer 1

refers to an inland marine policy designed to cover movable personal property, wherever it may be located. Personal floaters may be written on an all-risk, open-peril or named-peril form.

Question 2

Personal Property Floater

Answer 2

provides coverage to personal property on an all-risk basis anywhere in the world, as long as the property is not specifically excluded by the policy. Property is usually written on an unscheduled basis. Certain categories of property are subject to special limits.

Question 3

Personal Articles Floater

Answer 3

is used to insure certain types of personal property on a scheduled basis. The types of property that may be covered are usually pre-printed on the form including jewelry, furs, cameras, musical instruments, or fine arts. Other types of property may also be added to the coverage form.

Question 4

Personal Effects Floater

Answer 4

is used to insure personal effects carried or worn by travelers anywhere in the world, but not while the property is at home. Coverage is usually limited to $100 for jewelry, watches and furs, and there is no coverage for vehicles, bicycles, currency or travel tickets.

Question 5

Nationwide Definition

Answer 5

Inland Marine coverages are either filed or unfiled with state regulatory authorities. Filed coverages have standardized coverage forms. Unfiled Inland Marine classes are those that present a unique exposure to loss and in which standardized forms have not been developed.

Question 6

Nationwide Marine Definition

Answer 6

a statement about the types of coverage that may properly be written on Inland Marine and Ocean Marine insurance forms. The National Association of Insurance Commissioners (NAIC) adopted a Nationwide Marine Insurance Definition in 1953, and revised it in 1976. This definition is used principally for classification purposes, rather than as a definition of underwriting powers.

Inland Marine coverage can be written on almost any type of property that is portable. In addition, instruments of transportation and communication, such as bridges, wharves, and docks, are also covered on Inland Marine coverage forms. Personal inland marine policies are often called floaters, since the coverage floats with the insured property, anywhere in the world. Inland Marine should be differentiated from Ocean Marine, which covers property being transported over water. Inland Marine exposures pertain to property located on land.

The Nationwide Marine Definition defines 4 general classes of risks that may be the subject of Inland Marine coverage. These risks are as follows:

Domestic shipments and transportation risks;
Bridges, tunnels, and other instrumentalities of transportation and communication;
Commercial property floater risks; and
Personal property floater risks.