Ins Exam H - Inland Marine & Surplus Lines Flashcards
CLASSES OF INLAND MARINE INSURANCE
- Property in Transit
- Bailee Liability
- Fixed Transportation Property
- Floaters
- Personal
- Commercial
Property in Transit Policy Types *
> Annual Transit Policy - covers all insured’s incoming and outgoing shipments during the complete year
TRIP TRANSIT POLICY - (one way - PQ)
- Used to insure single shipmnts of goods for companies that have only occasional shipmnts to insure
- cvrg extends from time and point of origination to time and point of destination
Open Cargo Policy - remains in force until cancelled
- defines the goods, route, limit of liab, and Perils covrd
- prem paid annually and determined by using MONTHLY SHIPPING REPORTS
BAILEE LIABILITY
Coverage for these who have temp custody of goods or property belonging to others
- bailor - gives up possession of his property (customer)
- bailee - takes possession of bailor’s property
Inland Marine Bailee Forms *
- Bailee’s Customer Policy
Bailee’s Customer Policy
- named peril on broad form or special form
- COVERS DIRECT DAMAGE W/O REGARD TO LEGAL LIAB
- ex of businesses that would need this covrg incl dry cleaners, tailors, TV repair, and furriers
INLAND MARINE BAILEE FORMS
- MOTOR TRUCK CARGO COVERAGE
Motor Truck Cargo Coverage
- commonly referred to as carrier liability, this policy protects the carrier by covering cargo while it is being transported in a truck
> Owners Form
- purchased by Cos hauling their own goods in their own trucks
- provides direct damage cvrg instead of liab cvrg
> TRUCKER FORM (PQ)
- purchased by trucking Cos who haul goods of others
- incl independent truckers
Fixed Transportation Policy *
Coverage for instrumentalities of transportation or communication
- these items qualify for inland marine cvrg b/c they are essential to overall transportation of goods
- Ex: incl bridges, tunnels, transmission towers, pipelines, piers, wharves, and docks
FLOATERS
> the term floater denotes an inland marine policy covering mobile property wherever it may be located as opposed to covrg for a specific trip
forms divided into: - Personal Floaters
- Commercial Floaters
PERSONAL PROPERTY FLOATER
- TYPES OF PERSONAL FLOATERS
- covers all personal property on and away from insured’s residence w/ some common exceptions such as boats, autos, and biz prop
- provides open perils w/ some common excl such as war, breakage, and wear & tear
PERSONAL EFFECTS FLOATER
- TYPES OF PERSONAL FLOATERS
- typically used to cover personal property away from premises
- policy does not specifically list the personal effects covred but incl property typically carried by travelers and tourists
Personal Articles Floater *
- Types of Personal Floaters
- this covrg is used for persnl items such as furs, jewlery, fine arts, and antiques
- Cvrg can be written as a separate policy or as an endt to the HO Policy
- specific categories for prnsl prop to be insured
- items are scheduled (listed spearately) w/ exact value stated
- items can be insured at appraised value or agreed value
Physician’s and Surgeon’s Equipment Floater *
- Types of Commercial Floaters
covers medical and dental instruments on and off the premises, as well as furniture and fixtures as the office and the insured’s interest in improvements and betterments
Contractor’s Equipment Floater *
- Types of Commercial Floaters
- covers contractors’ small and large tools, machinery, and equipment which is commonly moved from location to location
- items can be specifically listed/ scheduled (used for larger more expensive items), covered under blanket covrg (smaller less expensive items), or policy can incl both scheduled and blanket covrg
> ACCOUNTS RECEIVABLE FLOATER (PQ)
Valuable Papers and Records Floater *
- Types of Commercial Floaters
- covers loss resulting from the damage or destruction of accts rcvbl records
- may be written as stated limit or reporting form policy
- covers loss to specific valuable paper and records
- ex: incl maps, blueprints, films, illustrations, and drawings
JEWELER’S BLOCK FLOATER
- Types of Commercial Floaters
- written for jewelers to specifically cover certain items
- property covered includes:
- PROPERTY HELD FOR SALE
- PROPERTY IN TRANSIT BY COMMON CARRIER
- PROPERTY ON EXHIBIT
- property in the custody of outside salesmen
- 2 Optional cvrgs avail for additional prem:
- show windows crvg - $$$ cvrg - physical inventory required at least annually and insured must maintain any protective safeguards that were in effect @ beginning of policy period
Commercial Articles Floater *
- Type of Commercial Floaters
covers interest of the owner of commercial cameras, musical instruments, and related equipment and similar property of others that is in the insured’s care, custody, or control
