🚒 Module 6-Overview of Inland Marine

Question 1

NAIC

Answer 1

National Association of Insurance Commissioners

Question 2

Inland Marine Coverage
(MOUU)

Answer 2

Coverage designed for property:

• Moving from location to location
• Located off premesis
• That has unique valuation
• That is exposed to unique causes of loss

Question 3

Filed Forms

Answer 3

Forms, rates and rate basis filed by carriers with state(s) insurance department(s)

Question 4

Non-Filed Form

Answer 4

• Forms, rates and basis are NOT filed by carriers with state(s) insurance department(s)
• Provides more flexibility in rates and coverage

Question 5

6 Broad Property Classes Under Marine Insurance
(IEPDMC)

Answer 5

• Imports (Ocean Marine)
• Exports (Ocean Marine)
• Personal Property Floaters
• Domestic Shipments
• Means of Transportation & Communication
• Commercial Property Floaters

Question 6

“Big Four” Inland Marine Forms

Answer 6

• Builders’ Risk
• Contractors Equipment
• EDP
• Transportation

Question 7

Contractor’s Equipment Form

Answer 7

Covers mobile, NON-highway equipment that is typically excluded in property and auto coverage

Question 8

4 Main Types of Contractor’s Equipment IM Coverage

Answer 8

• Scheduled
• Leased/rented
• Newly Acquired
• Miscellaneous Tools

Question 9

EDP Form

Answer 9

Electronic Data Processing Equipment

Provides broader coverage for computer hardware/software & other electronic equipment that is typically subject to unique causes of loss

Question 10

Builders’ Risk Form

Answer 10

Covers property, equipment, materials & supplies for new or existing structures under construction or renovation

Question 11

Installation Floater

Answer 11

• Designed for specialty contractors (HVAC, plumbing, etc.)
• Covers machinery and/or equipment while waiting to be installed at job site

Question 12

Transportation Form

Answer 12

Covers property that is being transported from one location to another

Question 13

2 Main Types of Transportation IM Coverage

Answer 13

• Transit - covers owner’s goods
• Cargo - covers other’s goods

Question 14

Straight Bill of Lading

Answer 14

• No limit on amount of recovery of goods transported
• Fully insured surcharge applies to shipping rate

Question 15

Released Bill of Lading

Answer 15

• Limit on amount of recovery of goods transported
• Typically a fraction of value per pound or per item

Question 16

11 Other Non-Big Four Inalnd Marine Forms

Answer 16

• Accounts Receivable - reconstruct AR records
• Bailee’s Coverage - property of others in insured’s posession for repair, cleaning, etc.
• Camera & Musical Equipment - stock for dealers, or individual owners of items
• Exhibition Floater - property in insured’s CCC in transit to or at exhibition
• Equipment Dealers - dealers of mobile construction or ag equipment
• Fine Arts - dealers of fine arts and/or antiques
• Furriers Block - dealers of furs and fur garments
• Jewelers Block - manufacturers, wholesalers or retailers of jewelry
• Salesperson Samples - insured’s product samples while off premesis or with salesperson
• Signs Coverage - higher limits for highly-valued outdoor signs
• Valuable Papers - recreation of business records