Personal Inland Marine Insurance

Question 1

4 recognized categories covered by inland marine insurance are:

Answer 1

1. property in transit on land
2. Property held by a bailee
3. Fixed instrumentalities of transportation ( such as bridges & tunnels)
4. Property subject to being in several locations

Question 2

Filed & nonfiled forms

Answer 2

Filed inland forms are standardized, like homeowners and personal auto policies.
Vast majority of personal inland marine policies are nonfiled

Question 3

Perils insured against

Answer 3

Most inland marine policies are issued on open perils basis.
Some policies are issued on named perils basis specifically the various type of trip & transit policies that cover prop in transit.

Question 4

Personal inland marine floaters

Answer 4

Most personal inland marine policies are floaters, intended to insure personal property that is subject to being in multiple locations, such as jewelry or obvious equipment.

Question 5

Personal articles floater

Answer 5

This is a basic form used to insure individual personal property on an itemized or scheduled basis. The floater is similar to the schedule personal property endorsement found in a homeowners policy.
Coverage provided for: Jewelry, golfers equipment, first, fine arts, camera, stamp collections, musical instrument, coin collections and silverware/ Gold where

Question 6

Personal prop floater

Answer 6

Covers all personal property, with some exclusions

Question 7

Fair plan

Answer 7

Provides basic prop insurance , which does not include auto and farms. Insurance is for those who are unable to obtain basic insurance

Question 8

Fair plan more info

Answer 8

The purpose is to provide property insurance in high-risk areas