S1: Marine Insurance

Question 1

Marine Insurance

Answer 1

Indemnifies policyholders against damage/losses to property by perils connected to transportation

Question 2

Ocean Marine:
what does it protect and when does it apply and when endorsed

Answer 2

protection for all types of nautical vessels and cargoes. Policy applies after cargo on ship and endorsed when in transit

Question 3

Inland Marine what does it protect? (3)

Answer 3

Domestic Shipments
Instrumentalities of transportation & communication
personal property floater risks

Question 4

Inland Marine:
Domestic Shipments

Answer 4

goods transported by air, railroad, motor vehicle or armoured car

Question 5

Inland Marine:
Instrumentalities of transportation & communication

Answer 5

properties involved like radio towers or bridges

Question 6

Inland Marine:
personal property floater risks

Answer 6

goods moved between different locations