Speciality Insurance Flashcards
What are the two types of marine insurance
Inland marine0-for overland travel and vessels on inland waterway
Ocean marine- for vesels/goods travelling on ocean
What does ocean marine cover
Hull coverage
cargo
delivery charges
legal liabiliyt
what does the ocean marine liability policy cover
protects ship owners again 3rd party liability from injury, sickness, death of crew and others (ie passengers)
property damage
what does the lay up endorsement cover
the vessel while in storage
you get a discount for lay up time
What are the three types of hull coverage in aviation insurance?
In flight- covers on ground and taxiing also
Ground risk- hull in motion- aka moving under your own power. no towing!
Ground risk- hull not in motion- aka you are parked
What does the laid up endorsement provide coverage for
its’ a storage policy for aircraft. Removed from service, shutdown and stored safely
what are three types of aviation liability insurance?
Public liability- property damage
Passenger liability- injury to passengers. Mandatory for passenger planes
Cargo liability- based on weight capacity of craft
What are the three sections of airport liability insurance?
- injury and PD- covers negligence or defect in premises or equipment
- grounded aircraft and equipment in control of insured while servicing them
- injury and property damage for handling products made by insured
define UAV
Unmanned aerial vehicles aka drones
what are the three categories of drones?
- very small- 2.5 kg- 1 kg
- small- 1kg-25 kg- limited rural operations
- small 1kg-25kg- urban operations
How high can a recreational UAV fly?
no higher than 300 ft
How much liability coverage is needed for a commercial use drone?
$100K liab min. Also depends on use
What is the difference between a fixed wing and rotary style UAV?
Fixed wing- relies on forward motion for lift
rotary- helicopter style
