Unit 12: Commercial Inland Marine Insurance Flashcards
Inland Marine Insurance
Covers exposures that involve property and merchandise while in transit or “floating”
Valuable papers and documents, as well as mobile equipment and other supplies are covered by these types of policies
Nationwide Definition: marine risks
- Imports
- Exports
- Personal property floaters
Commercial marine risks
- Domestic shipments
- Instrumentalities of transportation or communication
- Commercial property floater risks
Coverage Forms
Commercial articles
- Cameras
- Musical equipment
- Photography equipment
- Newly acquired covered for 30 days up to $10,000
Accounts Receivable Coverage Form
Loss caused by damage or destruction
Requires receptacles
Valuable Papers and Records Coverage Form
Cost to replace
Requires receptacles
Sign Coverage Form
Covers attached and detached signs
Damage during shipping or installation not covered
Jewelers Block Coverage Form
- Jewelry and precious stones
- Also covers sold but not delivered
- Not covered when worn by the insured or an employee
- Must take at least an annual inventory
- Requires protective safeguard
- Optional show window and money coverage
Equipment Dealers Coverage Form
- Mobile equipment
- Construction equipment
- Property of others
- Doesn’t cover automobiles
Domestic Shipments
Bill of lading: identifies carrier’s responsibilities
Annual transit: covers all shipments during the coverage
Trip Transit
Covers a single shipment - one time, one way
Motor Truck Cargo
- Trucker’s form covers the insured’s bailee responsibility
- Owner’s form covers insured’s own goods in own trucks
- Combo form covers bailee responsibility and own goods
Instrumentalities of Transporation
Bridges, tunnels, and cell towers
Bailee Liability
Covers damage to customer’s property
Pays customer
Contractor’s Equipment Floater
Tools, machinery, and heavy equipment
