Unit Twelve Commercial Inland Marine Insurance

Question 1

What are the 6 categories of eligible marine risk?

Answer 1

•Imports
•Exports
•Personal Floaters
•Domestic Shipments
•Instrumentalities of transportation or communication
•Commercial property floater risks

Question 2

What does other insurance condition state?

Answer 2

•if coverages are written on the same basis and cover the same loss, each insurer shares pro rata
•If the coverages are not written on the same basis then the policy is excess

Question 3

What does the amounts receivable coverage form reimburse?

Answer 3

The insured for amounts that can’t be collected from customers because of damage to the company’s accounts receivable records.

Question 4

What does the equipment dealers coverage form provide coverage to?

Answer 4

•mobile equipment
•construction equipment
•property of others
•doesn’t cover automobiles

Question 5

In the commercial articles coverage form, additional acquired property is automatically covered if it is a type of property already covered by the form for up to how many days?

Answer 5

30 days

Question 6

What is covered on the jewelers block?

Answer 6

•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 safety guard
•optional show window and money coverage

Question 7

What is covered In the sign coverage form?

Answer 7

•covers attached and detached signs
•damage during shipping or installation not covered

Question 8

What does the annual transit policy protect?

Answer 8

The shipper or receiver of goods against loss to goods in transit

Question 9

What is trip transit policy used for?

Answer 9

To insure single shipment of goods for companies that have only occasional shipments to insure

Question 10

What is included in the instrumentalities of transportation and communication coverage?

Answer 10

•bridges
•tunnels
•cell towers

Question 11

What does Bailee liability cover?

Answer 11

•covers damage to customers property
•pays customer

Question 12

What does the contractor’s equipment floater insure?

Answer 12

Tools, machinery, and heavy equipment

Question 13

What does the installation floater cover?

Answer 13

•covers property in transit
•awaiting installation
•coverage ends when installed

Question 14

What does electronic data processing coverage provide coverage on?

Answer 14

•software
•hardware
•data
•includes extra expense coverage and lost income