Unit 12 Commercial Inland Marine Insurance Activities

ocean marine insurance

provides coverage against loss or damage to a ship. Also covers in-transit cargo losses or damages over waterways, air, or land.

inland marine insurance

coverage to moveable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. Known as "floaters"

inland marine types

actually in transit, held by a bailee, at a fixed location that is an instrument of transportation, or a moveable type of good that is often at different locations

inland marine categories

imports, exports, personal floaters, domestic shipments, instrumentalities of transportation or communication, or commercial property floater risks

domestic shipments

covered through a variety of inland marine transportation forms that cover property being transported

instrumentalities of transportation and communication

include forms that cover property related to transportation or communication, such as bridges, pipelines, and television towers.

commercial property floater risks

embrace a number of subcategories of inland marine forms, including bailee's customer forms, equipment forms, and business floaters

commercial articles coverage form

defines covered property as cameras, projection machines, films, musical instruments and related equipment, and accessories that are in the insured's care, custody, or control.

accounts receivable coverage form

reimburses the insured for amounts that can't be collected from customers because of damage to the company's accounts receivable records. Also covers extra collection expenses and interest on any loans the insured must obtain to stay in business while collections are impaired

valuable paper and records coverage form

reimburses the insured for the cost of replacing damaged items, such as manuscripts, films, maps, drawings, deeds, and books that belong to the insured or are in the insured's care, custody, or control.

sign coverage form

neon, fluorescent, automatic, or mechanical signs or lamps. breakage during transportation or installation, repairing, or dismantling of the sign is not covered.

jewelers block coverage form

covers: stock in trade (jewelry, precious/semiprecious stones, precious metals/alloys, other stock), property that is sold but not delivered

show window coverage

covers theft of stock from a show window when the window is cut or smashed

money coverage

covers theft of money from locked safes or vaults on the insured's premises

equipment dealers coverage form

covers dealers of mobile equipment and construction equipment. stock in trade of mobile agricultural equipment and construction equipment.

bill of lading

obligations stating common carrier's liability for losses to cargo.

annual transit policy

protects the shipper or receiver of goods against loss to goods in transit.

trip transit policy

insures single shipments of goods for companies that have only occasional shipments to insure.

motor truck cargo coverage (trucker's form)

liability insurance that covers cargo up to a set monetary limit that the trucker determines when he buys a policy

acts of God

floods, tornadoes or other natural disasters

shipper's own neglect

poor packing

owner's goods on owner's trucks (owner's form)

companies that transport their own goods, provides direct damage coverage.

bailment

the delivery of property by the owner to someone else to be held for a special purpose, and then to be returned to the owner

contractor's equipment floater

covers heavy machinery, equipment, and tools a contractor needs to conduct business.

installation policy

inland marine coverage that insures against loss to machinery, equipment, building materials, and supplies in transit to, being used with, or during the course of installation, testing, building, renovating, or repair.

electronic data processing equipment floater

open-peril coverage for computer hardware, software, and data that is owned by the insured or in the insured's care, custody, or control.