Term
| Types of property insured under Commercial Inland Marine |
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Definition
| Imports, exports, domestic shipments, bridges, tunnels, other instrumentalities of transportation/communication, Commercial Property Floater Risks |
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Term
| Classes of Commercial Inland Marine |
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Definition
| Filed (controlled) and non-filed (non-controlled) |
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Term
| Types of Filed (or controlled) forms |
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Definition
| Accounts Receivable; Commercial Articles Floater; Jeweler's Block Coverage; Sign Coverage; Valuable Papers and Records Coverage; Equipment Dealers |
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Term
| Types of Non-Filed (or non-controlled) forms |
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Definition
| Builder's Risk; Contractor's Equipment Floater; Electronic Data Processing; Installation Floater; Difference in Conditions; Transportation |
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Term
| Commercial Inland Marine Loss Conditions (10) |
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Definition
| Abandonment; Appraisal; Duties in the Event of Loss; Insurance Under Two or More Coverages; Loss Payment; Other Insurance; Pair, Sets, or Parts; Recovered Property; Reinstatement of Limit; Transfer of Rights of Recovery Against Others to Us |
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Term
| Commercial Inland Marine General Conditions (6) |
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Definition
| Concealment, Misrepresentation, or Fraud; Control of Property; Legal Action Against Us; No Benefit to Bailee; Policy Period, Coverage Territory; Valuation |
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Term
| Inland Marine Builder's Risk Coverage Form |
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Definition
| Provides direct physical damage coverage for the new construction of buildings and structures, additions to existing buildings and structures, as well as renovation and retrofitting of buildings and structures |
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Term
| Builder's Risk Coverage Form - Property Covered |
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Definition
| May provide coverage for the structure under construction, including machinery, equipment, building materials, fixtures, temporary structures like scaffolding, etc. Covered in transit, at jobsite, and temp storage |
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Term
| Builder's Risk Coverage Form - Property Not Covered |
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Definition
| Existing buildings; Contractor's tools/equipment; Motor vehicles, aircraft, or watercraft; Accounts, bills, currency; Contraband; Trees, shrubs, plants |
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Term
| Builder's Risk Coverage Form - Covered Causes of Loss |
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Definition
| Provides coverage for Direct Physical Loss to covered property, except those Causes of Loss that are excluded or limited |
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Term
| Builder's Risk Coverage Form - Coverage Extensions (2) |
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Definition
| Debris Removal; Pollutant Cleanup and Removal |
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Term
| Builder's Risk Coverage Form - Exclusions (examples) |
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Definition
| Wear and tear; Delay, loss of use, or loss of market; Mysterious disappearance or inventory shortage; Flood; Earthquake; Dishonest or criminal acts; Design error; Mechanical breakdown or failure; Testing; Rain, sleet, hail, or snow damage to property out in the open; Settling, cracking, shrinking or bulging; War; Nuclear |
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Term
| Builder's Risk Coverage Form - Other Provisions (2) |
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Definition
| Coinsurance; Soft Costs Coverage (provides coverage for loss resulting from delay in project completion resulting from a covered loss) |
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Term
| Contractor's Equipment Floater |
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Definition
| Provides coverage for a vast range of traditional and specialized equipment |
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Term
| Contractor's Equipment Floater - Property Covered |
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Definition
| Written on a blanket or scheduled basis |
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Term
| Contractor's Equipment Floater - Property Not Covered (examples) |
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Definition
| Property designed to be part of a structure; Autos, motorcycles, aircraft or watercraft; Waterborne or underwater property; Underground property; Plans, designs, blueprints; Accounts, deeds, currency |
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Term
| Contractor's Equipment Floater - Covered Causes of Loss |
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Definition
| Named Perils (burden of proof on insured); Open Perils (burden of proof on insurer) |
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Term
| Contractor's Equipment Floater - Coverage Extensions (4) |
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Definition
| Additionally Acquired Equipment; Debris Removal; Pollutant Cleanup and Removal; Rental Reimbursement Coverage |
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Term
| Contractor's Equipment Floater - Exclusions (examples) |
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Definition
| Wear and tear; Delay, loss of use, or loss of market; Overloading; Dishonest or criminal acts; Inventory shortage; Mechanical or electrical breakdown or failure; Release of pollutants |
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Term
| Contractor's Equipment Floater - Other Policy Provisions |
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Definition
| Coverage territory; Coinsurance; Valuation options (ACV, replacement cost, agreed value); Deductible(s) |
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Term
| Electronic Data Processing Policies cover: |
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Definition
1. Equipment
2. Data and Media
3. Time Element - Extra Expense or Business Income |
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Term
| Electronic Data Processing Policies - Property Not Covered (examples) |
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Definition
| Accounts, currency; Checked luggage; Data or media that cannot be replaced; Program supportive documents; Records, deeds, etc.; Loss of internet service provider |
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Term
| Electronic Data Processing Policies - Covered Causes of Loss |
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Definition
| Most policies: Covered Causes of Loss are direct physical loss to covered property, except those causes that are excluded or limited |
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Term
| Electronic Data Processing Policies - Coverage Extensions |
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Definition
| Duplicate and Backup Coverage; Newly Acquired Property/Location; Recharge of Fire Suppression System; Rewards; Transit/Off Premises Coverage; Utility Interruption |
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Term
| Electronic Data Processing Policies - Exclusions |
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Definition
| Wear and tear; Obsolescence; Delay, loss of use; Programming errors; Dishonest or criminal acts; Damage during service or repair; Design errors; Concurrent causation losses |
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Term
| Electronic Data Processing Policies - Provisions Unique to EDP (2) |
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Definition
| Virus and Hacking Coverage; Valuation |
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Term
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Definition
| Designed to insure property intended for installation in connection with the insured's occupation |
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Term
| Installation Floater - Property Covered |
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Definition
| Insured's property, or property of others for which the insured is liable, being materials, goods, and supplies designed for installation |
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Term
| Installation Floater - Property Not Covered |
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Definition
| Buildings to which improvements are being made; Plans, blueprints, designs; Property on premises which the insured owns or leases; Machinery, tools, etc. that will not become a permanent part of the structure |
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Term
| Installation Floater - Covered Causes of Loss |
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Definition
| Covers direct physical loss to covered property, except those causes of loss that are excluded or limited |
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Term
| Installation Floater - Coverage Extensions (2) |
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Definition
| Debris removal; Pollutant cleanup and removal |
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Term
| Installation Floater - Exclusions (11) |
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Definition
| Wear and tear; Delay/loss of use; Inventory shortage; Damage to property of others; Release of pollutants; Dishonest/criminal acts; Mechanical breakdown/failure; Testing; Electrical damage (unless caused by lightning or resulting in fire); Concurrent causation losses; Difference in Conditions |
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Term
| Installation Floater - Difference in Conditions Policy |
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Definition
| Designed to address specific gaps where coverage is not provided in a standard property policy form |
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Term
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Definition
| Insuring the goods being transported |
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Term
| Transportation Coverages - Common Carrier Exceptions (5) |
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Definition
| Acts of God or Nature; Exercise of Public Authority; Acts of Public Enemy; Negligence of the Shipper; Inherent Vice or Nature of the Property |
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Term
| Transportation Coverages - Bill of Lading |
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Definition
| Receipt from the carrier to the shipper for goods being transported. Serves as a contract between shipper and carrier |
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Term
| Transportation Coverages - Contract Carrier |
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Definition
| Transports goods for a specific client or a limited number of clients under a negotiated contract |
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Term
| Transportation Coverages - Private Carrier |
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Definition
| The owner of the goods transports their own property with their own vehicles |
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Term
| Motor Truck Cargo Forms - Two basic types of forms: |
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Definition
1. Motor Truck Carrier's Legal Liability Form: Used for trucking firms that haul the property of others
2. Motor Truck Cargo Owner's Form: Used when the owner transports their own property in their own vehicles |
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Term
| Motor Truck Cargo Forms - Property Covered |
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Definition
| Property generally consisting of (whatever is being transported) and excluding certain commodities such as money, jewelry, pharmaceuticals, etc. |
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Term
| Motor Truck Cargo Forms - Covered Causes of Loss |
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Definition
| Usually on an open perils basis, direct physical loss is covered except those causes of loss that are excluded or limited |
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Term
| Motor Truck Cargo Forms - Coverage Options (2) |
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Definition
1. Loading and Unloading
2. Refrigeration Machine Breakdown |
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Term
| Motor Truck Cargo Forms - Exclusions (examples) |
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Definition
| War; Nuclear; Government action; Delay/loss of use; Dishonest/criminal acts; Voluntary giving of property under false pretense; Faulty packing; Weather damage to property out in the open; Changes in temperature; Illegal transport/trade; Contamination, corrosion, decay |
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Term
| Motor Truck Cargo Forms - Other Provisions (4) |
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Definition
1. Territory
2. Coinsurance
3. Deductible
4. Limits |
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Term
| Transportation Insurance Policy |
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Definition
| Provides direct coverage for the benefit of the owner of the goods while in transit. Can be extended to owned vehicles |
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Term
| Annual Transportation Policy |
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Definition
| Covers all shipments made during the policy term. Values reported to insurer on a scheduled basis |
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Term
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Definition
| Covers one shipment. Individual policy must be issued for each shipment |
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