Term
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Definition
| is an insurance policy that covers losses to moving and movable property that occurs when it's transported across the continent. |
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Term
| _______ ______ _______ is an outgrowth of ocean marine insurance, which provided similar coverage for property that was transported by sea. |
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Definition
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Term
| Because of the sheer variety of cargo being transported and the unique circumstances involved in the transportation, ______ _____ _____ policies are usually phrased broadly enough to allow flexibility other property-based insurance policies usually lack. |
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Definition
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Term
| For most of the human history, the best way to transport cargo was by ______. They could haul large quantites of ______ without nearly as much power as transporting it by land would. However, it did not offer the same ________ while the cargo was loaded off the ships or while it was transported to it's final destination by land. That was something property owners had to cover out of their own _______. |
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Definition
| ships; cargo; protection; pockets |
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Term
| Originally, ______ ______ ________ was designed to protect cargo while it was transported along rivers, channels, and other waterways, but by the 20th century, it expanded, providing coverage to every mode of __________, including the docks and warehouses where property is stored. |
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Definition
| inland marine insurance; transportation |
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Term
| Today it is entirely possible to get inland marine insurance even if the cargo ______ ___ anywhere near a body of water. |
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Definition
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Term
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Definition
| Cargo shipped from one country to another. Imports are products that are brought into a country from another country. Exports are products that are made in another country and shipped to another country for future sale or trade |
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Term
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Definition
| Cargo that is shipped within a single country's borders |
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Term
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Definition
| Personal property that belong to individuals. This inclueds types of property that other types of property insurance won't automatically cover. This includes jewerly, furs and musical instuments, among other things |
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Term
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Definition
| property related to a particular business or occupation. This includes everythinig from office equipment to office supplies. |
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Term
| In most cases, inland marine insurance coverage will also extend to cover that damage to any equipment or piece of infrastructure involved in __________ the product. For example, it may cover the _______ to both truck and the bridge it passes over. |
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Definition
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Term
| When taking out inland marine insurance, property ownners can choose between ______ __________ or ____-______ coverage. |
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Definition
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Term
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Definition
| provides cover for any damage to the property so long as the property is specifically cited by name. |
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Term
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Definition
| provides blanket coverage for all of the property owner's property. |
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Term
| In most property insurance policies, the policy won't cover types of damage that isn't _______ ________ as part of it's coverage. |
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Definition
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Term
| In an all-risk policy, the _____ is true--- it will cover everything except for certain areas that are specifically listed as _______ ___ _______. For example, if the policy specifically excludes damage that resulted from negligence, it will ___________ cover every other type of damage. |
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Definition
| reverse; outside it's scope; automatically |
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Term
| The inland marine insurance covers the _____ of the property and the _____ ____ that may result from the damage to the property. The _______ will remain in force at every point of the cargo's journey, regardless of whether or not it's actually moving at the time. |
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Definition
| value; legal costs; coverage |
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Term
| Unlike other types of property insurance, inland marine insurance policies provide the same coverage _______ ___ ________. The fact that there are ___ _____ regulating the field simplifies the matters considerably. |
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Definition
| regardless of location; few laws |
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Term
| ________ ______ _______ ________ provides coverage for goods being transported from site to site. This includes: |
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Definition
Inland marine insurance protection
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rail and motor truck transportation exposures
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inland waterway transportation exposures
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instrumentalities of transportation or communication (bridges).
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Term
| According to the _______ ________ __________, a ____ must include an element of transportation to be eligible for an inland marine contract. The property must actually be: |
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Definition
Nationwide Marine Definition; risk
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In transit
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Held by a Bailee (not the owner of the property)
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At a fixed location
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A transportable property that is often at different locations
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Term
| On the basis of the nationwide definition, the four divisions of inland marine coverage are: |
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Definition
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Property in transit
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Bailee liability
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Fixed transportation property (instrumentalities)
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Personal and commercial floaters
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Term
| Property in transit (transportation insurance) |
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Definition
| __________ ________ covers a specific trip. In this regard, it resembles ocean marine cargo coverage. This is a first party coverage covering the insured's property frequently exposed to loss while it is in transit from one location to another. Coverage is provided for an insured's property from the moment it leaves its initial point of shipment untill it is delivered to its point of destination. |
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Term
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Definition
| The ______ _______ ________ protects the shipper or receiver of goods against loss to goods in transit. Coverage is available on a named-peril basis. The policy covers all of the insured's incoming or outgoing shipments during the year. |
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Term
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Definition
| The _____ ____ ______ is similar to the annual transit policy. However, it is used to insure single shipments of goods for companies that have only occasional shipments to insure. Coverage extends from the time and point of origination to the time and point of destination. |
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Term
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Definition
| The ____ ____ _____ insures the goods in transit and remains in force until canceled by the parties involved. It defines the goods, the route, the limit of liability, and perils covered. The insurer determines the premium using a monthly shipment report from the shipper. |
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Term
| Exclusion- Common exclusions include: |
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Definition
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loss by theft
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robbery
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civil commotion
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war
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riot
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Term
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Definition
| This insurance protection is used to meet the needs of persons who have intentionally received temporary custody of goods or property belonging to others. A bailor, or customer, gives up possession of his property to the bailee, or business. This coverage would reimburse the bailor if his property is lost or damaged while in the care, custody, or control of the bailee. |
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Term
| Types of businesses that would need bailee coverage include: |
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Definition
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Term
| Two common inland marine forms include the following: |
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Definition
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Term
| Bailee's customer policies |
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Definition
| These policies are written on a named-peril basis and cover direct damage, without regard to legal liability, to goods in the care, custody, or control of the insured for services such as cleaning, laundering, or repairing. This type of policy may be adapted to the need of most businesses. |
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Term
| Motor truck cargo coverage |
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Definition
| This coverage is also referred to as carriers' liability. Many states require licensed public truckers to purchase a prescribed minimum amount of legal liability coverage for their shipments. A ____ ____ ____ _____ insures the trucker for legal liability as a carrier of goods belonging to others. |
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Term
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Definition
Some inland marine forms may also provide coverage for bridges, tunnels, and other instrumentalities of transportation and communication. These items qualify for inland marine coverage because they are held to be an essential part of the transportation system.
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For example, bridge insurance covers direct loss or damage to the bridge and its approaches, however the damage is covered, with a certain number of expectations
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Piers, wharves, and docks may also covered with this form
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Term
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Definition
| The term _____ is used to denote an inland marine policy that covers mobile property wherever it may be located, as opposed to during a specifed trip. These forms are divided into personal and commercial floaters. |
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Term
| Personal property floater |
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Definition
| This floater provides open perils coverage for personal property, not only away from the insured's residence but it in the residence as well. This contract insures virtually every piece of personal property, with some common exceptions, such as boats, autos, and business property |
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Term
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Definition
| This floater provides protection for an insured's personal property away from the residence. This policy does not specifically list the personal effects to be covered, but it includes all property usually carried by travelers and tourists. |
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Term
| Personal articles floater |
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Definition
This inland marine floater provides all risk coverage on personal items such as furs, silverware, jewerly, cameras, fine arts, golfer's equipment and antiques.
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This coverage may be attached to a homeowners policy or purchased as a separate contract
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Each item will be listed separately (scheduled) in the contract with its value listed.
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The value of more expensive items, such as a diamond ring, must be verified by an appraisal.
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Fine arts would be covered by this type of contract on an agreed-value basis. In this situation, the insurer and the insured agree on the amount of coverage established for the fine arts to be protected.
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Newly acquired jewelry, watches, furs, cameras and similar items are automatically covered for 30 days at ACV up to $10,000 or 25% of the amount already scheduled.
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Term
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Definition
These floaters cover property frequently moved from place to place in connection with a business or profession.
The types of ____ ______ include:
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Physicians' and surgeons' equipment
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Contractors equipment
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Installation
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Accounts receviable coverage
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Valuable papers and records coverage
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Jeweler's block policy
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Other block policies
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Equipment dealers coverage form
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Electronic data processing (EDP)
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Commercial articles
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Signs
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Term
| Physicians' and surgeons' equipment |
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Definition
| This floater is designed to cover a doctor's professional instruments and equipment used in a practice. it is an all risk policy covering equipment even when moved from place to place. |
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Term
| Contractors equipment floater |
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Definition
| This policy provides coverage for a contractor's equipment, which at some time moves from one location to another, including small and large contractor's tools, machinery, and automotive units not registered for road use. Policies are usually written on an all risk basis. |
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Term
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Definition
This floater is written for a number of businesses whose operations require the complete installation of their products, iin working order, at the premises of the customer before delivery is considered complete. An example of an exposure where this policy is appropriate would be a business specializing in retail store fixture installation.
A contract to remodel a specific location may require anything from a new storefront to interior decoration. This floater would cover any machniery or products partially installed or in transit. |
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Term
| Accounts receviable coverage |
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Definition
| This type of floater provides all risk coverage for loss resulting from the damage or destruction of accounts receviable records. It may be written as a stated limit or reporting form policy. |
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Term
| Accounts receivable coverage includes: |
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Definition
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Term
| The following are excluded from accounts receivable coverage: |
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Definition
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Bad debts
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Insured dishonesty
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Billing errors
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Records alteration
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War
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Nuclear hazard
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Term
| Valuable papers and records coverage |
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Definition
| This floater usually provides all risk coverage for loss to specific ______ _____ ___ _____. This policy pays up to $5,000 for expenses incurred to replace or restore the documents that are lost or damaged. Money is not covered. Typical covered property includes maps, blueprints, films, illustrations, and drawings. |
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Term
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Definition
These floaters are written for jewelers on an all risk basis, with a list of exclusions tailored to meet the needs of the specific classes of business being protected. This includes property that is:
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held for sale in the care of the insured
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In transit by common carrier
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on exhibit
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in the custody of outside salesmen
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Term
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Definition
| These floaters are written for furriers, camera or musical equipment dealers, and others, and closely resemble the coverages and exclusions of the jeweler's block form. |
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Term
| Equipment dealers coverage form |
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Definition
The equipment dealers coverage form is used to cover dealer of mobile equipment and construction equipment. It covers the dealer's stock in trade consisting primarily of mobile agricultural equipment and construction equipment. it also covers property of others in the dealer's care, custody or control. It does not over:
- automobiles, trucks, motorcycles, aircraft, and watercraft
- money, securities, accounts, and bills
- property in the course of manufacture
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Term
| Electronic data processing (EDP) |
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Definition
| This form covers electronic equipment, including data and media. Covered property is also covered while in transit. |
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Term
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Definition
| This form covers the interests of the owner of commercial cameras, musical instruments, and related equipment and similar property of others that is in the insured's care. It provides open peril coverage worldwide. |
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Term
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Definition
This business floater insured businesses against lost to neon, fluorescent, or mechanical electrical signs and lights. The form covers the insured's signs and similar property of others in the insured's care, custody, or control. Exclusions include:
- breakage during transportation or during installation
- repairing or dismantling
- artificially generated current that creates a short circuit or other electric disturbance
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