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Ch. 7 Commercial Inland Marine
Insurance terms - commercial inland marine
47
Insurance
Intermediate
11/10/2016

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Cards

Term
Types of property insured under Commercial Inland Marine
Definition
Imports, exports, domestic shipments, bridges, tunnels, other instrumentalities of transportation/communication, Commercial Property Floater Risks
Term
Classes of Commercial Inland Marine
Definition
Filed (controlled) and non-filed (non-controlled)
Term
Types of Filed (or controlled) forms
Definition
Accounts Receivable; Commercial Articles Floater; Jeweler's Block Coverage; Sign Coverage; Valuable Papers and Records Coverage; Equipment Dealers
Term
Types of Non-Filed (or non-controlled) forms
Definition
Builder's Risk; Contractor's Equipment Floater; Electronic Data Processing; Installation Floater; Difference in Conditions; Transportation
Term
Commercial Inland Marine Loss Conditions (10)
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
Term
Commercial Inland Marine General Conditions (6)
Definition
Concealment, Misrepresentation, or Fraud; Control of Property; Legal Action Against Us; No Benefit to Bailee; Policy Period, Coverage Territory; Valuation
Term
Inland Marine Builder's Risk Coverage Form
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
Term
Builder's Risk Coverage Form - Property Covered
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
Term
Builder's Risk Coverage Form - Property Not Covered
Definition
Existing buildings; Contractor's tools/equipment; Motor vehicles, aircraft, or watercraft; Accounts, bills, currency; Contraband; Trees, shrubs, plants
Term
Builder's Risk Coverage Form - Covered Causes of Loss
Definition
Provides coverage for Direct Physical Loss to covered property, except those Causes of Loss that are excluded or limited
Term
Builder's Risk Coverage Form - Coverage Extensions (2)
Definition
Debris Removal; Pollutant Cleanup and Removal
Term
Builder's Risk Coverage Form - Exclusions (examples)
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
Term
Builder's Risk Coverage Form - Other Provisions (2)
Definition
Coinsurance; Soft Costs Coverage (provides coverage for loss resulting from delay in project completion resulting from a covered loss)
Term
Contractor's Equipment Floater
Definition
Provides coverage for a vast range of traditional and specialized equipment
Term
Contractor's Equipment Floater - Property Covered
Definition
Written on a blanket or scheduled basis
Term
Contractor's Equipment Floater - Property Not Covered (examples)
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
Term
Contractor's Equipment Floater - Covered Causes of Loss
Definition
Named Perils (burden of proof on insured); Open Perils (burden of proof on insurer)
Term
Contractor's Equipment Floater - Coverage Extensions (4)
Definition
Additionally Acquired Equipment; Debris Removal; Pollutant Cleanup and Removal; Rental Reimbursement Coverage
Term
Contractor's Equipment Floater - Exclusions (examples)
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
Term
Contractor's Equipment Floater - Other Policy Provisions
Definition
Coverage territory; Coinsurance; Valuation options (ACV, replacement cost, agreed value); Deductible(s)
Term
Electronic Data Processing Policies cover:
Definition
1. Equipment
2. Data and Media
3. Time Element - Extra Expense or Business Income
Term
Electronic Data Processing Policies - Property Not Covered (examples)
Definition
Accounts, currency; Checked luggage; Data or media that cannot be replaced; Program supportive documents; Records, deeds, etc.; Loss of internet service provider
Term
Electronic Data Processing Policies - Covered Causes of Loss
Definition
Most policies: Covered Causes of Loss are direct physical loss to covered property, except those causes that are excluded or limited
Term
Electronic Data Processing Policies - Coverage Extensions
Definition
Duplicate and Backup Coverage; Newly Acquired Property/Location; Recharge of Fire Suppression System; Rewards; Transit/Off Premises Coverage; Utility Interruption
Term
Electronic Data Processing Policies - Exclusions
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
Term
Electronic Data Processing Policies - Provisions Unique to EDP (2)
Definition
Virus and Hacking Coverage; Valuation
Term
Installation Floater
Definition
Designed to insure property intended for installation in connection with the insured's occupation
Term
Installation Floater - Property Covered
Definition
Insured's property, or property of others for which the insured is liable, being materials, goods, and supplies designed for installation
Term
Installation Floater - Property Not Covered
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
Term
Installation Floater - Covered Causes of Loss
Definition
Covers direct physical loss to covered property, except those causes of loss that are excluded or limited
Term
Installation Floater - Coverage Extensions (2)
Definition
Debris removal; Pollutant cleanup and removal
Term
Installation Floater - Exclusions (11)
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
Term
Installation Floater - Difference in Conditions Policy
Definition
Designed to address specific gaps where coverage is not provided in a standard property policy form
Term
Transportation Coverages
Definition
Insuring the goods being transported
Term
Transportation Coverages - Common Carrier Exceptions (5)
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
Term
Transportation Coverages - Bill of Lading
Definition
Receipt from the carrier to the shipper for goods being transported. Serves as a contract between shipper and carrier
Term
Transportation Coverages - Contract Carrier
Definition
Transports goods for a specific client or a limited number of clients under a negotiated contract
Term
Transportation Coverages - Private Carrier
Definition
The owner of the goods transports their own property with their own vehicles
Term
Motor Truck Cargo Forms - Two basic types of forms:
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
Term
Motor Truck Cargo Forms - Property Covered
Definition
Property generally consisting of (whatever is being transported) and excluding certain commodities such as money, jewelry, pharmaceuticals, etc.
Term
Motor Truck Cargo Forms - Covered Causes of Loss
Definition
Usually on an open perils basis, direct physical loss is covered except those causes of loss that are excluded or limited
Term
Motor Truck Cargo Forms - Coverage Options (2)
Definition
1. Loading and Unloading
2. Refrigeration Machine Breakdown
Term
Motor Truck Cargo Forms - Exclusions (examples)
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
Term
Motor Truck Cargo Forms - Other Provisions (4)
Definition
1. Territory
2. Coinsurance
3. Deductible
4. Limits
Term
Transportation Insurance Policy
Definition
Provides direct coverage for the benefit of the owner of the goods while in transit. Can be extended to owned vehicles
Term
Annual Transportation Policy
Definition
Covers all shipments made during the policy term. Values reported to insurer on a scheduled basis
Term
Trip Transit Policy
Definition
Covers one shipment. Individual policy must be issued for each shipment
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