Term
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Definition
| Covers physical damage to the ship itself, including fittings and machinery of the vessel. Coverage may be written on an open or named peril basis, and typically is written to cover a particular voyage of for 1 year. |
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Term
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Definition
| Covers the goods being shipped while in transit. Can be written open or named perils and is provided during the time the insured (either the cargo buyer or seller) has an interest in the property. |
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Term
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Definition
| An indirect loss coverage that protects the shipper, who is required to prepay freight charges and/or import duties, in the event that the voyage is not completed or that the goods have sustained partial damage and the shipper is not able to secure a refund of the duty on the damaged goods. |
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Term
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Definition
| A partial loss where the loss is apportioned or shared among all who benefited by the sacrifice, such as throwing cargo overboard (jettison of cargo) to save the ship. |
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Term
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Definition
| A partial loss that affects only a particular interest, and the loss is not shared. |
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Term
| The Collision or Running Down Clause |
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Definition
| A provision contained in Hull Insurance that covers collision damage to another vessel. |
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Term
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Definition
| An addition to Hull Insurance that covers damage caused by the bursting of boilers, the breaking of propeller shafts, or loss due to faults or errors in navigation by the crew. |
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Term
| Personal Inland Marine Insurance |
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Definition
| Policies can be attached to a Homeowners Policy or may be written as stand-alone policies. This insurance is a form of coverage that originated with transportation-related insurance and is still used to insure moveable property against direct loss. |
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Term
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Definition
| This policy is similar in design to a Homeowners Policy and similar in coverage to a Personal Auto Policy. It is generally used to cover boats that can be towed by automobiles. |
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Term
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Definition
| Section __ of the Boatowners Policy provides open peril coverage for the hull, motor, trailer, equipment, and accessories manufactured for marine use. Losses are settled on an Actual Cash Value basis. |
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Term
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Definition
| Section __ of the Boatowners Policy provides Watercraft Liability, Medical Payments, and Uninsured Boaters coverages. |
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Term
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Definition
| This policy is an Inland Marine form which is designed to cover outboard motors and boats against a direct loss. The coverage is normally written on an open peril basis, but may be written on named perils. The policy is written on an actual value cash basis. It might be desirable to adjust the coverage limits as the boat ages. Liability coverage is normally picked up in Section II of a Homeowners Policy. |
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Term
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Definition
| This policy is an Ocean Marine Form which provides both property and liability coverage. Larger vessels are normally insured under the complete package of yacht coverages which includes, in addition to Hull Insurance: Protection and Indemnity, Medical Payments, and the Jones Act for crews of vessels. |
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Term
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Definition
| Applies when the insured boat is in storage and allows for a return of premium due to the lower risk. |
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Term
| Difference in Conditions (DIC) Insurance |
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Definition
| Special form used to fill in the gaps of property policy. There is no standard policy form. |
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Term
| Difference in Conditions (DIC) Insurance |
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Definition
| This form is often written to provide coverage in the event of earthquakes, flood, collapses, and subsidence. |
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Term
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Definition
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Term
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Definition
| This policy provides coverage on an open peril basis for physical loss or damage to the insured aircraft while it is on the ground and while it is in flight. |
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Term
| National Flood Insurance Program (NFIP) |
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Definition
| Federal program which enable property owners to purchase flood insurance. |
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Term
| FEMA (Federal Emergency Management Agency) |
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Definition
| The Federal Insurance Adminstration administers the NFIP under______ or _____ _______ _______ _______. |
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