Written on an open perils basis

• must be in transit, be moveable,
• bear a relationship to transportation or communication
• be held in the possession of a bailee

1. imports, exports
2. domestic shipments
3. property in transit
4. instrumentalities of transportation or communication
5.   personal property floaters
6. commercial property floaters

Commercial Inland Marine Insurance

Exclusions:

• governmental action,
• war and nuclear hazard,
• consequential loss,
• dishonest and criminal acts of an insured,
• weather conditions
• acts and decisions
• earthquakes
• water on a policy insuring buildings

Filed with the Department of Insurance by insurers

• accounts receivable coverage, commercial articles floaters, jewelers block coverage, signs coverage, valuable papers and records coverage, and equipment dealers coverage

Developed by individual commercial inland marine insurers are not filed with any department of insurance or rating bureau

• provide builders risk coverage, contractors equipment floaters, electronic data processing coverage, installation floaters, and transportation floaters

Commercial Inland Marine Insurance

accounts receivables floater

Commercial Inland Marine Insurance

builders risk floater

Commercial Inland Marine Insurance

Commercial Articles Floater

Commercial Inland Marine Insurance

Contractors Equipment Floater

Commercial Inland Marine Insurance

Electronic Data Processing coverage

(Computer Systems Coverage Form)

insures computers, their component parts, associated peripheral equipment such as printers and faxes, and systems

• air conditioning, fire suppression, and electrical equipment.

Commercial Inland Marine Insurance

 Equipment Dealers coverage

For property consisting primarily of mobile agricultural and construction equipment. Example:

• binders, reapers, harvesters, tractors, bulldozers, and road scrapers

Commercial Inland Marine Insurance

 primary property

Insured under an installation floater is moveable property. Example:

• electrical, plumbing, or heating equipment, carpeting, tile, glass, elevators, and machinery to be installed in a building

Commercial Inland Marine Insurance

Common Carrier Cargo Liability - Motor Truck Cargo Coverage

provided for loss or damage to cargo

• interest of the trucker, not the shipper, owner, or consignee

insures a single shipment described in the Declarations.

Opened or named perils

Named perils

• Straight-Carrier responsable for full vaule of goods
• Released-carrier's responsibily is limited to the value stated

insures the transportation of goods and merchandise by vessels crossing domestic and foreign waters

• Must be insired to full value

Ocean marine insurance

 hull coverage

insures physical damage to the vessel and may be written on a named perils basis.

• perils of the sea, jettison, piracy, fire and explosion, and lightning.

Ocean marine insurance

Cargo Insurance

covers physical damage losses to merchandise while in transit

• can be open peril 

Ocean marine insurance

 Protection and Indemnity Insurance (P & I Insurance)

Ocean marine insurance

general average

• is a partial loss sustained voluntarily in order to save a vessel or cargo from a total loss
• owners of the vessel and all the cargo share the loss

Commercial Ocean Marine Insurance

particular average

partial loss sustained by a specific vessel or cargo and the

• loss is not shared

Commercial Ocean Marine Insurance

Running Down Clause

Legality

Seaworthiness

No deviation

provides businesses with liability coverage, including defense costs, for claims made by employees, former employees, and potential employees alleging their legal rights were violated.

Covers:

• covered perils include harassment, discrimination, wrongful termination, and breach of employment contract

provides coverage for businesses that manufacture, sell, distribute, or furnish alcoholic beverages

• based on common law and statutory liability

party owing the duty, performance, or honesty and is usually the party purchasing the bond

(i.e., the insurance agent’s client)

Surety (guarantor)

company

Party guaranteeing the duty, performance, or honesty.

• The Surety has a legal right of action against the Principal in the event of default.

guarantee that contractors perform according to a construction contract

Fails: Surety is responsible to the Principal for the bond limit

guarantees the honest and faithful performance of executors, trustees, and other fiduciaries

Types of:

• Indivdual-bond 1 employee
• named schedule-bond 2+
• Position schedule-Specific position
• Blanket-Cover everyone

Equipment Breakdown Coverage

AKA Boiler & Machinery Coverage

Is insurance for loss due to the mechanical breakdown of most types of equipment

Ex:

• boilers, machinery, refrigeration systems, air conditioning systems, and electrical equipment

is net income, or the net profit or losses before income taxes

• including payroll

• Partial (indirect) loss

Farm Insurance

Coverage A

Farm Insurance

Coverage B

detached private garages and other private structures used personally

• not for farm purposes

Farm Insurance

Coverage C

Farm Insurance

Coverage D

Farm Insurance

Coverage E

Scheduled Farm Personal Property provides insurance for specific types of property listed on the Declarations

Examples:

• grain and hay, farm products, poultry and computers and related equipment used for farm management

Farm Insurance

Coverage F

Unscheduled Farm Personal Property provides insurance for all items of farm personal property on the insured location

• except for those specifically excluded

Farm Insurance

Coverage G

Farm Liability Coverage Form

Coverage H

 (Bodily Injury and Property Damage Liability)

• includes product liability from the sale of farm products

Farm Liability Coverage Form

Coverage I

Farm Liability Coverage Form

Coverage J

(Medical Payments)

• reported three years of the accident date
• 3rd party

provides insurance for physical damage to the airplane

Three causes of loss:

• ground only
• ground including taxi
• all risk coverage

Aircraft hull insurance

ground only

• Not in motion
• include fire theft vandalism

Aircraft hull insurance

ground including taxi

• Hull is on ground
• not in motion
• PLUS losses that occur during taxi

Ex: Collision with another plane on runway

specialized policy that protects the insured against reduced yield because of a covered loss to crops before they are harvested

• not reinsured by the federal government
• Named peril coverage including:

hail and fire, lightning, wind, freezing, drought, insects and disease

• reinsured by the Federal Crop Insurance Corporation (FCIC)
• provided for approximately 200 different types of crops

excluded under the standard property insurance policies written in many states that are at high risk for wind loss caused by hurricane

• provide insurance as a last resort for those who are unable to purchase insurance for the peril of wind on their primary property policies