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Nationwide marine Definition
- wet insurance and dry insurance - uses in specifying risks
- National Association of Insurance Commissioners adopted 6 classes
- 1. Imports
- 2. Exports
- 3. Domestic Shipments
- 4. Instrumentalities of Transportation or Communication
- 5. Personal Property Floater Risks
- 6. Commercial Property Floater Risks
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Inland Marine Policies
- insure porperty that is only covered on land
- portect against losses to property that is mobile in nature
- property away from owner's premises
- coverage - open peril basis , can be named peril
- not cover - furnitiure and fixtures at fixed locations
- valuation - agreed value or stated amt
- some - ACV basis
- Occasionally - replacement cost basis
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Controlled or Standardized Forms (C)
- filed with Department of Insurance by insurers
- governed by rules contained in Commercial Lines Manual
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Uncontrolled or Non-Standardized Forms (U)
- developed by individual insurers
- forms generally differ from insurer to insurer
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Commercial Inland Marine Coverage Part
- 1. Common Policy Declarations
- 2. Common Pollicy Conditions
- 3. Commercial Inland Marine Declarations
- 4. Commerical Inland Marine Conditions
- 5. One or more commercial inland marine coverage forms
- 6. endorsements
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Loss conditions under commercial inland marine conditions
- 1. Abandonment
- 2. Assignment
- 3. Duties in the event of loss
- 4. Insurance under two or more coverages
- 5. Loss Payment
- 6. Other insurance
- 7. Pair, sets or parts
- 8. Privilege to adjust with owner
- 9. Recoveries
- 10. Reinstatements after a loss
- 11. Transfer of Rights of recovery against others to the insurer
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General Conditions
- concealment
- legal action against the insurer
- no benefit to bailee
- policy period
- valuation
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Accounts receivable coverage form (C)
covers amt due the insured, uncollectible from customers due to direct physical loss from a covered peril
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Bailees' Customers Form (U)
- covers all lawful goods that are property of others and accepted by insured
- does not cover insured's property
- coverage - open or named peril basis
- excludes misdelivery or other unaccountable losses
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commercial articles coverage form (C)
covers cameras, projection machines, films and related equipment and accessories, muscial instruments and similar property of others that is in insured's care
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Contractor equipment Floater (U)
- covers moblie equipment, tools and construction machinery owned by contractor
- open peril basis with specified exclusions
- valuation - ACV unless replacement cost is indicated
- newly acquired equip must be reported within 60 days
- terriotrial limits - US and its possessions like Canada and Puerto Rico
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Equipment Data Procession Floater (U)
- to insure computers and other electronic data processing equipment and media like hardware, software
- cover exteral risks of physical loss
- excluded for intentional or faulty damage
- hardware and software must be stated in Declarations
- value - ACV unless replacement is stated
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Equipment Dealer Coverage Form (C)
covers the insured's stock in trade principally of mobile agriculture and construction equipment in insured's care
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Installation Floater (U)
- for contractors
- to insure against risk of loss to equipments such as AC that must be installed in the buidings
- cover during transportation, unloading, installation until control of equipment is given to the owner of the building
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Jeweler's Block Coverage Form (C)
- cover insured's stock in trade principally jewelry
- coverage written with stated limit or on a reporting form
- not include property being worn by a salesperson or in showcases away from premises
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Signs Coverage Form (C)
- covers insured's neon, fluorescent, automatic and mechanical signs in insured's care
- does not cover electirc disturbance or short circuit by artificial generated electrical current
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valuable papers and records coverage form (C)
covers the cost of replacing or reconstructing valuable paper and records, important to continuation of business following a loss
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Common Carrier Cargo Liability
- absolute for loss or damage to property in their custody from any cause, except from 5 sources
- 1. acts of god
- 2. acts of a public enemy
- 3. exercise of a public authority
- 4. fault or neglect of a shipper
- 5. inherent vice
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Bill of lading
- a receipt for the goods, and sets forth the agreement between the carrier and the shipper
- 2 types
- 1. straight - carreir is responsible for the invoice cost of the goods
- 2. Released - the carrier is only responsible for the value of the goods declared in Bill of Lading which lowers the shipper's cost
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Motor Truck Cargo Forms (U)
Trucker's Form
- insure public truckers for their legal liability arising out of loss or damage to cargo belonging to others in their possession
- cover only if the carrier is legally liable for the loss
- the loss must be covered peril
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Shipper's Form
- uses the same basic policy as Trucker's Form
- coverage different because it covers the shipper's own goods
- provides property coverage, protect the owner of goods for loss of those goods
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Owner's Form
- provide transportation coverage for a business firm that own trucks with which it transports its own goods
- trucks - scheduled on the form
- excludes losses caused by dishonesty of insured's employees
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Annual Transit
- for business firms that want to protect all kinds of property that is either shipped or received from any common carrier
- 2 applicable limits of liablity:
- first limit - most that can be collected for loss in any one place
- second limit - most that can be collected for all losses in any one disaster
- does not cover improper packing, inherent vice and leakage
- may be written on open cargo basis - cover all shipper's goods in transit
- usually provided on a named peril basis
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Trip Transit
- used by those who do not make regular shipments
- cover property in temporary storage
- often used by individuals who send their furniture and household goods to a storage location when relocating
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