commercial inland marine insurance

• 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

• 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

• filed with Department of Insurance by insurers
• governed by rules contained in Commercial Lines Manual

• developed by individual insurers
• forms generally differ from insurer to insurer

• 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

• 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

• concealment
• legal action against the insurer
• no benefit to bailee
• policy period
• valuation

covers amt due the insured, uncollectible from customers due to direct physical loss from a covered peril

• 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

covers cameras, projection machines, films and related equipment and accessories, muscial instruments and similar property of others that is in insured's care

• 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

• 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

covers the insured's stock in trade principally of mobile agriculture and construction equipment in insured's care

• 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

• 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

• 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

covers the cost of replacing or reconstructing valuable paper and records, important to continuation of business following a loss

• 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

• 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

• 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

• 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

• 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

• 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

• 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