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Commercial Ocean Marine Insurance (Wet Marine Insurance)
insurance for on-going vessels and cargo; no standard ocean marine policies; written "full value" and will become void if certain implied warranties are violated such as Legality, Seaworthiness, No deviation in Voyage
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Hull Insurance (coverage)
covers physical damage to the ship itself, open or named peril basis, cover a particular voyage or for one year
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Cargo Insurance
cover the goods being shipped while in transit; open or named perils; provided during the time the insured has an interest in property; FOB point of departure - buyer take interest in property as soon as the trip begins, FOB point of Destination - seller retains interest in property until after the trip is completed; coverage written on single shipment or open cargo basis; warehouse to warehouse clause may be attached; policy - written continuous (in force until cancelled )
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Freight insurance
an indirect loss coverage that protects the shipper, required to prepay frieght charges and/or import duties, in the even that voyage is not completed or goods substained have partial damage and shipper is not able to secure refund of duty on damaged goods
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General average
a partial loss where the loss is shared among all who benefited by the sacrifice like throwing cargo on board to save the ship
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Particular Average
- partial loss that affects only a particular interest
- loss is not shared
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the collision or running down clause
- a provision contained in Hull Insurance
- covers collision damage to another vessel
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Inchmaree Clause
- addition to Hull Insurance
- covers damage caused by bursting of boilers, breaking of propeller shafts or loss due to faults in navigation by crew
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personal inland marine insurance
- can be attached to Homeowners policy or stand-alone
- insure movable property against direct loss
- movable property = floating property
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Personal Articles Floater
- Basic form - to insure "individual" personal property
- itemized or scheduled basis
- provides excellent coverage for antiques
- claims - settled on ACV basis
- coverage- worldwide
- provide open peril coverage for direct physical loss to property described; exclusions - tears and wear, gradual deterioration, insects, vermin, inherent vice, war or nuclear risks
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Principal 9 classes of coverage
- 1. Jewelry
- 2. Furs
- 3. Cameras
- 4. Musical instruments
- 5. Silverwre or goldware
- 6. Golfer's equipment
- 7. Fine Arts
- 8. Stamp Collections
- 9. Coin Collections
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Personal jewelry floater
- written on valued or ACV basis
- contains "Pair or Sets clause" - allows company to pay for a loss in proportion to the actual loss when a pair is damged
- appraisal - mandatory before or at the time of insuring
- must report newly acquired items within 30 days
- must pay additional premium
- exhibition floater - not a Personal floater
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Personal effects floater
- open peril coverage for items worn by travelers
- coverage - worldwide, not at insured's home
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Fine Arts floater
- covers items like paintings, rare manuscripts and antiques
- automatic coverage for 90 days for new items
- written on valued basis
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Camera Floater
- insured items - scheduled, blanket coverage on items such as shades, filters, etc
- automatic coverage 0 on newly itmes for 30 days up to 25% of exisiting policy amt
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Musical instrument floater
- not to be played for remuneration
- playing for hire must purchase endorsement acknowledging such use
- pay additional premium
- must report new itmes within 30 days
- pay an additional premium
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Boatowners Policy
- similar to homeowners policy and personal auto policy
- to cover boats that can be towed by automobiles
- Sec I - open peril coverage for hull, motor, trailer, equip and accessories for marine use, Loss - ACV basis
- Sec II - watercraft liability, medical payments, uninsured boaters
- coverage will apply during unofficial speed race or contest
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Outboard Motorboat policy
- Inland Marine Form, to cover outboard motors and boats against a direct loss
- open peril basis, may be on named peril basis
- written on ACV basis, adjust coverage limits downards as the boat ages
- liability coverage - picked up in Homeowners Section II
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Yatch Policy
- Ocean Marine Form
- provides both property and liability coverage
- larger vessels normally insured under complete package of yacht coverages in addition to Hull insurance
- Lay up warranty - insured boat is in storage, allows for a return of premium due to lower risk
- navigational limits - yatch is allowed to operate, if permission not granted, insurer can deny coverage for losses outside area limit
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Difference in Condition (DIC ) insurance
- special form to fill gaps of property policy
- no std policy form
- open peril basis excluding losses by perils covered under std property forms
- no Coinsurance clause or pro rata clause
- written for amt different from policy it complements
- if written to supplement underlying policy - carries high deductible 10,000 or more
- provide coverage in event of earthquake, flood, collapse and subsidence
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Aircraft Hull Insurance
- open peril basis physical loss or damage to insured aircraft where it is on ground or in flight
- 2 deductibles - in-motion deductible and not-in-motion deductible, in motion - whenever in motion or in flight
- must be flown by pilots described in summary page
- aircraft must be registered under Standard Category Airworthiness Certificate by Federal Aviation Administration (FAA)
- exclusions - illegal use, wear and tear, damage resulting from mechinical breakdown, conversion , structural failure loss
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National Flood Insurance Program (NFIP)
- federal program, enable owner to purchase flood insurance, administer programs under FEMA (federal emergency management agency), payment for loss - made by federal government,
- agents don't have authority to bind coverage with NFIP
- may write flood insurance w/c NFIP
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