Ains 23 Ch 5

Front 1

Filed Inland Marine Classes

Back 1

Policy forms and/or rates must be filed with the state insurance dept.

Large # of potential insureds and homogeneous loss exposures

Ex: musical instruments, photography equipment

Front 2

Nonfiled Inland Marine Classes

Back 2

Neither policy form nor rates must be filed with the state insurance dept.

Small # potential insureds and/or diverse loss exposures

Ex: Contractors equipment,builders risk

Front 3

Judgement rating

Back 3

Rating method used by underwriters to rate one of a kind risks

Front 4

Soft Costs Coverage

Back 4

Covers various incidental expenses that might result from a physical loss to a building project

Ex: Additional interest, advertising expenses, real estate taxes

Front 5

Installation Floater

Back 5

Covers a contractor's interest in building supplies or fixtures to be installed

Front 6

Trip Transit Policy

Back 6

Covers a particular shipment of goods specified in the policy

Front 7

Annual Transit Policy

Back 7

Covers all shipments made or received by the insured for 1 year

Front 8

Breakdown Coverage

Back 8

Insures loss to equipment resulting from such perils as mechanical failure, electrical disturbance, and changes in temperature resulting from breakdown of air conditioning equipment

Front 9

Commercial Articles Coverage Form

Back 9

Covers photographic equipment and musical instruments USED commercially by photographers, professional musicians, movie producers, etc.

Front 10

Camera and Musical Instruments Dealers Coverage Form

Back 10

Covers STOCK/INVENTORY of camera and musical instrument dealers

Front 11

Equipment Dealers Coverage Form

Back 11

Covers stock of dealers who sell agricultural or construction equipment

Front 12

Physicians and Surgeons Equipment Coverage Form

Back 12

Covers professional equipment, materials, supplies, and books of physicians, surgeons, and dentists;

office equipment;

Improvements and betterments

Front 13

Signs Coverage Form

Back 13

Covers SCHEDULED neon, fluorescent, automatic, or mechanical signs

Front 14

Theatrical Property Coverage Form

Back 14

Covers stage scenery, costumes, & other personal property used in theatrical productions

Front 15

Film Coverage Form

Back 15

Covers exposed motion picture film and magnetic tapes or videotapes including soundtracks or sound records; covers reshooting

Front 16

Floor Plan Coverage Form

Back 16

Covers merchandise being held for sale and financed through a floor plan

Front 17

Jewelers Block Coverage Form

Back 17

Covers merchandise of retail jewelers including similar property in their care

Front 18

Mail Coverage Form

Back 18

Used by financial institutions; covers securities and other negotiable instruments (bills of lading, warehouse receipts) while in transit

Front 19

Accounts Receivable Coverage Form

Back 19

Covers destruction of insureds records of accounts receivable

Front 20

Valuable Papers and Records Coverage Form

Back 20

Covers printed or otherwise recorded items (blueprints, etc)

Front 21

3 most common types of ocean marine insurance

Back 21

Cargo;

Hull;

Protection of Indemnity

Front 22

3 parties for which ocean marine loss exposures exist

Back 22

Cargo owners (shippers);

Vessel owners;

Carriers

Front 23

Freight

Back 23

The compensation the carrier receives for transporting cargo

Front 24

Voyage Policy

Back 24

Ocean marine covers cargo for 1 SPECIFIED trip

Front 25

Open Cargo Policy

Back 25

Ocean marine covers all goods shipped or received by insured during policy's term

Comparable to inland Annual Trip Transit Policy

Front 26

Warehouse to Warehouse Clause

Back 26

Covers insured cargo during ordinary course of transit (including land) from time cargo leaves point of shipment until delivered

Front 27

"Salvage " in ocean marine insurance

Back 27

Situations in which owners of cargo aboard a vessel become liable to pay seats to other parties that put themselves at risk to rescue the vessel

Front 28

Valuation of Property in Open Cargo Policy

Back 28

Amount of Invoice + Freight + 10%

Front 29

Perils of the Sea

Back 29

Accidental COL peculiar to the sea and other bodies of water

Front 30

Barratry

Back 30

Serious misconduct by vessel's master/crew contrary to owners interest

Front 31

Amount paid for Hull Insurance claims (total and partial loss)

Back 31

Total: Agreed Value

Partial: Cost of repairs

Front 32

4 Sources of liability covered by P&I insurance

Back 32

Damage to bridges, piers, etc along waterways;

Injury to passengers, crew, etc on insured vessel;

Injury to persons on other vessel;

Damage to cargo of others aboard insured vessel

Front 33

Purpose of Difference in Conditions (DIC) insurance

Back 33

Provide Coverage for flood and earthquake exposures not covered by basic policies