Commercial Chp 5 Flashcards Preview

Commercial Insurance > Commercial Chp 5 > Flashcards

Flashcards in Commercial Chp 5 Deck (12)
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1

Inland Marine Insurance

insurance that covers many different classes of property that typically involve an element of transportation

2

Marine Insurance

insurance that, in the united states includes both ocean and inland marine coverage and in the rest of the world is limited to insurance ro vessels and cargo

3

Nationwide Marine Definition

statement of the types of property that may be insured on inland marine and ocean marine insurance forms

4

Contractors equipment floater

a policy that covers mobile equipment or tolls while located anywhere in the coverage territory

5

Builders Risk Policy

policy that covers a building in the course of construction including building materials and supplies while on or away from the building site

6

Motor truck cargo liability policy

policy that covers a truckers liability for damage to cargo of others being transported by the trucker

7

Difference in conditions (DIC) policy or DIC insurance

policy that covers on an "all risk" basis to fill gaps in the insured commercial property coverage, especially gaps in flood and earthquake coverage

8

Cargo Insurance

insurance that covers loss of or damage to property shipped primarily by water or if in foreign trade, by air

9

Hull Insurance

insurance that covers physical damage to vessels, including their machinery and fuel but not their cargo

10

Protection and indemnity (P&I) insurance

insurance that covers shipowners against various liability claims due to operations the insured vessels

11

General average

partial loss that must according to maritime law, be shared by all parties to a voyage ( cargo owners and vessel owner)

12

Retention

a risk financing technique by which losses are retained by generating funds within the organization to pay for the losses