Commercial Chp 5 Flashcards Preview

Commercial Insurance > Commercial Chp 5 > Flashcards

Flashcards in Commercial Chp 5 Deck (12)
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1
Q

Inland Marine Insurance

A

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

2
Q

Marine Insurance

A

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
Q

Nationwide Marine Definition

A

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

4
Q

Contractors equipment floater

A

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

5
Q

Builders Risk Policy

A

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

6
Q

Motor truck cargo liability policy

A

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

7
Q

Difference in conditions (DIC) policy or DIC insurance

A

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
Q

Cargo Insurance

A

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

9
Q

Hull Insurance

A

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

10
Q

Protection and indemnity (P&I) insurance

A

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

11
Q

General average

A

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

12
Q

Retention

A

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