Exam 2: Inland Marine Part B Flashcards Preview

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Flashcards in Exam 2: Inland Marine Part B Deck (27)
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1
Q

Inland Marine?

A

Domestic shipments by rail, truck, aircraft or in custody of US Postal Service while in transit

2
Q

Originator

A

Shipper

3
Q

Trasnporter

A

Carrier

4
Q

Common Carrier

A

Postal Service, Fedex

5
Q

Contract Carrier

A

Carrier for specific purposes; can refuse some clients

6
Q

Private Carrier

A

Haul their own goods liability not as much of an issue

7
Q

Liability of Common Carriers

A

can be held liable for safe delivery of cargo entrusted to them

8
Q

Liability Exceptions for Common Carriers

A
  • Acts of god
  • Acts of public enemies
  • Fault of the shipper
9
Q

Bill of Lading (Common Carrier)

A

contract may limit the liability of the insurer (contract usually)

10
Q

Straight Bill (Common Carrier)

A

No limit on recovery

11
Q

Released Value Bill (Common Carrier)

A

Limits recovery to a certain amount

12
Q

Liability of Contract Carriers

A
  • often specified by a contract

- FOB point - Freight on board

13
Q

Bailment

A

Temporary possession of personal property of another’s property for a specific purpose

14
Q

Bailor

A

Owner of personal property

15
Q

Bailee

A

party, possessing the property in bailment

16
Q

Causes of Loss

A
  • Most Inland Marine Policies have all risk

- exposures not always similar to normal property policies

17
Q

Key Risks in Inland Marine

A
  • Theft
  • Breakage
  • Damage: Water
18
Q

Filed Classes

A

Rates and forms are filed within the state

19
Q

Who needs protection in filed classes?

A

small and medium sized businesses

  • don’t have risk managers or brkoers
  • many use agents; works for insurance company
  • Large number of potential insureds; pool risk and bulk
20
Q

Non-Filed Classes

A
  • Large Companies
  • Small number of insureds
  • Diverse Exposures’
  • Flexibility for coverages
21
Q

Warehouse Operators Legal Liability Policy

A
  • covers liabilityt while stored in your warehouse
  • only if you are legally liable
  • only pays if you are liable
22
Q

Bailee’s Customer’s Policy

A
  • Covers goods of customers while in your possession regardless of whether you are legally liable
  • Preserves customers good will
23
Q

Transit Coverage

A

covers owner’s property that they ship with a carrier or property being shipped in their own vehicles

24
Q

Trip -Transit

A

Very specific shipments for occasional shippers

25
Q

Annual Transit

A
  • year round policy

- need for frequent shippers

26
Q

How is Annual Transit Valued?

A

Invoice price if available; if not then ACV

27
Q

Where does Annual Transit Cover Shipments?

A

Within the Continental United States