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Flashcards in Section 3F Deck (27):
0

Nationwide definition of Marine Risks

1. Imports
2. Exports
3. Domestic Shipments
4. Instrumentalities of transportation or communication
5. Personal Property Floater Risks
6. Commercial Property Floater Risks

1

Commercial Inland Marine Coverages

Added to CPP or as monoline policy

All-Risk Coverage
Anywhere in the World

Dec Page, Commercial Inland Marine Conditions form, one or more commercial inland marine coverage forms, and any additional endorsements that are applicable

2

Commercial Inland Marine Coverages are written for businesses that have business personal property that is movable or transportable.claims are on an

ACV basis (with exception of Fine Arts in which it is an valued or stated value)

It may include any of the following forms:
Jeweler's Block Coverage Form, and
Bailee's Customers Goods Floater.

3

Jeweler's Block Coverage Form

Covers a jewelry dealer's merchandise held for sale and customer's property in the care, custody,or control of the insured

4

Bailee's Customers Goods Floater

Needed by clients who have customer's goods in their temporary care, custody, or control such as a dry cleaners.

All-Risk Inland Marine Contract

5

A Bailee

Someone who receives the property

6

Bailor

Party who owns the property

7

Garagekeepers Legal Liability

Protects auto repair shop while your car is in their custody and it is damaged.

8

Boiler and Machinery coverage aka

Equipment Breakdown Protection Coverage; designed to cover losses due to break down of covered equipment as well as property damage to the covered property of other's at the insured's premises

9

Equipment Breakdown Protection Coverage

Direct damage
Extra cost for expedite expenses for making temporary repairs and expedite permanent repairs or replacement of damaged property
Pays loss of business income and extra expenses during period of restoration

10

Period of Restoration
Equipment Breakdown Protection Coverage

Begins at breakdown and ends 5 consecutive days after the date when damaged property is repaired or replaced with reasonable speed and similar quality

11

Water damage in Boiler

$25,000

12

Farm coverage form

Blends the residential and commercial coverages unique to farms

13

Four different farm coverages may be written

singly or in combination

14

Farm Property Coverage Form

Each coverage applies if on the Dec page

Cov A- Residential Dwelling (80% co-ins)
(Pay a premium, declare a limit)
Cov B- Other Private Structures (extends Cov.
A up to 10%)
Cov C- HH Personal Property
(Pay a premium, declare a limit)
Cov D-Loss of Use
Cov E-Scheduled Farm Personal Property
(Grain, feed, supplies, poultry, livestock ,and farm machines and equipment---not growing crops!)
Cov F- Unscheduled Farm Personal Property
(Farm property away from premises---livestock and machinery)
Cov G- Other Farm Structures
(Silos, barns, sheds and corrals---to pasture fences!!!!)

15

Farm Property Coverage Form
Additional Coverages

Debris removal
Fire dept service charges
Coverage for unauthorized use of credit cards

16

Farm Property Coverage Form
Extensions of Coverages

10% of Cov A for outbuildings
$500 per tree, plant,shrub, or lawn

17

Farm Property Coverage Form plus a Cause of Loss Form which are...

Basic , Broad, and Special.

18

Mobile Agricultural Machinery and Equipment Coverage Form

Automatically in Farm Property Coverage Form

Optional, must be listed on Dec page if desired

All-Risk Coverage
Can be written on a Blanket Basis or on a Schedule

80% co-insurance clause

19

Livestock Coverage Form

Automatically in Farm Property Coverage Form

Covers livestock only
Not All-Risk Form
Max $2,000 per animal
Freezing in snowstorms not covered!

20

Farm Liability Coverage Form
Provides three coverages

Cov H- BI and PD
Cov I- Personal Injury and Advertising Liability
Cov J- Medical Payments

21

Cov H- Bodily Injury and Property Damage Liability on an occurrence basis; no deductible; also covers premises, products, contractual , and fire legal liability

Excludes property of others in c/c/c of insured and product recall as well as pollution, aircraft, automobiles,larger watercraft , workers' compensation, professional services, and business pursuits other than farming

22

Coverage I- Personal and Advertising Injury Liability

Personal Injury- slander, libel, etc
Advertising Injury- copyright infringement and
Trademark infringement

23

Coverage J- Medical Payments to Others

Goodwill type of coverage to others
Accident reported within 3 years

24

Farm Liability Coverage Form
Supplementary Payments in addition to limits

Loss of earnings up to $250 a day, attorney's fees, bonds, and interest accruing after judgment is entered

25

Inland Marine

Domestic shipments
Instrumentalities of transportation or communication
Commercial property floater
Personal property floater


All-risk
ACV

26

Ocean Marine Floater

Imports
Exports

All-Risk
ACV