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
Nationwide definition of Marine Risks
- Imports
- Exports
- Domestic Shipments
- Instrumentalities of transportation or communication
- Personal Property Floater Risks
- Commercial Property Floater Risks
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.
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
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
A Bailee
Someone who receives the property
Bailor
Party who owns the property
Garagekeepers Legal Liability
Protects auto repair shop while your car is in their custody and it is damaged.
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
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
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
Water damage in Boiler
$25,000
Farm coverage form
Blends the residential and commercial coverages unique to farms
Four different farm coverages may be written
singly or in combination
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!!!!)
Farm Property Coverage Form
Additional Coverages
Debris removal
Fire dept service charges
Coverage for unauthorized use of credit cards
Farm Property Coverage Form
Extensions of Coverages
10% of Cov A for outbuildings
$500 per tree, plant,shrub, or lawn
Farm Property Coverage Form plus a Cause of Loss Form which are…
Basic , Broad, and Special.
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
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!
Farm Liability Coverage Form
Provides three coverages
Cov H- BI and PD
Cov I- Personal Injury and Advertising Liability
Cov J- Medical Payments
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
Coverage I- Personal and Advertising Injury Liability
Personal Injury- slander, libel, etc
Advertising Injury- copyright infringement and
Trademark infringement
Coverage J- Medical Payments to Others
Goodwill type of coverage to others
Accident reported within 3 years
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
Inland Marine
Domestic shipments
Instrumentalities of transportation or communication
Commercial property floater
Personal property floater
All-risk
ACV
Ocean Marine Floater
Imports
Exports
All-Risk
ACV