AMIM 122

Released bill of lading

A bill of lading that limits but does not eliminate the carrier's liability for cargo loss in return for charging a lower freight rate than would be charged for carrying the cargo subject to full valuation.

Consolidator (packing house)

A company that performs consolidation services for the property of others but does not arrange for transportation services

Bill of lading

A document that serves as a receipt for the property being shipped.

Scheduled Personal Property Endorsement

A homeowners policy endorsement that is commonly used to provide inland marine insurance.

Intermodal cargo container

A metal box that ordinarily measures eight feet high by eight feet wide by various lengths ranging from approximately twenty to fifty feet.

Annual transit insurance

A nonfiled class of inland marine business, permitting great flexibility in the coverage provide and the rate charged.

Carrier

An individual or organization in the business of transporting property of others.

Dishonest acts exclusion

Applies to dishonest or criminal acts committed by the named insured as well as any partner, director, trustee, or authorized representative of the named insured or any other person to whom the property is entrusted.

Personal Articles Floater

Can be used to cover specifically described jewelry, furs, cameras, musical instruments, silverware, golf equipment, fine arts, stamp collections and coin collections.

Shipper's Weight, Load and Count

Carrier is no liable for any loss resulting form short load or count unless the shipper can prove that the container was entered and goods were removed during transit.

Rate category formula

Category 1 equipment value divided by 100 times the rate plus category 2 equipment value divided by 100 times the rate equals premium

Earth-moving equipment

Clears job sites and moves, moves, eliminates, or compresses large amounts of earth, rock, snow, debris, and similar materials. Also used to handle and move construction materials and components within the job site.

Output policy

Combines most or all of the property and inland marine coverages that an organization might need.

COPE

Construction, occupancy, protection and external exposure

Pollutant cleanup and removal extension

Cost to remove or otherwise clean-up pollutants from land or water, up to a stated dollar limit, if the release of pollutants results from a covered cause of loss.

Trip transit policy

Covers only the particular shipment specified in the policy.

Removal extension

Covers the property while being removed from the insured's premises and for a specified number of days after it is removed.

Hot work

Cutting, welding, brazing, soldering, grinding, thermal spraying, and similar operations

Block policies

Dealer policies particularly those written for jewelers or furriers

Voluntary parting exclusion

Eliminated coverage for loss resulting from the insured's being tricked into handing over covered property to a swindler or fraud artist.

Unauthorized instructions exclusion

Eliminates coverage for loss resulting from "unauthorized instructions to transfer property to any person or to any place."

Governmental authority exclusion

Eliminates coverage for loss resulting from acts of governmental authorities.

Coinsurance clause

Encourages insureds to buy insurance to a stipulated percentage of the covered property's value.

Unexplained disappearance exclusion

Excludes loss of property that disappears without any plausible explanation that can reveal whether the loss resulted from a covered peril.

Modes of transportation

Include motor vehicles, aircraft, railcars, river barges, oceangoing cargo vessels, and even oil and natural gas pipelines.

Businessowners policies

Includes both commercial property and liability coverages. Inland Marine coverage is limited under this policy.

Earthquake exclusion

Inland Marine coverage forms on many classes of business normally do not contain an earthquake exclusion. Exception is those from that cover fragile items.

War exclusion

Inland Marine policies routinely exclude loss resulting from war.

Flood exclusion

Inland marine coverage policies covering certain classes of business commonly contain a flood exclusion.

Utility contractors

Install water and sewage pipes, powerless, telephone and cable television lines and other public service systems.

Coverage extensions

Insure incidental loss exposures that are not encompassed by the policy's basic insuring agreement.

Target commodities

Items especially attractive to thieves such as cigarettes, electronic components and jewelry.

Waste Disposal operations

Landfill and recycling plants

Nationwide Marine Definition

Limits the types of risks and policies that marine insurers were permitted to underwrite. Property must be in transit or bear some relation to transportation or communication to qualify for coverage under a marine or inland marine policy.

Inventory shortage exclusion

Loss of covered property dis discovered only upon taking inventory and there is no other evidence that a covered loss has occurred.

Transit Loss exposure

Loss of or damage to the property in transit will result in a financial loss for an organization that has financial interest in the property

NFIP regular program

Max amount is $500,000 per building and $500,000 on personal property

Dealers policy

Merchandise of certain types of dealers can be insured under an inland marine dealers policy

Nuclear hazard exclusion

Most Inland Marine policies contain this exclusion. Excludes loss from either the hostile detonation of nuclear weapons or peaceful uses of nuclear reaction.

Actual cash value

Not to exceed the cost of repair or replacement when determining the value of property insured under inland marine policies.

OS&D report

Overages, shortages and damages report. reveals open and unpaid claims pending against the carrier for cargo losses

Title

Ownership of the property in transit

Fire department service charges extenstion

Pays, up to a stated dollar limit, service charges the insured is obligated to pay to the fire department or municipality.

Brands and labels clause

Permits the insured to remove its brands and labels from salvaged merchandise if doing so will not physically damage the merchandise. The insured must then relabel the merchandise to comply with the law.

Site-improvement equipment

Prepares and finishes asphalt and concrete surfaces

Additional coverage - collapse provision

Prevents misinterpretation by stating that collapse is covered only if it results from one of the perils listed in the Additional Coverage - collapse provision.

Property in transit

Property being transported from one place to another. AKA Cargo

Property on consignment

Property belonging to others to be displayed and sold in the dealer's store

Newly acquired property extension

Provides temporary coverage on such property, giving the insured a reasonable time to report newly acquired property or locations.

Average rate formula

Rate category approach premium times 100 divided by the total equipment value

Commodity classification

Reflects the insurer's estimation of the property's relative damageability or attractiveness to thieves.

Consignee

The buyer

Reporting form

The insured has the duty to report the value of covered property to the insurer at regular intervals, which the insurer charges premium against.

Debris removal extension

The insurer agrees to pay the cost of removing debris of covered property resulting from a covered cause of loss.

Probable maximum loss

The most severe loss likely to occur.

Terms of sale

The question of who owns the property during the course of transit is answered by the terms of sale.

Shipper

The seller or consignor

Invoice price

The selling price of the goods shown in the sales invoice, a document that shows the details of the sale including the price and quantity of goods sold.

Freight

The transportation charges made by the carrier

Consent-to-rate procedures

The underwriter obtains the insured's written consent to a rate change and files the consent statement with the state insurance department

FOB Destination

Title passes when the property is delivered to the buyer's premises.

FOB origin

Title to the property and risk of loss passes from seller to buyer when the property is accepted by the carrier for transit.

Intermodal transportation

Transportation of a shipment by two or more different modes of transportation.

Mail Coverage form

Used to insured first class, certified and express mail sent by banks, trust companies, insurance companies, securities brokers, or similar entities whose business whose business is mainly of a fiduciary nature.

Through bill of lading

a bill of lading that covers a shipment transported by two or more carriers.

Motor carrier

a carrier that uses automobiles to transport either property or persons

Freight forwarder

a company that holds itself out to the general public to assemble and consolidate shipments and/or to hire carriers to do the actual hauling.

Inherent vice

a condition within a particular type of property that tends to make the property destroy itself.

Floor plan

a dealer borrows money to finance the purchase of merchandise and pays off the loan as the merchandise is sold

Public enemy

a nation or government at war with the nation in which the carrier is domiciled

Open-pit mining

a pit evolves slowly through the gradual extraction of the resource

Computer virus

a program that enters a computer system and disrupts or destroys information and data processing.

Released rate

a rate that the carrier has reduced in return for the shipper's acceptance of a limitation on the carrier's liability for loss to the property being shipped.

Interline shipment

a shipment transported by two or more carriers

released bill of lading

a straight bill of lading or an order billo f lading that in consideration of the carrier's charging a lower rate, releases the carrier from liability above a certain amount specified in the bill.

Firewall

a system or group of systems that enforces an access control policy between tow networks and it can be thought of as a pair of mechanisms; one that exists to block traffic into a network and the other that exists to permit traffic out of a network

Tandem lift exclusion

added to address situations in which two ormolu cranes are used together to perform a single lift

Improvements and betterments

additions to a building that generally change the building and enhance its value; that is they improve or better the property

Central station alarm system

alarm sounds at monitoring company

Local alarm system

alarm sounds at the premises only

Fire suppression

all measures and equipment used to contain and extinguish a fire.

Fire detection

all measures and equipment used to detect fire and alert firefighting personnel to the outbreak of fire.

Fire prevention

all measures taken to reduce the likelihood of fire.

Encryption

allows a computer user to secure data by altering a message so that no one can decipher it without the proper code.

Hot site

alternate site if loss prevents the insured from accessing covered locations

Peak season limit

alternative to reporting form for dealing with fluctuating inventory values. i.e. Christmas season

Shell site

an empty computer room available to house replacement or temporary computers should the main room become damaged

Act of God

an event that occurs without intervention of a human being or one that cannot be prevented by the exercise of human care.

morale hazard

an indifferent or a neglectful attitude toward preventing losses

Owner-operator

an individual that owns a tractor and trailer and operates principally as an independent contractor for hire to carriers.

Act of a public authority

any act taken by a public official acting with governmental authority.

Public protection classification

applicate to the local government that provides fire protection services to the construction project.

Waiver of depreciation

applies only to ACV policies and provides replacement cost coverage for some partial losses

Loan collection

art objects on loan from or to others

Permanent collection

art objects owned by the museum

Rate category approach

assigns different rates to different types of equipment depending on the exposures faced by each type.

Acquisition clause

automatically covers newly acquired property up to a specified amount, provided the insured reports the new equipment within a stipulated number of days.

Continuous miner

bores into the coal seam and requires roof bolts to support the mine roof

Road building contractors

build new roads and repair existing roads

Shipyard operations

build, repair, and maintain vessels used in domestic and international transport.

Object protection

burglar alarm systems can also be configured to protect specific objects that are likely to be targeted by burglars

Area protection

burglar alarms systems protect specific areas within a facility and are thus referred to as area protection

Business income loss

can consist of loss of rental income, loss of income resulting from the insured's inability to conduct other revenue earning operations

moral hazard

circumstances that increase the likelihood of an insured intentionally destroying covered property in order to collect the proceeds.

Highwall collapse

collapse of the working face during the boring

Boom collapse

collapse under a load if structural damage has occurred during the erection

Feedlot

commercial facility that fattens a farmer's animals and then markets them for slaughter

Output policy

complete alternative to a conventional commercial property policy

Vaults

complete enclosures designed to protect valuable property against theft, fire and perhaps other causes of loss.

Electronic data processing equipment

computers, telephones, radio, television and mail systems

Commercial articles coverage form

consists of cameras, projection machines and photographic equipment used for commercial purposes; musical instruments and equipment including stationary organs, used for remuneration or public performances

Extra expenses

costs such as rent paid for a substitute building after a loss of the insured's own building

Wall to wall basis

covering the property from the time it is removed from the owner's walls or display case until returned there.

Feedlot insurance

covers animals in their custody

Builders risk policy

covers buildings and other structures while they are being built as well as building materials and supplies that are intended to become part of the building or structure

Negative file coverage form

covers completed negatives and positives and sound records

Bailees' customers policy

covers direct physical loss or damage to property of others that the insured has accepted for the type of service or processing described in the policy.

Stock throughput policy

covers domestic personal property and domestic transits as well as ocean shipments in transit and while in warehouses.

Floor plan policies

covers floor plan merchandise other than automobiles

Garment contractors floater

covers garments while in transit to and from a contractor and while in the custody of a contractor for processing.

Pattern and die floater

covers loss or damage to described property while it is in transit to and from, and while on the premises of, the contracted manufacturer, often a foundry

Warehouse operators legal liability

covers losses for which the insured is legally liable

Salespersons' samples floater

covers merchandise samples traveling with a salesperson

Manufacturers Output policy

covers most of a manufacturer's personal property loss exposures in a single policy. similar to a package policy

Valuable papers and records insurance

covers one of a kind, irreplaceable documents

Fine arts

covers paintings, etchings, pictures, tapestries, art glass windows and other bona fide works of art of rarity, historical value or artistic merit

Installation floater

covers property to be installed in a building or structure.

Theatrical Property coverage form

covers scenery, costumes and other theatrical property.

Accounts receivable insurance

covers the amount of money the insured is unable to collect when records of accounts receivable are destroyed by a covered cause of loss

Logging operations

cut down mature timber for use in manufacturing and wood processing.

Artificially generated electric current exclusion

damage caused by short circuits or electrical disturbances within the covered property

Processing or work exclusion

damage that results from faulty work

Boom operation exclusion

deletes coverage for crane and derrick booms while being operated unless the loss is directly caused by specified perils.

Loan agreement

describes the responsibilities of the museum on objects it borrows

order bill of lading

designed to be used when a seller/shipper does not wish to extend credit to a buyer and at the same time the buyer is unable to make payment before the property is delivered.

motor truck cargo owner's form

designed to cover an owner's interest in its own property while it is being hauled on the owner's own vehicles.

Business income and extra expense insurance

designed to cover reduction in net income, additional expenses that the insured incurs in order to continue operations

Fire resistive safes

designed to protect money and valuable records from fire damage

Microcomputers

desktops or laptops

Exploratory rigs

drill oil and gas wells either to or through the pay-zone, the formation producing the resource

Servicing unit

drills deeper and starts the flow of oil or natural gass

Breakage exclusion

eliminates coverage for breakage of fragile articles

Brush or trash burning exclusion

eliminates coverage for loss that results when covered property is used to move brush, trash or other subject into an existing fire.

Tsunami and wave action exclusion

eliminates coverage for losses caused by tsunami, tidal wave, tidal action, wave action or sea spray.

Permafrost or muskeg exclusion

eliminates coverage for losses during operations or transport that results from breaking through ice, subsidence of ice or sinking in permafrost or muskeg

Mechanical breakdown exclusion

eliminates coverage for mechanical breakdown or failure.

Show windows exclusion

eliminates coverage for smash and grab thefts from show windows

Unlocked vehicle exclusion

eliminates coverage for theft from any unattended vehicle unless the vehicle is locked at the time of theft and signs of forced entry are visible.

Unattended vehicle exclusion

eliminates coverage for theft from any vehicle unless someone is in or on the vehicle at the time of theft

Microcontrollers

embedded computer chips. AKA microprocessors

Excess legal liability coverage

endorsement that covers legal liability of the insured that exceeds the amount shown in the receipt

DIC type endorsements

endorsements that serve the same purpose as DIC policies

Hot work permit program

ensures that the proper measures are being taken to minimize the fire hazards arising out of the work and allowing the hot work to be done in accordance with the location time and extent of work of specified.

Hardware

equipment and components associated with the computer system, including the central processing units, monitors, keyboards, printers, scanners and other peripheral equipment as well as diskettes and CD-ROMs.

Animal mortality insurance

essentially term life insurance on animals

Consequential damage exclusion

excludes any decrease in value of a garment or a part of a garment that is not physically damaged.

Weigh of load exclusion

excludes loss caused by the weight of the load exceeding the manufacturer's rated capacity of the equipment

Harter Act

exempts the carrier from liability for cargo loss if the shipowner used due diligence to make the vessel seaworthy in all respects before the voyage began

Carriage of Goods by Sea Act (COGSA)

exempts the carrier from liability unless cargo loss is actually caused by the carrier's failure to exercise due diligence to make the vessel seaworthy before the voyage began.

Bailment

exists when one person delivers property to another to be held for some special purpose, such as safekeeping, cleaning, repairing or restoring

Joisted masonry

exterior walls are adobe, brick, concrete, gypsum block, hollow concrete block, stone, tile or similar materials and floors and roof are combustible

Masonry noncombustible

exterior walls are constructed of masonry materials but the floors and roof of metal or other noncombustible materials

Frame

exterior walls are wood or other combustible materials

Noncombustible

exterior walls, floor and roof are constructed of and supported by metal or other noncombustible materials

Modified fire resistive

exterior walls, floors and roof are constructed of masonry or fire resistive material with a fire resistance rating of one hour or more but less than two hours.

Fire resistive

exterior walls, floors and roof are constructed of masonry or fire resistive materials with a fire resistance eating of not less than two hours.

Supercomputers

fastest calculating devices ever invented and have the capacity to store and process very large amounts of data.

Central Analysis Bureau, Inc (CAB)

financial analysis of motor carriers for insurance carriers

Auger Drill

four bores and operates from a bench or a notch cut into the hillside.

Municipal operations

funded and organized by state and local governments perform jobs similar to those of general contractors, road building contractors and utility contractors.

Buy back options

gives the insured the right to buy recovered property back from the insurer and specifying the conditions that apply to such buy backs

Uninterruptible power supply

have a battery or generator backup reduces or eliminates the effects of voltage changes and can be used to supplement the complete loss of commercial power, sometimes for up to five minutes.

Feller bunchers

have a frontal attachment that can grasp and cut trees and then lift and bunch the cut logs

Mainframe computers

have large memories and fast processing speeds that allow them to perform very complex computing functions.

Sand fracturing

high-pressure mix of oil and sand or water and sand to fracture the formation

Ice load

ice accumulation potential

Split deductibles

in addition to a deductible that applies to covered losses of scheduled equipment, separate deductibles for additional dollar amounts may apply to certain properties or perils

Transmission equipment

includes broadcast towers and their attached equipment, ground mounted satellite dishes, equipment in transmitter and studio buildings and mobile production and transmission equipment

Logistics

industry developed from trucking and warehousing

Software

instructions and information that tell the computer how to complete a task. includes stored data

straight bill of lading

instructs the carrier to deliver the cargo to the named consignee who is presumed to have title to the cargo or at least the right to posses it.

protective safeguards provision

insurance is suspended if protective safeguards are not in order or if the business is closed for business

Museum collections policies

insurance policies that meet the unique coverage needs of museums

Installment sales policies

insures any kind of property other than motor vehicles designed for highway use

Leased property policies

insures any kind of property other than motor vehicles designed for highway use

Perimeter protection

intent is to signal alarm whenever unauthorized entry is made into the building

Bailment for the benefit of the bailee

involves no compensation for the bailor and benefits only the party with temporary custody of the property. i.e. borrowing the neighbors lawnmower

Strict Liability

liability that does not depend on actual negligence or intent to harm and is also call liability without fault.

Green Guide for Construction Equipment

lists current fair market values and specifications for construction equipment and optional attachments up to ten years old.

Stevedoring operations

load and unload goods shipped in domestic and international trade

Burglar resistive safes

made of laminated or steel with a door at least one inch thick and a body at least one half inch thick

Forms

made of wood or steel, hold poured concrete in place until it becomes hard enough to safely support itself and any additional load that will be placed on it.

Guyed towers

maintain an upright position through he used of stabilizing cables

Book value

many contractors depreciate the values of their equipment very rapidly on an accounting basis for tax purposes

Flood Insurance rate maps

maps showing areas subject to flooding

Physicians and surgeons equipment coverage form

medical and dental equipment, materials, supplies and books usual to the medical profession; insured's office equipment including furniture and fixtures; interest as tenant in improvements and betterments

High rack storage

method that increases the amount of material that can be stored by lifting and stacking it onto shelving systems. Presents a consideration fire exposure

Longwall miner

moves horizontally across the seam, making long cuts in the wall and includes a roof support that moves along with the machine to prevent cave-ins at the immediate work site.

Commercial Bailment

mutual benefit of both bailee and bailor. i.e. dry cleaners, storage of furs and the repairing of jewelry

Warehouse receipt

nine required pieces of information

Bailment for the benefit of the bailor

no compensation for the bailee. i.e. when someone agrees to keep a neighbor's cat or plants while the neighbor is away

Fine arts floater

nonfiled type of insurance that is written to cover art collections of businesses, institutions and other organizations

Blowout

occurs when drilling fluid, oil, gas or water flows uncontrollably from inside the well.

Cratering

occurs when the erosive action of air, oil, gas or water from a basin-like opening in the ground around the rig

Warehouse operator

one engaged in the business of storing goods for hire

Private warehouse

one in which a retail or manufacturing business stores its own goods

Bonded warehouse

one in which imports are stored, pending payment of United States customs import duties by the owner.

Electronic data processing equipment insurance

one of the largest classes of inland marine insurance as measured by premiums written

Public warehouse

one whose services are available to anyone willing to pay the charges and accept the warehouse operator's storage terms

Filed classes

or controlled classes - those classes of business for which rates or forms or both must be filed with the insurance commissioner of a state for the insurer to write that class of business in that state.

Nonfiled classes

or noncontrolled classes - those classes of business that are not subject to rate and/or form filing regulations.

Rental reimbursement coverage

pays the expenses that the insured incurs to rent substitute equipment for coverage equipment that has been damaged or destroyed by a covered peril.

Building contractors

perform a wide range of specialized construction projects such s land clearing, concrete work, framing and electrical work.

Marine contractors

perform building functions on or over water, using mobile equipment on large ships and waterbourne structures

Loss of customer goodwill

permanent loss of customers, if customers are not compensated for property that is lost or damaged while in the bailee's custody.

Squeeze

pressure on the drill bit

Motor Truck Cargo (MTC) liability

protects the insured carrier, usually a trucking company, against cargo liability claims made by shippers or consignees after their property has become damaged or lost during transit

Facility report

provides the profile of the facility, covering such items as building construction, security measures, fire protection features, and environmental controls.

Conservation department

purpose is to restore, maintain, and protect the museum's permanent collection

NFIP emergency program

qualified communities are placed here until a detailed study of the community can take place and a FIRM is published. Max amount is $100,000 per building and $100,000 on personal property

Yarders

reel in and gather logs at a consolidation point.

Protection

refers to both private and public fire protection

Radio and TV coverage

relatively small class of inland marine insurance

earned freight charges

responds to the insured's loss of freight that the insured has earned but is unable to collect because shippers or consignees do not pay because the cargo has been lost or damaged by a covered cause of loss

Minicomputers

scaled down mainframes

Self supporting towers

sed when the space available to secure the tower is limited, such as on a building or small piece of land.

Skidders

self propelled vehicles that drag logs using a claw-like grapple and winch system

Monopole towers

self supporting towers that resemble telescopic arms and are often used to hold cellular telecommunications equipment.

Catastrophe limit

sets a maximum amount that the policy will pay for all property losses associated with a single occurrence

Underground mines

shaft mines, slope mines, and drift mines

Clerk of the works

sole responsibility for the daily supervision of each project component to ensure that materials, methodology, and quality of workmanship meeting engineering specifications and ASCE standards.

Proposal

special application for jewelers block and furriers block policies

Furriers' customers insurance

special form of bailees' customers insurance for businesses that clean, repair or store fur garments

Condition report

state the objects were in at the time of shipping

form BMC 32

states that the insurer will pay any one shipper or consignee for all loss or damage for which the motor carrier is held legally liable.

Dry storage warehouse

store goods that do not require refrigeration

Cold storage warehouse

store goods under cooling conditions or deep freeze conditions

Surface mining

strip mining and open pit mining, removes materials located relatively close to the surface of the earth where the overburden, the earth and rock covering the resource, is shallow.

Miscellaneous contractors equipment

supplementary power and support functions to equipment and job sites.

Difference in conditions policy

supplements the insured's commercial property policy

Scaffolding

system of supports and platforms on which workers can stand while they are laying bricks, applying stucco or doing other work on the building

Falsework

temporary structure, made of wood, earth or other materials, that supports part of the permanent structure until it is made strong enough to support itself.

Hot testing

testing of more hazardous equipment such as steam boilers, electrical generating equipment, and manufacturing or processing equipment

Cold testing

testing of ordinary electrical, mechanical, pneumatic or hydrostatic components likely to be found in many types of buildings

Exposing property

the building or structure in which the fire might start

Conditional sales contracts

the buyer takes possession of the property after making a down payment and agreeing to make periodic payments and the seller retains title or a security interest until the buyer has made all payments.

Negligence

the failure to exercise the standard of care that a reasonable prudent person would have exercised in a similar situation

Constructive total loss

the insurer pays as in actual total loss and takes the damaged property to sell for salvage.

Wind load

the maximum force of wind that can be expected in the area, including hurricanes

"Shooting" the well

the operator lowers an explosive charge into the pay zone and detonates it to fracture the formation

Bailor

the person who owns or lawfully possess the property before the bailment

Bailee

the person who receives the property in order to perform a service

Blanket basis

the policy is written for a single amount of insurance covering all items.

External exposure

the possibility that fire could spread to the insured buildings from an adjacent or a nearby building or structure

Cargo liability exposure

the possibility that the carrier will be held liable for loss of or damage to property of others that is in the insured's CCC for purposes of transportation

Occupancy

the purpose for which a building is used

Computer fraud

the unlawful taking of property by using a computer to fraudulently cause the owner or custodian of the property to transfer the property to the perpetrator.

Agreed valued

the valuation method commonly used for fine arts policies

Contractors equipment

tools and machinery used in projects involving construction, renovation, earth-moving and many other activities

Holdup alarms

triggered by buttons or foot pedals that sound the alarm at a monitoring company

Material-handling equipment

typically lifts and cranes: raise, lower and transport supplies and personnel within the job site

Judgment rating

underwriters authority from the state to modify the policy form to fit an insured's precise coverage needs and can then charge a rate that reflects the characteristics of the particular need.

Punch-hole mining

uses a continuous miner than can operate from the same type of bench as an auger, digging into a seam and brining material out on a conveyor system.

Average rate approach

uses a single rate that is a wighted average based on the total value of equipment at the inception of the policy period.

Soft costs

when a building under construction must be repaired or rebuilt because of a physical loss to the building, the insured can incur a variety of expenses in addition to the cost of materials and labor

Schedule basis

when each item of insured property is individually described in the policy declarations or schedule and a limit is assigned to each listed item.

Quarry operations

work at ground level by cutting into hills