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
