Ocean and inland marine insurance

A commercial inland marine coverage part must include all of the following components EXCEPT

1 nonfiled coverage form

If the insurance company requests a proof of loss on a commercial inland marine claim, the insured must submit it within

60 days

Which of these losses would NOT be covered under the signs coverage form?

A power surge blows out several tubes in the insured;s flurorescent sign

all of the following commercial inland marine coverage forms can be included in a commercial package policy

A. the accounts receivable coverage form, the film coverage form the equipment dealers coverage form

The installation floater covers property while it is NOT

At the insured's premises

Which of the following coverages are included in the physicians and surgeons equipment coverage form?

Both of these(collapse, theft damage to buildings)

Which of the following losses could be covered under the theatrical property coverage form?

Damage to a vehicle used as a prop in the production

Burglars stole $500 out of a car wash's cash register. Would this loss be covered under the valuable papers and records coverage form?

No

General average losses are

Shared by all property owners, including the owners of the ship

Which of these losses would be covered under the camera and musical instrument dealers coverage form?

a clerk drops a camera when arranging digital cameras in a show window. The lens shatters.

When a partial loss resulting from a sacrifice of cargo to save remaining property is shared by all other property owners, it is called

a general average loss

A partial loss that does not arise from a general sacrifice of property and is not shared by all other property owners is called

a particular average loss

Under the jewelers block coverage form, the insured is required to

both of these( take a physical inventory at least once every 12 months, maintain business records for three years after the policy expires

The contractors equipment floater

covers machinery, equipment, and tools owned by or borrowed by the insured

According to the nationwide definition, which of these categories of risks are eligible for commercial inland marine insurance?

domestic shipments

The jewelers block coverage form would cover a jeweler's stock in trade while it is

in transit by registered mail

The motor truck cargo policy

insures a truck carrier for liability arising out of the transportation of cargo

A voluntary action to rid the ship of cargo to prevent further damage is called

jettison

How often is the insured required to submit reports of values under the floor plan coverage form?

monthly

A loss is covered under a commercial inland marine form and another policy. Both policies are written on the same basis. The commercial inland marine form wil

pay on a pro rata basis

All of the following can be covered under the physicians and surgeons equipment coverage form EXCEPT

radium used for medical purposes on the premises

A bailee's customer policy covers

the bailee for loss to customers' property, regardless of liability

All of the following commercial inland marine coverage forms can be included in a commercial package policy EXCEPT

the parcel post coverage form

Which of the following actions does NOT represent a breach of an implied warranty?

the ship master orders the crew to jettison a large part of the ship's cargo to lighten the load and prevent the ship from sinking

The insured removes accounting records from her business to protect them from loss. Are the records covered under the accounts receivable coverage form while away from the premises?

yes, if the insured notifies the insurer within 10 days