Ocean Marine Insurance

jettison

a voluntary action to rid the ship of cargo to prevent further peril. jettison is permitted if the action is taken to save the remaining property.

installation policy

an inland marine coverage that insures against loss to machinery, equipment, building materials, and supplies in transit to or being used with or during the course of installation testing building renovating or repair. it can be issued to cover the interest of the owner, the seller, or the contractor.

film coverage form

considered an equipment floater, it provides open peril coverage for exposed motion picture film, soundtracks, video tapes, and magnetic tapes that are used in the production scheduled in the declarations and that the insured owns or has in his custody or control. it doesn't cover cut outs unused footage positive prints or films, or library stock.

equipment dealers coverage form

cover dealers of mobile equipment and construction equipment. It covers the dealer's stock in trade, consisting primarily of mobile agricultural equipment and construction equipment.

theatrical property coverage form

covers scenery, props, and costumes used by a theater groiup in a specific production identified in the declarations. also covered is theatrical property in the insured's care, custody, or control or on which the insured has made partial payments.

floor plan coverage form

covers stock that is subject to a floor plan arrangement, in which a dealer borrows money from a lender with which to pay for merchandise.

camera and musical instrument dealers coverage form

covers the insured's stock in trade as well as customer property in the insured's care custody or control, such as an instrument or camera that is being repaired cleaned or adjusted.

commercial articles coverage form

covers the interests of the owner of commercial cameras, musical instruments and related equipment and similar property of others that is in insured 's care custody or control

show windows coverage

covers theft of stock from a show window when the window is cut or smashed

particular average loss

each owner bears whatever loss his own property sustained

commercial property floater risks

embrace a number of cubcategories of inland marine forms including bailee's customer forms, equipment forms, business floarers, and dealers policies

inland marine insurance

first developed as an extension of ocean marine insurance to provide coverage for cargo that travels over land instead of by the sea. from there, however, inland marine insurance branched out to provide very broad coverage on a wide variety of portable property in addition to the coverage it continues to provide for cargo in transit

ocean marine insurance

imports and exports

nationwide definition of marine risks

imports, exports, domestic shipments, instrumentalities of transportation or communication, personal property floater risks, commercial property floater risks

instrumentalities of transportation or communication

include forms that cover property related to reansportation or communication, such as bridges, pipelines, and television towers

instrumentalities of transportation and communication

includes forms covering such property as bridges, tunnels, oil pipelines, loading docks, and radio and tv towers

trip transit policy

it is used to insure single shipments of goods for companies that have only occasional shipments to insure

nonfiled classes

nonstandardized forms for other inland marine coverages not specifically listed

bill of lading

obligations that those who hold themselves out to the public to ship goods must accept a certain amount of liability for losses to cargo

filed classes

parts of the policy that can be written under the commercial inland marine coverage part of the commercial package policy. includes: mail, physicians and surgeons equipment, theatrical property, film, commercial articles, accounts receivable, valuable paper and records, signs, jewelers block, floor plan, equipment dealers & camera and musical instrument dealers.

pollutant cleanup and removal coverage

pays expenses to extract pollutants from land or water if the release or discharge of the pollutants resulted from a covered cause of loss that occurred during the policy period. the most the insurer will pay is $10,000 for all such expenses arising during each separate 12 month period of coverage under the policy

annual transit policy

protects the shipper or receiver of goods against loss to goods in transit

protection and indemnity insurance

provides liability for job related injuries to sailors, injuries to stevedores, longshore workers, or harbor workers, damage to cargo through negligence, damage to other property not caused by collision, and damage to other property or another boat resulting from collision

electronic data processing equipment floater

provides open peril coverage for computer hardware, software and data that is owned by the insured or in the insured's care custody or control

reinstatement of limit after loss condition

provides that the limit of insurance will not be reduced by payment of any claim, except for a total loss of a scheduled item

implied warranties

seaworthiness (the vessel must be fit for the voyage), conditions of cargo (cargo must be warranted to be sound and packed properly), legality (the trip must involve a lawful enterprise), no deviation in voyage (the ship must follow an agreed route, with no changes in destination and no untoward delays)

other insurance condition

states that if the insured has other insurance that is written on the same basis as the commercial inland marine form, the commercial inland marine form pays on a pro rata basis

transit coverage in the event of a cancellation condition

states that if the policy is canceled, property already in transit will be covered until it reaches its destination

bailee's policies

subcategory for which there are no filed forms but for which there are several important nonfiled forms

general average loss

this means that partial loss resulting from a sacrifice of cargo to save remaining property is shared by all other property owners, including the owners of the ship. each owner shares in the general average loss in proportion to the total property interest, regardless of which owners property was actually jettisoned. three requirements: there must be common danger in which all participate, there must be a voluntary jettison of some portion of the joint concern with the purpose of transferring the peril from the whole to a particular portion of the whole, and the attempt to avoid the imminent common danger or peril must be successful

nonfiled forms

those that cannot be included in the commercial package policy

perils of the sea

unusual wind or wave action, stranding, lightning, collision, sinking

money coverage

cover theft of money from locked safes or vaults on the insured's premises. the form also covers collapse of building or structure when it is caused by one of the perils specified in the form and damage caused by theft or attempted theft of the building

domestic shipments

covered through a variety of inland marine transportation forms that cover property being transported

ocean marine insurance

covers cargo and ships in transit over sea. it is one of the oldest types of insurance and one of the first to provide open peril coverage for the insureds property there are no standardized forms.

motor truck cargo policy

covers cargo while it is being transported in a truck. it protects the carrier, instead of the shipper, for liability for loss to domestic shipments in transit

cargo insurance

covers goods while they are in transit over water. through the use of the warehouse to warehouse clause, coverage is also extended to include coverage from the property's point of origination to its point of destination. this includes not only ocean travel but also any inceidental journey by land. coverage may be purchased on a trip or voyage basis or may be purchased as an open cargo.

contractors equipment floater

covers heavy machinery, equipment, and tools a customer needs to conduct business. it covers the equipment and tools a customer needs to conduct business. it covers the contractor on an open peril or named peril bases for loss to all types of tools machinery and equipment owned, rented or borrowed by the insured

physicians and surgeons equipment coverage form

covers medical and dental instruments on and off the premises, as well as furniteure and fixtures at the office and the insured's interest in improvements and betterments. medical and dental equipment of others used by the insured is also covered at the insured's option.

jewelers block coverage form

covers the insured's stock in trade which includes jewelry precious and semi precious stones precious metals and alloys and other stock used in business, property that is sold but not delivered, similar property of others who are not in the jewelry trade in the insured's care custody or control, and similar property of others in the jewelry trade in the insured's care custody or control but only to the extent of the insured's legal liability for the property or the amount of money actually advanced by the insured.

bailment

delivery property by the owner to someone else to be held some special purpose and then to be returned to the owner. an example of bailment is leaving your shoes at the repair shop to have them reheeled. the bailee is the one who receives the property; the one who owns the property is called a bailor

inland marine insurance coverage

domestic shipments, instrumentalities of transportation or communication, commercial property floater risks, personal property floater risks

signs coverage form

insures businesses against loss to neon, fluorescent, automatic, or mechanical electric signs and lights. the form covers the insured's signs and similar property of the others in the insured's care custody or control.

Marine Insurance

is a type of property insurance that protects property where it is on land or sea. there are two types of marine insurance. ocean and inland

debris removal coverage

pays expenses to remove the debris of covered property that is damaged by a covered cause of loss, subject to a limit of 25% of the amount paid for the direct physical loss plus the amount of the deductible. however if the amount of the debris removal expenses and the direct loss exceeds the limit of insurance, or if the totally debris removal expense exceeds the 25% limitation, the insurer will pay up to an additional $10,000 for debris removal costs. the expenses must be reported to the insurer within 180 days

freight insurance

protects the insured against loss of shipping costs. this coverage can be written separately or included with hull insurance or cargo insurance, depending on how the shipping costs are handled. when shipping is prepaid by the owner of the cargo, the owner would lose shipping charges if the cargo is lost

mail coverage form

provides open-peril coverage against loss to property in transit by registered mail, first class mail, certified mail, or express mail. covered property includes bonds, stock certs, certs of deposit and other securities, stamps, money orders, checks, and other documents and papers of value except food stamps, unsold travelers checks, and money.

hull insurance

provides physical damage coverage for the ship itself while in transit on oceans, rivers, and lakes. coverage may be obtained for a single vessel or an entire fleet. limited liability insurance may also be included through the running down clause, which protects the owner if he is held liable for the negligent operation of the vessel in damaging another ship

barratry

refers to illegal acts committed willfullt by the ship's master or crew for the purpose of damaging the ship or its cargo. it includes hijacking, abandonment, or embezzlement

accounts receivable coverage form

reimburses the insured for amounts that can't be collected from customers because of damage to the company's accounts receivable records. it also covers extra collection expenses and interest on any loans the insured must obtain to stay in business while collections are impaired

bailee's customer policy

reimburses the insured for damage to a customer's property that is in the insured's care regardless of whether the insured is liable for the damage, as long as the damage resulted from a covered peril.

valuable papers and records coverage form

reimburses the insured for the cost of replacing damaged items, such as manuscripts, films, maps, drawings, deeds, and books that belong to the insured or are in the insured's care, custody or control.