Commercial Inland Marine- C

Which of the following would require bailee coverage?

A TV repair shop

Physical damage to a contractor's bulldozer is best covered under which of the following?

A commercial Inland marine contractors equipment floater

contract carriers

A contract carrier is liable to the shipper for cargo that is lost or damaged in the amount determined in the contract

Which of the following would NOT be covered by a commercial Inland marine coverage form

A garage

Bailee's customer policies

A type of inland marine bailee policy that are written on named-peril basis and cover direct damage, without regard to legal liability, to goods in the care/custody/control of ins for services as cleaning, laundering or repairing

Cost and Freight (CFR)

An INCOTERM indicating the cost of the product and freight is included in the Seller's quoted price to a named destination. All other charges are the Buyer's responsibility.

Trip Transit Policy

An Inland Marine transportation policy, similar to the Annual Transit policy, but designed to cover a specific shipment.

Which of the following would be required to use a "bill of landing" when hauling goods

Common Carrier

Which of the following commercial inland marine policies is designed to cover hardware, data and software?

Electronic data processing

Common Carrier

Haul goods for the general public. These carriers must use a "bill of lading" to describe the item being shipped and are subject to the regulations of the government body overseeing the type of cargo being shipped.

Which of the following commercial inland marine policies covers the truck carrier for liability due to loss of cargo?

Motortruck cargo trucker's form

A common carrier has signed a contract to deliver goods of the seller. The goods are to be shipped "free on board destination". When does the responsibility of the seller end.

Not until the goods are delivered to the buyer in accordance with the contract terms

Installation floater

Policy that covers a contractor's interest in building supplies or fixtures that the contractor has been hired to install.

Annual Transit Policy

Policy that covers all shipments made or received by the insured throughout a one-year policy period.

All of the following are defenses to a common carrier's liability under a motor truck cargo policy, EXCEPT

The shifting of a load in a tractor- trailer due to the driver's high rate of speed

Electronic data processing Floater

This form is used to ensure computers and other electronic data processing equipment and media, including hardware, software, extra expense, and business interruption. Coverage is written to cover external risks of direct physical loss unless the loss is caused by a peril that is excluded. Hardware and software must be described in the Declarations. The value of covered property is based on actual cash value unless replacement cost is indicated in the Declarations.

The term "inherent vice" is used in inland marine insurance to refer to:

a characteristic of some cargo to destroy itself