12 Marine

Theatrical Property Coverage Form

"All Risks" controlled Commercial Inland Marine Coverage form that covers scenery, costumes and theatrical property for either a single production or blanket for all productions.

Domestic Shipments

A category of Inland Marine insurance designed to provide coverage for domestic shipments, whether they travel by truck, train, air or even mail.

Sue and Labor Clause

A clause in Ocean Marine policies that requires the insured to take all steps necessary to save and preserve goods from loss, or to minimize a loss which has occurred. Reasonable expenses incurred by the insured will be reimbursed by the insurer, even if the expenses sustained fail to recover the goods.

Signs Coverage Form

A controlled Commercial Inland Marine Coverage form that provides "all risk" coverage for neon, fluorescent, automatic or mechanical electrical signs.

Film Coverage Form

A controlled Inland Marine Coverage form that provides "all risk" coverage for exposed motion picture film, including sound recordings and magnetic or video tapes that have been properly recorded until the first full quota of positive prints or film have been made. (p. 148)

Floor Plan Coverage Form

A controlled Inland Marine Coverage form that provides "all risk" coverage for merchandise for sale that has been financed.

Equipment Dealers Coverage Form

A controlled Inland Marine form that provides "all risk" coverage for mobile agricultural and construction equipment owned by or in the care of an equipment dealer.

Physician's and Surgeon's Equipment Coverage Form

A controlled form that is part of the Commercial Inland Marine Coverage part of the CPP. It covers insureds in the medical and dental professions for loss to medical, surgical and dental equipment, furniture, fixtures and improvements or betterments.

Inland Marine Insurance

A form of insurance originally designed as an extension of Ocean Marine coverage to insure transportation of goods over land. Today, it covers, in addition to goods in transit, a variety of portable property.

Marine Insurance

A form of insurance primarily designed to cover property in transport over land or sea.

Utmost Good Faith

A principle of insurance which states that the insurance company must be able to rely on the honesty and cooperation of the insured, and the insured must rely on the company to fulfill its obligations in good faith.

Cleaners, Dyers and Laundries Coverage

A type of Bailees Customers policy that covers the confusion of goods when the resulting damage from another loss has made it impossible to identify the garment with the correct customer.

Jettison

A voluntary action to rid the ship of cargo in order to prevent further damage or peril.

Camera and Musical Instrument Dealers Form

An "all risk" controlled Inland Marine dealers form that covers stocks of merchandise at the insured's premises, in transit, away in an employee's custody or elsewhere.

Jewelers Block

An "all risk" controlled Inland Marine form for retail jewelers that covers the insured's stock in trade and the property of others, while at the insured's premises, in transit and elsewhere.

Dealers Coverage Form

An "all risk" uncontrolled Inland Marine dealers form that covers stocks of merchandise at the insured's premises, in transit, away in an employee's custody or elsewhere.

Accounts Receivable Coverage Form

An Inland Marine Coverage form, which insures against loss the insured suffers because of an inability to collect from customers when accounts receivable records are damaged. Also covers extra collection expenses, cost to reestablish records and interest on any loans the insured must obtain to stay in business while collections are impaired. Available on a reporting or non-reporting form.

Running Down Clause

An Ocean Marine clause that provides protection should the shipowner be held liable for the negligent operation of the vessel in damaging another ship.

Freight Coverage

An Ocean Marine coverage that provides protection for the vessel owner in the event that freight charges are not paid.

General Average

An Ocean Marine term used to indicate a partial loss resulting from a sacrifice of cargo to save remaining property (jettison). Each party shares in the loss in proportion to their total interest in property being transported.

Contractor's Equipment Coverage Form

An uncontrolled Inland Marine Coverage part of the CPP. It covers various types of contractors mobile equipment needed to conduct business.

Installation Coverage Form

An uncontrolled Inland Marine form that covers property in transit and at premises where an installation is to be made.

Installment Sales Floater

An uncontrolled Inland Marine form that covers property sold on an installment basis.

Instrumentalities Of Transportation And Communication

An uncontrolled Inland Marine insurance covering such property as bridges, tunnels, pipelines, etc.

Electronic Data Processing Coverage Form

An uncontrolled Inland Marine insurance designed to cover computer hardware and software.

Furriers Customers Coverage Form

An uncontrolled Inland Marine insurance obtained by a bailee that provides coverage to fur storage facilities.

Bailees Customers Coverage Form

An uncontrolled Inland Marine insurance obtained by a bailee, to cover loss or damage to customer's property in the bailee's custody, without regard to liability; provided damage resulted from a peril insured against.

Trip Transit Policy

An uncontrolled form of Inland Marine transportation insurance that insures a property owner for single shipment of goods for companies who have only occasional shipments to insure. Coverage extends from the time and point of origination to the time and point of destination.

Controlled Lines

Classes of Inland Marine coverage for which standardized forms have been prepared as part of the CPP.

Uncontrolled Lines

Commercial Inland Marine coverages that are not standardized.

Valuable Papers Insurance

Controlled Inland Marine coverage form that provides "all risk" coverage for valuable papers such as manuscripts, blueprints, records, and other printed documents.

Mail Coverage Form

Controlled form that is part of the Commercial Inland Marine Coverage part of the CPP. It provides all risks coverage for valuable contents of mail.

Demurrage

Damages that a charterer agrees to pay as damages for delay in loading or unloading or for time lost by a vessel prevented from pursuing profitable employment by perils of the sea or accidental causes (excluded by marine policies).

Barratry

Illegal acts committed willfully by a ship's master or crew for the purpose of damaging the ship or cargo. This Ocean Marine peril includes hijacking, abandonment and embezzlement of the cargo.

Hull Insurance

In Ocean Marine and Aviation insurance, insurance against physical damage to plane or ship.

Protection and indemnity

In Ocean Marine insurance, a form of liability insurance.

Constructive Total Loss

In Ocean Marine insurance, a loss that occurs when property is not completely destroyed but the cost to salvage or repair the property, would exceed its value.

Actual Total Loss

In Ocean Marine insurance, a loss that occurs when property no longer exists or is beyond salvage.

Particular Average

In Ocean Marine insurance, a partial loss that is not part of a general sacrifice of property (general average).

Warehousers Policy

Inland Marine insurance obtained by a warehouser bailee that protects from damages to customer's property in the warehouser's custody.

Block Policy ("All Together")

Inland Marine policies that cover jewelry dealers and furriers.

Ocean Marine Insurance

Marine insurance designed to provide broad coverage for cargo and ships in transit over sea. Includes Cargo insurance, Hull insurance, Freight and Liability coverage (Protection and Indemnity).

Open Cargo Form

Ocean Marine coverage designed to accommodate shippers who are shipping goods throughout the year.

Floating Cargo Form

Ocean Marine coverage for a single risk form available to cover a particular shipment only.

Free of Capture and Seizure Clause Endorsement

Ocean Marine endorsement or policy coverage for loss from war perils.

Perils On The Sea

Ocean Marine perils such as fire.

Bailee

One who has temporary custody of property belonging to another. (Example: dry cleaners.)

Commercial Articles Coverage Form

Part of the controlled Inland Marine Coverage part of the CPP. Provides "all risk" coverage for photographic equipment and musical instruments (such as by a newspaper or orchestra) on either a scheduled or blanket basis, or a combination of both.

Personal Property Floater

Personal Inland Marine Floater that provides "all risk" coverage on unscheduled personal property.

Cargo Liability Coverage

Protects against legal liability for loss or damage to cargo or baggage. May be part of an Ocean Marine or Aviation Policy.

Commercial Property Floater

Provides protection for business property coverage that is generally not contained at a fixed location.

Free On Board (FOB)

The buyer assumes responsibility for the cargo once goods reach the designated point.

Bailment

The delivery of property by the owner to someone else, to be held by the latter for some special purpose, and then returned to the owner.

Bailor

The one who owns the property in a bailment.

Free Along Side (FAS)

The seller assumes cost and risk until delivery along side oversea vessel and within reach of its loading tackle.

Free Of Particular Average Clause

This clause provides that no particular average loss will be paid unless the loss is caused by certain perils such as stranding, burning, sinking, or collision.

Enemies

This peril includes all types of taking of the insured property by force. Often excluded to avoid disagreement over whether the carrier or the shipper had possession of the property at the time of loss.

Pilferage

To steal things that are not very valuable or to steal a small amount of something.

Annual Transit Policy

Uncontrolled Inland Marine transportation insurance that insures a property owner (shipper or receiver) for goods being transported during the year.

Motor Truck Cargo Policy

Uncontrolled Inland Marine transportation insurance that protects the carrier against its liability for damage to domestic shipments in its custody.

Perils Of The Sea

Unique perils to which property in transit by water is exposed. Includes unusual action of wind or waves, stranding, lightning, collision and sinking.

Cost and Freight (CF)

When cargo is shipped, the buyer procures his own insurance.

Cost, Insurance and Freight (CIF)

When cargo is shipped, the seller assumes complete responsibility for securing all necessary insurance.

All Other Like Perils (losses, and misfortunes) Clause

While this clause might seem to imply that Ocean Marine insurance is an "all-risk" coverage, it actually includes perils of the same nature as otherwise covered in the policy.