Commercial Inland Marine
Physical damage to a contractor's bulldozer is best covered under which of the following?
A Commercial Inland Marine Contractors Equipment floater
Which of the following statements is TRUE if an insured would like to include Commercial Inland Marine forms to a Commercial Package Policy?
The insured must select CONTROLLED Commercial Inland Marine forms to add to a Commercial Package Policy so the common declarations and conditions sections will apply.
Which of the following would require bailee coverage?
A TV repair shop is acting as a bailee when they have property of others in their care, custody, and control. They could be held legally liable should the property be damaged while in their custody.
The term "inherent vice" is used in Inland Marine insurance to refer to:
A characteristic of some cargo to destroy itself
Which of the following would be required to use a "bill of lading" when hauling goods?
Common carriers use a "bill of lading" to describe the items being shipped.
All of the following statements are TRUE regarding a Commercial Inland Marine policy, EXCEPT:
Coverage under a Commercial Inland Marine policy is NOT most often written on a named peril basis, it is most often written on an open peril basis.
Which of the following losses would NOT be covered under the Signs coverage form of a Commercial Inland Marine policy?
During installation, several tubes in the insured's fluorescent sign are damaged
All of the following statements are TRUE regarding the Commercial Articles coverage form of an Inland Marine policy, EXCEPT:
It is an uncontrolled 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
Which of the following types of property can NOT be covered under a Commercial Inland Marine form?
Property being manufactured and shipped to Europe for sale
Which of the following Commercial Inland Marine coverage forms covers equipment used by professional photographers and/or musicians?
The Commercial Articles form is used by professional photographers and musicians to cover the equipment used by them in their businesses.
Which of the following Commercial Inland Marine policies covers the truck carrier for liability due to loss of cargo?
The motor truck cargo trucker's form covers the truck carrier for liability due to loss of cargo.
Which of the following Commercial Inland Marine coverage forms covers payments due to the insured from customers, when these payments cannot be collected due to loss or damage of records?
The purpose of accounts receivable coverage is to protect the insured when their records have been destroyed or damaged by a peril insured against. It pays to reconstruct the records and it also pays for the losses sustained by the insured due to the destruction of the accounts receivable records.
All of the following are defenses to a common carriers 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
Which of the following statements is TRUE regarding controlled commercial inland marine forms?
These forms are usually filed for uniform use
Which of the following would be covered by a Commercial Inland Marine policy?
"Domestic shipments" is the only property listed in the answer choices that can be covered under a Commercial Inland Marine policy.
Diamonds & Tiaras, Inc. is covered by a jewelers' block policy with both the show windows and money optional coverages. Which of the following losses would NOT be covered under D & T's policy?
A diamond necklace that disappears from the show window with no sign of forced entry
Which of the following would NOT be covered by a Commercial Inland Marine coverage form?
A garage would be covered under a Commercial Property form, not a Commercial Inland Marine form. A garage is not portable nor does it have a direct connection with transportation or communication related to moving cargo or information.
An insured sells mobile agricultural and construction equipment and needs coverage for this equipment while it is in stock for sale. Which of the following coverage forms would provide the insured with the coverage he needs?
An Equipment Dealer's form covers agricultural and construction equipment while it is held as stock in trade.
Which of the following is one of the duties of the insured as specified in a Commercial Inland Marine policy?
Submit to an examination under oath if the insurer requests it
When an insured submits a claim under a Commercial Inland Marine policy, the insurer must pay the claim:
When an insured submits a claim under a Commercial Inland Marine policy, the insurer must pay the claim within 30 days of reaching an agreement with the insured.
