Aircraft Hull
can be either Special Peril for both on the ground and in-flight, or it can be written as Special Peril on the ground and limited to only the perils of fire, lightning, and explosion in flight, and exclude crash or collision.
Ocean Marine policies
are valued policies. In the event of a total loss, the entire face amount is payable without regard for depreciation.
This provides Property and Liability coverage for all types of vessels and their cargoes.
Hull Insurance
This protects the ship owner against damage to the ship itself and is written on a modified Special Peril basis. It includes a running-down clause that also protects against liability caused by damage to other ships.
Flood Coverages
There is a standard deductible of $1,000 for property insured under the NFIP, post-FIRM, or after the rating map is developed. It is $2,000 pre-FIRM.
FIRM= map that establishes flood zones and rates
Boats and yachts
can be insured either as an extension on a Homeowners policy or on a separate policy.
Coverage included is for:
Damage to the boat, including hull and propeller damage caused by collision either while in the water or while the boat is being transported.
T
Difference in Conditions
covers, to a specified limit, any cause of loss that leaves the property in a different condition than it was before, excluding fire and extended coverage perils.
Joint Underwriting/Joint Reinsurance Pool
Insurers in these pools cooperate with each other in the making of:
Rates
Rating systems
Policy forms
Underwriting rules
Surveys
Inspections and investigations
The furnishing of loss and expense statistics or other information
Conducting research
Joint Underwriting/Joint Reinsurance Pool Eligibility
Properties must be located in specific areas.
They must be an insurable risk (i.e., they need to be structurally sound).
The owner must have made an attempt to obtain insurance through normal markets and been refused coverage.
Joint Underwriting/Joint Reinsurance Pool (How it Works)
First, a proposed insured applies for coverage through standard carriers and is turned down.
Next, the applicant applies for insurance through the pool by applying to any property insurance agent or broker.
Then, the agent submits the application to the s
Mine Subsidence Insurance
is coverage for loss caused by the movement of land underneath a property
three (3) main types of Crop Coverages
Crop Hail Insurance
The Federal Crop Insurance Corporation (FCIC)
Multi-Peril Crop Insurance (MPCI)
Multi-Peril Crop Insurance (MPCI)
is similar to FCIC insurance, but it is written and serviced by private insurers and reinsured by those companies through the FCIC.
The Federal Crop Insurance Corporation (FCIC)
has existed in many forms since 1938. The Federal Crop Insurance Act of 1980 established a federal Special Peril program. It is an agency of the U.S. Department of Agriculture and provides coverage against natural disasters. Farmers can apply for coverage
Crop Hail Insurance
is issued for only one season at a time and covers the marketable portion of the crop against damage from hail, fire, lightning, and wind. Some states require that the perils of freezing and frost be covered as well.
Federal crop insurance policies
usually consist of the following:
The Common Crop Insurance Policy
Specific crop provisions
Policy endorsements
Special provisions