Inland Marine Coverage
It covers property on land that is mobile and away from the owner's premises. Major forms include:
Common Carrier
Trucker's
Shipper's
Owner's
Transit Forms
Nationwide Marine Definition
includes six (6) coverage types:
Personal property floaters and pleasure craft
Commercial property coverages, including the contractor's equipment floater
Domestic shipments (trucking)
Instrumentalities of transportation or communication
Imports
Exports
Accounts Receivable
covers amounts due to the insured that are not collectible from customers because of direct physical loss to accounts receivable records because of fire or other insured perils.
Bailee's Customer
This covers damage to or loss of a customer's goods regardless of the Bailee's (insured's) liability. Businesses such as laundries or dry cleaners would have need of this
Commercial Articles
covers cameras, musical instruments, projection machines, and film and related equipment and accessories of others while in the insured's care, custody, and control being used for a commercial or professional purpose.
Electronic Data Processing (EDP)
This provides Special Peril coverage for loss of computer programs, data, or media. "Special Peril" refers to all risks except those expressly excluded
EDP policies provide Special Peril coverage similar to that provided by Special property forms, PLUS co
Jeweler's Block
covers a jeweler's stock consisting mainly of jewelry, precious and semi-precious stones, precious metals and alloys, and similar property of others in the insured's care, custody, and control. This includes that which is held for sale, on exhibit, in tra
Jeweler's Block Claims
are settled for the lesser of:
Actual Cash Value.
The cost to restore to prior condition immediately before the loss.
The cost to replace the property.
The lowest figure in the insured's books and records showing the property's value.
Sentimental, antique
Valuable Papers and Records
covers such items as deeds, abstracts, mortgages, books, manuscripts, files, maps, drawings, and other records that are important to the continuation of the insured's business, whether owned by the business or the property of others in the insured's care,
Common Carrier Cargo Liability policies
Also known as Transit Coverage policies, cover legal liability for damage to goods the carrier carries with only a few exceptions, those being acts of God and acts of a public enemy (war). Order of public authority could also exclude liability if the auth
Inherent Vice
A characteristic of the merchandise to destroy itself, such as the spoilage of fresh fruits and vegetables
Motor Truck Cargo Policy-Trucker's Form
it is usually written on a named-peril basis. It pays damages only when the trucker is legally obligated to pay.
Transit Coverage Forms
Inland Marine Coverage on the insured's property while in transit over land from one location to another. These forms can cover property on either an Annual or a Specific Trip Transit policy.
Released Bills of Lading
A means by which carriers attempt to limit their liability by specifying a maximum amount for which the carrier will be held liable. The carrier often charges a lower rate to those shippers who accept the limitation and a higher rate to those who do not a
Equipment Breakdown Coverage
can protect an insured against the effects of catastrophic property loss, such as steam boiler explosion or an expensive breakdown of machinery and equipment. It can also protect against the loss of earnings or income while machinery is being repaired. To
Parts of an Equipment Breakdown Policy
Declarations Page
Coverage Form
Object Definition Form(s)
Any applicable endorsements
three types of Equipment Breakdown policies
Standard Equipment Breakdown Policy
Small Business Coverage Form
Small Business Broad Coverage Form
Equipment Breakdown policies cover losses caused by sudden and accidental breakdown or explosion on a Replacement Cost basis.
Covered Property
Any building or business personal property the insured owns
Any property of others in the insured's care, custody, or control, or for which the insured is legally liable
Covered Property NOT included
Valve leakage
Breakdown of structures that support the equipment
Something outside the boiler exploding and causing damage
Losses caused while the equipment is being tested
Loss to adjoining property
Business Interruption, Actual Loss Sustained Endorsement
covers the actual loss of business income as the result of an accident to a covered object, including extra expense to reduce or prevent the interruption.
Business Interruption, Valued Coverage Endorsement
pays a specified amount for each day the business interruption continues.
Actual Cash Value
For damaged property not repaired within 18 months of the accident (unless previously agreed to in writing by the insurer), claim payment will be for the lesser of the:
Cost it would have taken to repair
OR
The property's Actual Cash Value at the time of