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Ocean &Inland Marine
Ga P & C INsurance Exam - Ocean & Inland Marine
| Question | Answer |
|---|---|
| What is the oldest form of insurance? | Ocean Marine |
| What type of ins policies are ocean marine policies? | manuscript |
| What's the difference between perils on the sea and perils of the sea? | perils on the sea are "land" perils (i.e. fire) that may occur on a ship at sea whereas perils of the sea are ocean-specific perils (i.e. waves) |
| What are four requirements of insured with ocean marine insurance? | 1. seaworthy vessel 2. good condition of cargo 3. legal voyage 4. no deviation in route |
| How is a loss paid when cargo is jettisoned? | paid by general average: shared by owners of ALL cargo on ship and the vessel owner |
| What is particular average? | when a loss is NOT shared by all cargo/vessel owners but instead is paid only by policy covering the specific cargo lost |
| What is barratry? | Willful and illegal sinking, casting away, or damaging a ship at sea or its cargo. |
| What does the Inchmaree Clause specify coverage for? | losses resulting from latent defect in hull and machinery of vessel or losses resulting from errors in navigation or management of the vessel by master or crew. |
| List four general types of risk that Inland Marine insurance covers. | 1. Communications and Transportation Risks 2. Domestic Transportation Risks 3. Commercial Property Floaters 4. Personal Property Floaters |
| What types of Communications and Transportation risks are covered by inland marine ins? | those at fixed locations (i.e. bridges, tunnels, docks, towers) |
| What types of Domestic Transportation risks are covered by inland marine ins? | Property in transit across domestic road |
| Who needs inland marine ins with an owners form? | owner of property using its own vehicles to transport goods |
| Who needs inland marine ins with a truckers form? | owner of vehicles transporting property owned by someone else |
| Who needs inland marine ins with a trip transit form? | owner of goods being transported by someone else's vehicle |
| Of the 3 types of inland marine forms covering domestic transportation, which requires negligence on part of the insured? | truckers form |
| What is the most common form of inland marine commercial property floater and does it require negligence to pay a claim? | Bailee form and no negligence required |
| What is the most common use of a personal prop floater? What type of perils covered and where? | to insure personal property too expensive to include on homeowners policy; all risk and worldwide |
Created by:
jkbick
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