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Ocean &Inland Marine

Ga P & C INsurance Exam - Ocean & Inland Marine

QuestionAnswer
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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