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INS 123 wk 4

Commercial Insurance SP 2018

TermDefinition
1. Inland Marine Insurance Insurance that covers many different classes of property that typically involve an element of transportation.
2. Marine Insurance Insurance that, in the U.S., includes both ocean and inland marine coverage, and in the rest of the world, is limited to insurance for vessels and cargo.
3. Nationwide Marine Definition Statement of the types of property that may be insured on inland marine and ocean marine insurance forms.
4. Contractors equipment floater A policy that covers mobile equipment or tools while located anywhere in the coverage territory.
5. Builders risk policy Policy that covers a building in the course of construction, including building materials and supplies while on or away from the building site.
6. Motor truck cargo liability policy Policy that covers a trucker's liability for damage to cargo of others being transported by the trucker.
7. Difference in conditions (DIC) policy, or DIC insurance Policy that covers on an "all-risks" basis to fill gaps in the insured's commercial property coverage, especially gaps in the flood and earthquake coverage.
8. Cargo Insurance Insurance tat covers loss of or damage to property shipped primarily by water or, if in foreign trade, by air.
9. Hull Insurance Insurance that covers physical damage to vessels, including their machinery and fuel but not their cargo.
10.Protection and indemnity (P&I) insurance Insurance that covers shipowners against various liability claims due to operating the insured vessel.
11. General coverage Partial loss that must, according to maritime law, be shared by all parties to a voyage (cargo owners and vessel owners)
12. Retention A risk financing technique by which losses are retained by generating funds within the organization to pay for the losses.
13. Occurrence coverage trigger The event that triggers coverage under an occurrence coverage form: injury or damage that occurs during the policy period.
14. Claims-made coverage trigger The event that triggers coverage under a claims-made coverage form-made coverage form; the first making of a claim against any insured during either the policy period or an extended reporting period.
Created by: karinaguilera87
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