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INS 123 wk 4
Commercial Insurance SP 2018
Term | Definition |
---|---|
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. |