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INS 123 wk 4
Commercial Insurance SP 2018
| Term | Definition |
|---|---|
| Inland Marine Insurance | Covers assets that are mobile, in transit, or part of infrastructure |
| Marine Insurance | Covers loss of/damage to ships, cargo, and terminals |
| The Filed Classes | Classes of inland marine insurance with standardized premium rates |
| The Non-Filed Classes | Classes of inland marine insurance where insurance companies are not required to file premium rates with state insurance departments |
| Builders Risk Policy | Protects buildings while they are under construction, renovation, or repair |
| Transportation Insurance | Protects goods while being moved from one location to another |
| Premises & Operations Liability Exposure | Covers business liability for bodily injury or property damage during business activities |
| Products & Completed Operations Liability Exposure | Covers business liability for bodily injury or property damage after a project is complete |
| CGL Coverage A | Protects business in cases of physical harm to a person or damage to tangible property |
| 1. Contractors Equipment Floater 2. Builders Risk Floater 3. EDP Equipment 4. Motor Truck Cargo 5. Bailee Customers Policies 6. Commercial Fine Arts 7. Transportation 8. Installation Floaters | List the 8 significant examples of nonfiled inland marine classes |
| Heavy Machinery, Hand Tools, Support Equipment | The types of equipment that may be covered under a Contractors equipment floater |
| Filed Inland Marine Classes | Commercial articles, Camera and Musical Instrument Dealers, Equipment Dealers, Physicians and Surgeons Equipment, Signs, Theatrical property, Film, Floor plan, Jewelers block are all types of what? |
| Ocean Marine Insurance | Insurance that covers loss of or damage to property shipped primarily by water or, if in foreign trade, by air. |
| Hull Insurance | Insurance that covers physical damage to vessels, including their machinery and fuel but not their cargo |
| Commercial General Liability | Also known as the CGL coverage form it is the most widely used general liability form the ISO. It covers two broad categories of liability loss: Bodily injury and property damage liability, and Personal and advertising injury liability. |
| Coverage C | This coverage does not require the insured to be legally liable and, therefore, is not technically liability insurance. |
| Duty to Defend | This stipulates that the insurer has the right and duty to defend the insured against any suit that seeks damages for bodily injury or property damage to which the insurance applies. |
| Exclusions | Specific to CGL Coverage A, these can include: Expected or Intended Injury, Contractual Liability, Liquor Liability, Work Comp & Employers Liability, Pollution, and Aircraft/Auto/Watercraft |
| Coverage B | This coverage form addresses a variety of loss exposure related to communication and interaction with the public that businesses encounter. |
| Supplementary Payments | Specific items the insurer will pay + damages payable under Coverage A or B and can include: All expenses incurred by the insurer, such as fees for attorneys, witness fees, the cost of police reports, and up to $250 for the cost of bail bonds |
Created by:
omurray
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