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CPCU 551 Chapter 8

Chapter 8 Notes

What does inland marine insurance cover? (general) A wide range of usually land based risks that have some link to transportation or communication.
What are four general areas covered in an inland marine policy? 1) Property in Transit 2) Loss Exposures Covered 3) Broad Coverage of Perils 4) Valuation Provisions
Outside of the standard valuations used (acv, replacement cost, selling price) what two other methods can be used for inland marine coverage? 1) Invoice Value 2) Agreed Value
What three factors come into play when dealing with transportation loss exposures? 1) What parties are involved 2) Who has ownership of goods 3) What carrier is responsible for loss
What two terms are used to describe the selling terms of goods being shipped in the United States? FOB Point of Origin and FOB Shipping Point
When does FOB Point of Origin risk of loss pass? When goods are accepted by carrier for transit.
When does FOB Point of Destination risk of loss pass? When delivered to buyers premises.
Define difference between a common carrier and a contract carrier? Common carriers offer transportation services to the public. Contract carriers only carries the goods of certain contracted carriers.
What are the standard common carriers liability relative to losses? Generally they are liable regardless of negligence with exception of acts of god, or shippers fault.
What are the standard contract carriers liabilities relative to losses? Depends on what is written in the contract.
What Act Defines rules for goods shipped in foreign trade? COGSA (Carriage of Goods Sea Act)
What act covers domestic water shipments? Harter Act
What is the package limit applied by COGSA $500
What rule governs liability for air carriers engaged in international service? Warsaw Convention
List the types of insurance available for transportation exposures? Annual Transit, Open Cargo, Trip Transit, Motor Truck Cargo, Mail Insurance
Define Annual Transit Insurance? Often purchased by frequent shippers to cover all shipments made over the course of an annual policy period.
List of a few of the rules that apply to transit insurance? Most cover all perils, property is valued at invoice.
Define Open Cargo Insurance? Purchased by frequent shippers to cover all shipments made overseas either by plane or boat.
General rules of Open Cargo Insurance? Cancellation is 30 days all shipments in transit are covered, most apply to all risks, most cover to a set limit per trip, paid at invoice rate.
Define Trip Transit Insurance? Purchased by infrequent shippers for a particular shipment.
Define Motor Truck Cargo Insurance? Covers the insureds legal liability as a motor carrier for loss to a customers property.
General Rules of Motor Truck Cargo Insurance? Description of covered property is broad, usually certain types of valuable property targeted by thieves is excluded.
What are the instrumentalities of transportation and communication? Bridges, tunnels, piers, docks, railways, pipelines, power transmission lines, cranes used to load boats and trucks.
What is an Equipment Floater? Policy used to cover any type of mobile article, machinery or equipment. Usually covers equipment used off premise.
List the 2 types of Equipment Floaters? Contractors Equipment and Computer Equipment
List the 3 miscellaneous Inland Marine Coverages? Sign Coverage, Accounts Receivable Coverage, Valuable Papers and Records Coverage
Created by: GARYSCHILD
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