Term
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Definition
| Insurance that covers vessels and their cages, including various vessel-related liability exposures. (p. 7.3) |
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Term
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Definition
| Insurance that covers many different classes of property that typically involve an element of transportation (p. 7.3) |
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Term
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Definition
| 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. (p. 7.3) |
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Term
| Nationwide Marine Definition |
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Definition
| A statement used mainly to determine whether a particular coverage is marine insurance (inland or ocean). (p. 7.4) |
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Term
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Definition
| Airlines, railroads, or trucking companies that furnish transportation to any member of the public seeking their offered services. (p. 7.5) |
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Term
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Definition
| Carriers that furnish transportation services to shippers with whom they have contracts. (p. 7.5) |
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Term
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Definition
| Carriers that haul their own goods. (p. 7.5) |
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Term
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Definition
| The contract between the shipper and the carrier that may limit the shipper’s recovery for cargo loss. (p. 7.5) |
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Term
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Definition
| The temporary possession by one party (the bailee) of personal property owned by another party (the bailor) for a specific purpose, such as cleaning or repair. (p. 7.6) |
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Term
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Definition
| The owner of the personal property in a bailment. (p. 7.6) |
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Term
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Definition
| The party temporarily possessing the personal property in a bailment. (p. 7.6) |
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Term
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Definition
| The classes of inland marine business for which policy forms and/or rates must be filed with the state insurance department. (p. 7.9) |
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Term
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Definition
| The classes of inland marine business for which neither policy forms nor rates must be filed with the state insurance department. (p. 7.10) |
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Term
| Contractors equipment floater |
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Definition
| Policy that covers mobile equipment or tools while anywhere in the coverage territory. (p. 7.10) |
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Term
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Definition
| Policy that covers a building in the course of construction, including building materials and supplies while on or away from the building site. (p. 7.11) |
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Term
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Definition
| Coverage for various incidental expenses that might result from a physical loss to a building project, such as additional interest, advertising expenses, or real estate taxes; can be added to a builders risk policy. (p. 7.11) |
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Term
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Definition
| Policy that covers a contractor's interest in building supplies or fixtures that the contractor has been hired to install. (p. 7.12) |
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Term
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Definition
| Policy that covers a particular shipment of goods specified in the policy. (p. 7.12) |
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Term
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Definition
| Policy that covers all shipments made or received by the insured throughout a one-year policy period. (p. 7.12) |
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Term
| Motor truck cargo liability policy |
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Definition
| Policy that covers a trucker's liability for damage to cargo of others being transported by the trucker. (p. 7.13) |
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Term
| Difference in conditions (DIC) policy |
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Definition
| Policy that covers on an "all-risks" basis to fill gaps in the insured’s commercial property coverage, especially gaps in flood and earthquake coverage. (p. 7.13) |
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Term
| Electronic data processing (EDP) equipment floater |
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Definition
| Policy that covers computer equipment, software, and electronic data. (p. 7.14) |
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Term
| Warehouse operators legal liability policy |
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Definition
| Policy that covers warehouse operators against liability for damage to the property of others being stored in operators' warehouses. (p. 7.15) |
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Term
| Bailees' customers policy |
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Definition
| Policy that covers damage to customers' goods while in the possession of the insured, regardless of whether the insured is legally liable for the damage. (p. 7.15) |
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Term
| Commercial Articles Coverage Form |
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Definition
| Form that covers photographic equipment and musical instruments used commercially by photographers, motion picture producers, professional musicians, and others. (p. 7.16) |
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Term
| Camera and Musical Instrument Dealers Coverage Form |
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Definition
| Form that covers the stock in trade (inventory) of camera dealers or musical instrument dealers and similar property of others in the insured's care, custody, or control. (p. 7.16) |
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Term
| Equipment Dealers Coverage Form |
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Definition
| Form that covers the stock in trade of dealers that sell agricultural or construction equipment and customers' equipment in the insured's care, custody, or control. (p. 7.16) |
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Term
| Physicians and Surgeons Equipment Coverage Form |
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Definition
| Form that covers the professional equipment, materials, supplies, and books of physicians, surgeons, and dentists; also covers the insured's office equipment and (if the insured is a tenant) improvements and betterments that the insured has made to the building. (p. 7.16) |
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Term
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Definition
| Form that covers neon, fluorescent, automatic, or mechanical signs. (p. 7.16) |
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Term
| Theatrical Property Coverage Form |
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Definition
| Form that covers stage scenery, costumes, and similar property used in theatrical productions. It covers similar property of others in the insured's care as well as property owned by the insured. (p. 7.17) |
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Term
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Definition
| Form that covers exposed motion picture film and magnetic tapes or videotapes, including related soundtracks or sound records. (p. 7.17) |
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Term
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Definition
| Form that covers merchandise that is being held for sale and that the dealer has financed under a floor plan (p. 7.17) |
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Term
| Jewelers Block Coverage Form |
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Definition
| Form that covers the merchandise of retail jewelers, including similar property of others in the insured's care, custody, or control. (p. 7.17) |
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Term
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Definition
| Form that covers a financial institution against loss of securities and other negotiable instruments while in transit through specified types of mail. (p. 7.17) |
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Term
| Accounts Receivable Coverage Form |
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Definition
| Form that covers losses (including uncollectible accounts) due to destruction of the insured's records of accounts receivable. (p. 7.18) |
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Term
| Valuable Papers and Records Coverage Form |
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Definition
| Form that covers valuable papers and records, such as an architect's blueprints and plans. (p. 7.18) |
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Term
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Definition
| Rating method used by underwriters to rate one-of-a-kind risks. (p. 7.19) |
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Term
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Definition
| The compensation a carrier receives for transporting cargo. (p. 7.19) |
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Term
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Definition
| Policy that covers carp for a single trip specified in the policy; comparable to an inland marine trip transit policy. (p. 7.20) |
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Term
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Definition
| Policy that covers all goods shipped or received by the insured during the policy's term; comparable to an inland marine annual trip transit policy, but without a set policy expiration date. (p. 7.20) |
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Term
| Warehouse to warehouse clause |
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Definition
| Clause in open cargo policies that covers the insured cargo during the ordinary course of transit (including land transit) from the time the cargo leaves the point of shipment until it is delivered to its final destination. (p. 7.21) |
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Term
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Definition
| Clause that covers the cost of reasonable measures that the insured is required to take to protect property from damage at the time of loss. (p. 7.22) |
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Term
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Definition
| Partial loss that must, according to maritime law, be shared by all parties to a voyage (cargo owners and vessel owner). (p. 7.22) |
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Term
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Definition
| Partial loss that is borne by only one party to a voyage (such as a cargo owner). (p. 7.22) |
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Term
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Definition
| Insurance that covers physical damage to vessels, including their machinery and fuel but not their cargo. (p. 7.22) |
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Term
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Definition
| Accidental causes of loss that are peculiar to the sea and other bodies of water. (p. 7.22) |
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Term
| Collision liability clause |
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Definition
| Clause that covers the insured's liability for collision damage to other ships and their cargoes. (p. 7.24) |
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Term
| Protection and indemnity (P&I) insurance |
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Definition
| Insurance that covers shipowners against various liability claims due to operating the insured vessel. (p. 7.24) |
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