INSR 441 Ch. 7 Key terms

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INSR 441 Ch. 7 Key terms
2010-02-24 14:40:18
INSR 441 Ch 7 Key terms

INSR 441 Ch. 7 Key terms
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  1. Ocean marine insurance
    Insurance that covers vessels and thier cargos, including various vessel-related liability exposures
  2. Inland Marine insurance
    Insurance that covers many different classes of property that typically involve an element of transportation
  3. Marine insurance
    Marine insurance that includes both ocean and inland marine coverage and in the rest of the world is limited to insurance for vessels and cargo
  4. Bailment
    The temporary possesion by one party(thebailee) of personal property owned by another party (the bailor) for a specific purpose, such as cleaning or repair
  5. Filed Classes
    The classes of inland marine business for which policy forms and rates must be filed with the state insurance department
  6. nonfiled Classes
    The classes of inland marine business for which niether policy forms nor rates must be filed with the state insurance department
  7. Contracters equipment floater
    Policy that covers mobile equipment or tools while anywhere in the coverage area
  8. Builders risk policy
    Policy that covers a building in the coarse of construction, including building materials and supplies while on or away from the building site
  9. Judgement rating
    Rating method used by underwriters to rate one-of-a-kind risks
  10. Freight
    The compensation a carrier recieves for transporting cargo.
  11. Voyage policy
    Policy that covers cargo for a single trip specified in the policy; compareable to an inland marinetrip transit policy
  12. Hull insurance
    Insurance that covers physical damage to vessels, including their machinary and fuel but not their cargo
  13. Collision liability clause
    Clause that covers the insureds liability for collision damage to other ships and their cargos
  14. Protection and indemnity insurance
    Insurance that covers shipowners against various liability claims due to operating the insured vessel