RMI 3504 Lecture Notes - Lecture 7: Theatrical Property, Floor Plan, Marine Insurance
26 Apr 2016
School
Department
Course
Professor
Document Summary
What is covered: imports, exports, domestic shipments, bridges, tunnels, piers, various types of property owned by individuals. Jewelry and furs: various types of property owned by businesses. Broad peril, all-risk coverage policy: going to name excluded perils only. Policies which would cover musical instruments and photographic equipment. Relatively small # of potential insurers, diverse loss exposures or both. Judgement rating: factors that determine potential losses are varied and cannot easily be quantified, insufficient data, method is predominantly used in determining rates for ocean marine insurance, aviation, inland marine unique risks, etc. Non-filed classes of inland marine insurance: contractors equipment. On a floater- mobile equipment or tools move from job site to job site. Can do blanket or specific schedules of how much the equipment is worth: builders risk. Cover incidental costs that happens form a covered cause of loss. Referred to as wrap ups b/c provide more coverage than the property policy: transit coverage.
