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Main Body

Commercial Inland Marine

Nationwide marine definition

The property must include an element of transportation to be eligible for marine coverage

 

The definition lists six categories of eligible marine risks

 

Commercial inland marine conditions form

Inland marine coverage forms:

Will provide broad coverage on property moved off the insured premises to other locations, they will tend to have similar characteristics.

Categories of Marine Risks

Imports

Covered by ocean marine insurance

Exports

Covered by ocean marine insurance

 

Domestic shipments

Covered by commercial inland marine insurance

 

Instrumentalities of transportation or communication

Covered by commercial inland marine insurance

 

Personal property floaters

Covered by personal inland marine insurance

 

Commercial property floaters

Covered by commercial inland marine insurance

 

Types of Commercial Floaters

Accounts receivable

Coverage for businesses unable to collect outstanding customer balances due to damage of the records. May be written as stated limit or reporting form policy

Bailee’s customer

A business who has temporary possession of the property that belongs to another. Covers direct damage without regard to legal liability for goods temporarily in care, custody, and control of insured. Examples: dry cleaners, tailors, television repair

Commercial articles

Covers interests of the owner of commercial cameras, musical instruments, and related equipment

 

Contractor’s equipment floater

Covers contractors’ small and large tools, machinery, and equipment (mobile property)

 

Electronic data processing

Covers electronic equipment, including data and media

 

Equipment dealers

Coverage for dealers of mobile equipment and construction equipment (primarily agricultural)

 

 

Installation Floater

Commercial Property

Equipment Breakdown

 

Jewelers block

Written for jewelers to specifically cover certain items

 

Property covered includes:

Property held for sale

Property in transit by common carrier

Property on exhibit

Property in the custody of outside salesmen

Customer’s jewelry in the insured’s CCC

 

Signs

Covers loss to neon, fluorescent, automatic, or mechanical electric signs and lights.

Covers insured’s signs and similar property of others in the care, custody, or control of the insured

 

Valuable papers and records

Covers loss to specific valuable papers and records

Examples include maps, blueprints, films, illustrations, and drawings

 

 

Motor Truck Cargo

For truckers hauling OTHER people’s goods

Transit Coverage

For a business hauling their OWN goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

License

Icon for the Creative Commons Attribution-ShareAlike 4.0 International License

Michigan Property Casualty Insurance by stuckom and aldricd is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License, except where otherwise noted.

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