CAIB 2 - Chapter 5 - Flashcards

Common carriers are usually used by owners to limit their liability.

<p>It removes the carrier of any responsibility related to the shipment (C)</p> Signup and view all the answers

<p>To avoid paying out too many large losses (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>To insure the goods of jewelers (D)</p> Signup and view all the answers

<p>To insure the goods of furriers (C)</p> Signup and view all the answers

<p>To provide coverage for movable equipment, tools and machinery.</p> Signup and view all the answers

<p>To insure buildings under construction (B)</p> Signup and view all the answers

<p>Builders' Risk - Broad Form or Builders' Risk - Named Perils Form</p> Signup and view all the answers

<p>Trip Transit Policy = Covers contractor's movable equipment and tools. Contractors Equipment Floater = Covers single shipment during a single movement Builders' Risk Insurance = Covers all buildings under construction excluding tools Installation Floater Rider = Covers machinery in transit and during the installation process Specialized Dealer Policies = Covers goods purchased from specific dealers Jewellers' Block Policy = Covers the risks of specialized dealers Furriers' Block Policy = Covers the risks of a jeweler Coverage Limits = Covers the risks of a furrier Motor Cargo Riders - Owners Broad Form = Covers the risk of property in transit Motor Cargo Riders - Named Perils Form = Covers the risk of property in transit Valuation at Loss = Determines the value of property at the time of loss Bill of Lading = Removes any responsibility for the shipment from the carrier Provisional Premiums = Premiums paid at the start of the policy, and adjusted later based on estimated value Certificates of Insurance = Proof of liability insurance filed for common carriers</p> Signup and view all the answers

Ownership or a financial stake in the goods being shipped.

A carrier that transports goods for the general public, holding broad liability.

Transports goods for specific clients, with limited liability.

Transports an owner's goods, with liability based on ownership.

Responsibility for safe delivery, with exceptions in cases like acts of God, shipper error, and defects.

Proof of liability insurance filed by common carriers with governing authorities.

Legal documents governing shipping rates and carrier liability, with exclusions for specific goods.

Premiums charged at policy start based on estimated values, adjusted later.

Determining property value at loss via invoice, cash value, or prepaid freight.

Insurance for businesses shipping via multiple transportation methods.

Comprehensive coverage for property in the carrier's vehicles.

Coverage for specific risks listed in the policy.

Insurance for a single shipment, valid for one movement.

Covers liability for loss in transit for cargo.

Covers contractors’ movable equipment, tools, and machinery.

Insures buildings under construction, excluding contractor’s tools.

All risks coverage for construction property, including materials and temporary structures.

Coverage for machinery in transit, during awaiting installation, and installation.

Policies tailored for high-value items not covered by standard policies.

Adequate limits prevent under-indemnification, ensuring sufficient coverage.

Covers jewelry, repairs, and transit.

Covers furs, repairs, and transit.

The extent of responsibility for the delivery of property in their care.

The inherent flaw or defect within the property itself.

Removes carrier from any responsibility for the shipment.

Begins when it leaves the premises continues until property is uploaded at destination

The conditions that negate coverage.

The conditions that expose all equipment to one occurrence.

Insured only for 30 days from date of acquisition.

Coverage ends when project comes into use or occupied.

Coverage is simulated during installation until work is accepted or until the client's interest ends.

Gross annual receipts of client