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What is the term for a person who is responsible for insuring that customer property is being used to insure damages of some sort?
What is the term for a person who is responsible for insuring that customer property is being used to insure damages of some sort?
What is the general rule regarding the responsibility of common carriers in their relationship to owners?
What is the general rule regarding the responsibility of common carriers in their relationship to owners?
Common carriers are usually used by owners to limit their liability.
When would insureds purchase a Trip Transit Policy?
When would insureds purchase a Trip Transit Policy?
What is the purpose of a Bill of Lading?
What is the purpose of a Bill of Lading?
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Why might insurance companies use a catastrophe limit for a policy?
Why might insurance companies use a catastrophe limit for a policy?
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A common carrier liability certificate is filed by a common carrier with the governing authorities.
A common carrier liability certificate is filed by a common carrier with the governing authorities.
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What is the purpose of a "Jewellers' Block Policies"?
What is the purpose of a "Jewellers' Block Policies"?
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What is the purpose of a "Furriers' Block Policies"?
What is the purpose of a "Furriers' Block Policies"?
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What is the purpose of a "Contractors Equipment Floater" policy?
What is the purpose of a "Contractors Equipment Floater" policy?
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What is the purpose of a "Builders' Risk Insurance" policy?
What is the purpose of a "Builders' Risk Insurance" policy?
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What are the two types of coverage provided under a "Builders Risk Insurance" policy?
What are the two types of coverage provided under a "Builders Risk Insurance" policy?
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Match the following types of insurance policies to their definitions
Match the following types of insurance policies to their definitions
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Study Notes
Insurance Candidates
- Potential insurance candidates include common carriers, contract carriers, and private carriers.
- Common carriers are responsible for the liability of goods they transport.
- Insurance policies cover losses or damage during transportation.
- Bills of lading and provisional premiums are part of the insurance process.
- Valuation of losses is determined based on policy provisions (invoice, cash value, or prepaid freight).
Transportation Floater
- Motor cargo riders (owners' broad form and named perils form) are available for transportation insurance.
- Trip transit policies provide coverage for goods during transit.
- Truckman's liability and cargo riders cover liability related to transportation.
- Contractors' equipment floaters cover construction equipment.
- Builders' risk insurance covers construction projects.
Policies and Coverage
- Jewelers' and furriers' block policies insure specific types of goods.
- Insurable interest is required for policies to be valid.
- Common carriers can limit liability to owners.
- Trip transit policies are purchased when carriers rely on others' insurance.
Additional Insurance Information
- Insureds purchase their own insurance on goods when relying on carrier insurance is insufficient.
- Tools and machinery are covered by specific policies.
- Contractors' equipment policies cover specialized items.
- Installation floaters provide coverage for installations.
- Specialized dealer policies cater to particular businesses and properties.
Other Insurance Information
- Acquired equipment is covered by builders' risk policies.
- Builders' risk policies cover construction projects, their materials and temporary structures.
- Installation floaters provide insurance coverage for these installations.
- The insurance policy coverage ends when construction work is completed(accepted or interest ends).
- Insured coverage is generally for a 30-day period from acquisition.
Transportation Liability
- Businesses and individuals involved in shipping, moving, and storage are subject to liability.
- Carriers transporting goods for the public face broad liability.
- Carriers transporting goods for specific clients have limited liability.
- Safe delivery of goods involves responsibility for acts of God, shipper errors, and defects.
- Proof of insurance is filed by common carriers with governing bodies.
- Policies include legal documents governing shipping terms, with exceptions.
- Insurance premiums depend on estimated values, and are adjusted as needed.
- Comprehensive coverage ensures protection of goods in transit.
- Specific risks included in the policy will be covered, and cargo insurance is a key consideration.
Additional Details
- Policies cover property damage and liability for personal or commercial use.
- Delivery methods, such as FedEx, are covered if personal property is transported.
- Property damage and liability are insured under specific situations.
- Property transport liability is based on the extent of responsibility.
- Inherent risks associated with property transport are covered under certain conditions.
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Description
Test your knowledge on the various types of insurance candidates and transportation policies. This quiz covers common carriers, insurance coverage for goods in transit, and specialized policies for construction and valuable items. Understand the intricacies of liability and coverage in the transportation sector.
