CAIB 2 - Chapter 5 Flashcards PDF

# **Card Front** - Potential insurance candidates - Insurable interest - Common carrier - Contract carrier - Private carrier - Common carrier liability - Certificates of insurance - Bills of lading - Provisional premiums - Valuation at loss - Transportation float...

# **Card Front** - Potential insurance candidates - Insurable interest - Common carrier - Contract carrier - Private carrier - Common carrier liability - Certificates of insurance - Bills of lading - Provisional premiums - Valuation at loss - Transportation floater - Motor cargo riders - Owners broad form - Motor cargo riders - Named perils form - Trip transit policy - Truckman's liability cargo rider - Contractors equipment floater - Builders' risk insurance - Builders' risk - broad form - Installation floater rider - Specialized dealer policies - Coverage limits - Jewellers' block policy - Furriers' block policy - **What is the general rule regarding the responsibility of carriers in their operations?** - **What are the general rules used by common carriers to limit their liability to owners?** - **When would insureds purchase a Trip catastrophe limit and why is it purchased?** - **Why would insureds purchase insurance on goods and rely their own insurance on goods?** - **Types of property insured by Contractors Equipment Floater** - **What catastrophe limits used on Contractors Equipment policy** # **Card Back** - Businesses and individuals involved in shipping, moving, and storage, like freight forwarders, trucking firms, and warehouse operators - **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.** - **What is the extent of responsibility for the delivery of property in their care?** - **Inherent vice of property transported** - **Bills of Lading** - **Removes carrier from any responsibility for the shipment** - **Begins when it leaves the premises continues until property is uploaded at destination** - **What are the policy conditions which negates coverage?** - **What are the conditions that expose all equipment to one occurrence?** - **Insured only for 30 days from date of acquisition** - **Amayakarty caviarmys limitseraettameyntred to complete project to the extent these temporary buitdistast anadıstry gtowasfar fanmededi fapirajgirathaemaettermanship or design. Resultant damage is insured.** - **Coverage ends when project comes into use or occupied** - **Somulated installation until work accepted or until clients interest end (general contractor signs off), whichever is first** - **Gross annual receipts of client** - **existing clients.**