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Like ocean marine insurance, inland marine insurance has been traditionally less regulated in the United States. [3] Inland marine policies became known as "floaters" since the property to which coverage was originally extended was essentially "floating." The coverage has grown to include property that just involves an element of transportation.
Aside from the insurance coverage provided by the original three exchanges, Mid-Century offered insurance coverage for Inland marine, robbery, burglary, personal lines, plate glass, selected bonds, and floaters. [5] 1953. Seattle-based New World Life Insurance Company was acquired by Farmers. [5] 1959
Allstate continued to sell additional types of insurance to customers throughout the decade, including worker's-compensation insurance in 1964, surety bonds in 1966, inland-marine coverage in 1967, and a business package policy in 1969. [7]
The American Association of Insurance Services (AAIS) is an American national trade association for the insurance industry in the United States.. AAIS offers details on product creation, statistical research, compliance, administrative paperwork, and technical preparation to more than 700 Member insurance agencies. [1].
Marine insurance traditionally formed the majority of business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym 'MAT'. It is common for marine insurance agencies to compete with the offerings provided by local insurers.
Personal lines institute addresses the insurance needs of individuals, families, and family members, and explains the complexities of state-specific personal lines forms. Commercial casualty institute covers Commercial General Liability, Inland Marine, Ocean Marine, Business Auto, Commercial Umbrella/Excess Liability coverages.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.