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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.
Marine insurance is always written on an occurrence basis, covering claims that arise out of damage or injury that took place during the policy period, regardless when claims are made. Policy features often include extensions of coverage for items typical to a marine business such as liability for container damage and removal of debris.
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.
Policy form - The definitions, insuring agreement, exclusions, and conditions are typically combined into a single integrated document called a policy form. [25] Some insurers call it a coverage form [25] or coverage part. When multiple coverage forms are packaged into a single policy, the declarations will state as much, and then there may be ...
Parametric insurance (also called index-based insurance) is a non-traditional insurance product that offers pre-specified payouts based upon a trigger event. [1] Trigger events depend on the nature of the parametric policy and can include environmental triggers such as wind speed and rainfall measurements, business-related triggers such as foot traffic, [2] and more.
ACE USA Updates Marine Open Cargo Policy to Consolidate Coverage in a Single Form PHILADELPHIA--(BUSINESS WIRE)-- ACE USA, the U.S.-based retail operations of the ACE Group, today announced the ...
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Umbrella insurance is a form of liability insurance that provides coverage when liability exceeds the limits of other insurance policies, such as auto insurance or homeowners insurance. It can also act as primary insurance for losses not covered by those underlying policies, distinguishing it from excess insurance , which typically only extends ...
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