Inland sea insurance in the United States indemnifies for the type of movable or special property, which has historically evolved as a result of marine insurance. This insurance category includes property protection for construction equipment, medical diagnostic equipment, pure art, solar panels and wind turbines, cameras and film equipment, musical instruments, and various other property types.
The definition of marine inland insurance has evolved over time to cover a wide range of properties and materials:
- Travel on the go
- Property in bailee custody
- Properties are considered as a means of transportation or communication, such as bridges and radio towers
- Mobile medical equipment
- Contractor equipment
Traditionally, marine insurance companies such as underwriters at Lloyd's of London cover cargo on international commercial travel by sea, providing coverage on the basis of "all risks": physical loss or damage of any covered cause except the policy specifically excludes the cause. Furthermore, the fire insurance market for land buildings emerged, particularly after the Great Fire of London in 1666. Firms usually provide narrower coverage, where policies are specifically listed specifically for the only hazards covered, and exclude all losses from other causes..
In the 19th century the Industrial Revolution led to new exposures on land, such as telegraphs, rail equipment, and other types of property in which fire insurance firms were unknown, and tended to provide coverage only for the "dangers mentioned". Marine insurance, which is used to providing "all risks" coverage for cargo on the way, is starting to compete in the insurance market for this type of equipment and other "communication and transportation equipment". Apart from the word marine , most coverage of the inland sea is for land properties, with properties transported by water insured under the ocean. This causes marine insurance to compete in the fire insurance market against fire insurance companies. In the end, the National Association of Insurance Commissioners set the situation, adopted the National Marine Definition in 1933 which explains what type of property qualifies for the protection of "inland sea" insurance.
In the United States, inland marine insurance comprises about 2% of the total premium but is a higher percentage of earnings. Like marine marine insurance, inland sea insurance is traditionally less regulated in the United States.
The inland sea policy is known as "floaters" because the property whose coverage was initially expanded is essentially "floating." Coverage has evolved to include properties that only involve transportation elements. The property insured under the inland sea cover is usually one of the following:
- Actually on the go
- Owned by bailee
- In a fixed location which is a transport tool
- The types of mobile goods that are often located in different locations
The following scopes represent different types of coverage that are usually called "ocean interior":
- Accounts Receivable
- Customer Bailee Items
- Builder Risk
- Cameras and Photographic Equipment
- Communications and Equipment Tower
- Computer Coverage
- Contractor Equipment
- Commercial Floaters
- Dealer
- Exhibits
- Fine Arts
- Furriers
- Golf Equipment
- Weapons
- Installation
- Jewelry
- Lease Property
- Mobile Medical Equipment
- Motor Truck Cargo
- Museums
- Musical Instruments
- Risk Processing
- Rigger Liability
- Scheduled Properties
- Transportation
- Transit Trip
- Precious Paper
- Warehouse Law
Video Inland marine insurance
References
Source of the article : Wikipedia
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