Collisions and cargo theft are the two most frequent causes of inland marine losses. In general, these types of insurance cover property housed at a specific location, but tools and equipment that travel with employees to nearby job sites may also be covered.
However, if your business frequently ships products or equipment, you may want to consider purchasing inland marine insurance.
This type of coverage is especially important if you ship high-value products or materials, which are often excluded from basic property coverage.
Target Markets. Agency Education. Go Green with Virtual Training. For Your Clients. Preventing Bicycle Collisions. All marine insurance policies are either valued or unvalued. In the case of the former, the monetary value is pre-determined and stated in the policy document, therefore making clear any questions about the value of the reimbursements in case of a total or partial loss to the ships, cargo, and terminals covered under the policy.
These types of plans serve to avoid disputes as to the value of the insured property. When a marine policy contains the words "valued at" or "so valued," there is generally no reassessment or revaluation necessary if an insured event or loss were to occur.
A marine insurance policy should fall under the valued category if it contains, somewhere in the contract, the words "valued at" or "so valued. A valued marine policy pays a fixed amount, regardless of the extent of the damages. It is important to note that if the insured item depreciates in value, it will not affect the amount which can be claimed in the event of a total loss.
The same is also true if the value of the item appreciates, in which case the insured would be unable to receive any additional damages based on the increased value of the item.
The Marine Insurance Act of states that: for an unvalued policy, the measure of indemnity is the insurable value of the subject-matter insured, so shipowners with valued policies may fare better if they make a claim during periods of falling market rates. This makes it extremely important for those insuring ships to obtain policies with the proper wording, especially since the distinction between valued and unvalued marine policies has become the subject of legal disputes in many countries.
The National Archives. Home Insurance. Corporate Insurance. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. Pay the difference between the value of the pair or set before and after the loss. In case of loss to any part of covered property, consisting of several parts when complete, we will pay only for the value of the lost or damaged part.
Current In the event of loss of or damage to: 1. Any article or articles which are a part of a pair or set, the measure of loss of or damage to such articles shall be a reasonable and fair proportion of the total value of the pair or set, giving due consideration to the importance of said articles, but in no event shall such loss or damage be construed to mean total loss of the pair or set; or 2. Any part of property covered consisting, when complete for use of several parts, the Company shall only be liable for the value of the part lost or damaged.
Settle the loss with the owners of the property. A receipt for payment from the owners of such property will satisfy any claim of yours. Provide a defense for legal proceedings brought against you.
If provided, the expense of this defense will be at our cost and will not reduce the limit of insurance. Current In the event of loss of or damage to property of others held by the Insured for which claim is made upon the Company, the right to adjust such loss or damage with the owner or owners of the property is reserved to the Company and the receipt of such owner or owners in satisfaction thereof shall be in full satisfaction of any claim of the Insured for which such payment has been made.
If legal proceedings be taken to enforce a claim against the Insured as respects any such loss or damage, the Company reserves the right at its option without expense to the Insured, to conduct and control the defense and no action of the Company in such regard shall increase the liability of the Company under this Policy, nor increase the limits of liability specified in the Policy.
Any expense in doing so will be shared by you and us according to your and our interests. Current Sue and Labor In the event of any loss or damage insured against, it shall be lawful and necessary for the Insured, his or their factors, servants and assigns, to sue, labor and travel for, in and about the defense, safeguard and recovery of the property insured hereunder, or any part thereof, without prejudice to this insurance, nor shall the acts of the Insured or the Company, in recovering saving and preserving the property insured in case of loss be considered a waiver or an acceptance of abandonment.
The expenses so incurred shall be borne by the Insured and the Company proportionately to the extent of their respective interests. You also will agree to a physical inventory of all covered property at least every 12 months. These records will consist of: 1. An itemized inventory of all covered property; 2.
Records of all purchases and sales, whether cash or credit; 3. Records of the property of others in your care; and 4. Records of property you send to others for any purposes. Current The Insured shall keep accurate books, records and accounts in the following manner: 1 A detailed and itemized inventory record of all property covered hereunder shall be maintained and a physical inventory shall be taken periodically at intervals not more than twelve months apart; 2 A set of books showing a complete record of the business transacted including all purchases and sales for both cash and credit; 3 detailed records of: a the property of others in his or their custody and control, b all travelers' stocks and c property sent to others for any purpose; 4 All such books, records and accounts shall be preserved for not less than one year following the termination of this Policy and any renewal thereof.
The amount of insurance will not be reduced by the payment of any claim, except for total loss of a scheduled item, in which event we will refund the unearned premium on that item. Automatic Reinstatement. The amount of insurance will be reduced by the amount paid in any claim but will be reinstated automatically and you will pay the additional premium due.
Current Reduction in Amount of Insurance. No Reduction in Amount of Insurance. Each claim paid hereunder reduces the amount of insurance by the sum paid, but the amount of such loss shall be reinstated automatically and a pro rata additional premium shall be payable from the date of the occurrence when the amount of such loss is determined.
Note: "Property whenever located " includes property in water, land and air shipments to and from Alaska. Accordingly, the company may wish to exclude all forms of transit to and from Alaska by adding the following: Limited Form However we do not cover property in transit to and from Alaska. Note: "Within" includes the territorial limits of these states and countries.
The company should be aware that this coverage includes location as well as transportation. This exclusion does not apply to property in the custody of a carrier for hire. Attended Vehicle Theft from any vehicle unless at the time of the theft you, or an employee, or other person whose only duty is to attend the vehicle is actually in or upon the vehicle.
Current Unattended Vehicle Except when in the custody of a common carrier, this Policy does not insure against loss or damage caused by theft or pilferage of the insured property while left unattended in or on any automobile unless such automobile is equipped with a fully enclosed body or compartment, and the loss is a direct result of violent, forcible entry of which there shall be visible evidence into such fully enclosed body, the doors and compartment of which shall have been securely locked.
That person or organization must do everything necessary to assist us, and must do nothing after the loss to hinder us, in our recovery. Current Subrogation or Loan If in the event of loss or damage, the Insured shall acquire any right of action against any individual, firm or corporation for loss of, or damage to, property covered hereunder, the Insured will, if requested by the Company, assign and transfer such claim or right of action to the Company or, at the Company's option, execute and deliver to the Company the customary form of loan receipt upon receipt of an advance of funds in respect of the loss or damage; and will subrogate the Company to, or will hold in trust for the Company, all such rights of action to the extent of the amount paid or advanced, and will permit suit to be brought in the Insured's name under the direction of and at the expense of the Company.
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