Current through Register Vol. 48, No. 12, March 22, 2024
Marine and/or Transportation policies may cover the following
risks and coverages:
a) Imports
1) Imports on consignment may be covered
wherever the property may be and without restriction as to time, provided the
coverage of the issuing companies includes hazards of transportation.
2) An Import, as a proper subject of marine
or transportation insurance, shall be deemed to maintain its character as such
so long as the property remains segregated in such a way that it can be
identified and has not become incorporated and mixed with the general mass of
property in the United States, and shall be deemed to have been completed when
such property has been:
A) sold and delivered
by the importer, factor or consignee; or
B) removed from place of storage and placed
on sale as part of importer's stock in trade at a point of sale-distribution;
or
C) delivered for manufacture,
processing or change in form to premises of the importer or premises of any
other which are used for any such purpose.
b) Exports
1) Exports may be covered wherever the
property may be without restriction as to time, provided the coverage of the
issuing companies includes hazards of transportation.
2) An export, as a proper subject of marine
or transportation insurance, shall be deemed to acquire its character as such
when labeled or identified or while being prepared for export and retain that
character unless diverted for domestic trade, and when so diverted, the
provisions of this Part concerning domestic shipments shall apply, provided,
however, that this provision shall not apply to long established methods of
insuring certain commodities, e.g., cotton.
c) Domestic Shipments
1) Domestic shipments on consignment,
provided that the coverage of the issuing companies includes hazards of
transportation;
A) for sale or distribution;
and
B) for exhibit, or trial, or
approval or auction, while in transit, while in the custody of others and while
being returned; provided that in no event shall the policy cover the property
on premises owned, leased or operated by the consignor.
2) Domestic shipments not on consignment,
provided the coverage of the issuing companies includes hazards of
transportation, beginning and ending within the United States, provided that
such shipments shall not be covered at manufacturing premises nor after arrival
at premises owned, leased or operated by Assured or purchaser.
d) Bridges, tunnels and other
similar instrumentalities of transportation and communication including
auxiliary facilities and equipment attendant thereto but excluding buildings,
their improvements and betterments, furniture and furnishings, fixed contents
and supplies held in storage. The foregoing includes:
1) Piers, wharves, docks, slips, dry docks
and marine railways.
2) Pipelines,
including on-line propulsion, regulating and other equipment appurtenant to
such pipelines, but excluding all property at manufacturing, producing,
refining, converting, treating on conditioning plants.
3) Power transmission and telephone and
telegraph lines, excluding all property at generating, converting or
transforming stations, sub-stations and exchanges.
4) Radio and television communication
equipment in use as such including towers and antennae with auxiliary
equipment, and appurtenant electrical operating and control
apparatus.
5) Outdoor cranes,
loading bridges and similar equipment used to load, unload and
transport.
e) Personal
Property Floater Risks covering individuals and/or generally, which include the
following:
1) Personal Effects Floater
Policies.
2) The Personal Property
Floater.
3) Government Service
Floaters.
4) Personal Fur
Floaters.
5) Personal Jewelry
Floaters.
6) Wedding Present
Floaters for not exceeding 90 (ninety) days after the day of the
wedding.
7) Silverware
Floaters.
8) Fine Arts Floaters
covering paintings, etchings, pictures, tapestries, art glass windows, and
other bonafide works of art of rarity, historical value or artistic
merit.
9) Stamp and Coin
Floaters.
10) Musical Instrument
Floaters. Radios, televisions, record players and combinations thereof are not
deemed musical instruments.
11)
Mobile Articles, Machinery and Equipment Floaters (excluding motor vehicles
designed for highway use and auto homes, trailers and semi-trailers when hauled
by tractors not designed for highway use) covering identified property of a
mobile or floating nature pertaining to or usual to a household. Such polcies
shall not cover furniture and fixtures not customarily used away from premises
where such property is usually kept.
12) Installment Sales and Leased Property
Policies covering property pertaining to a household and sold under conditional
contract of sale, partial payment contract or installment sales contract or
leased, but excluding motor vehicles designed for highway use. Such policies
must cover in transit but shall not extend beyond the termination of the
seller's or lessor's interest.
13)
Live Animal Floaters.
f)
Commercial Property Floater Risks covering property pertaining to a business,
profession or occupation including the following:
1) Radium Floaters.
2) Physicians' and Surgeons' Instrument
Floaters. Such policies may include coverage of such furniture, fixtures and
tenant Assured's interest in such improvements and betterments of buildings as
are located in that portion of the premises occupied by the Assured in the
practice of his profession.
3)
Pattern and Die Floaters.
4)
Theatrical Floaters, excluding buildings and their improvements and
betterments, and furniture and fixtures that do not travel about with
theatrical troupes.
5) Film
Floaters, including builders' risk during the production and coverage on
completed negatives and positives and sound records.
6) Salesmen's Samples Floaters.
7) Exhibition Policies on property while on
exhibition and in transit to or from such exhibitions.
8) Live Animal Floaters.
9)
A)
Builder's Risks and/or Installation Risks covering interest of owner, seller or
contractor, against lost or damage to machinery, equipment, building materials
or supplies, being used with the during the course of installation, testing,
building, renovating or repairing. Such policies may cover at points or places
where work is being performed, while in transit and during temporary storage or
deposit, of property designated for and awaiting specific installation,
building, renovating or repairing.
B) Such coverage shall be limited to
Builder's Risks or Installation Risks where Perils in addition to Fire and
Extended Coverage are to be insured.
C) If written for account of owner, the
coverage shall cease upon completion and acceptance thereof; or if written for
account of a seller or contractor the coverage shall terminate when the
interest of the seller or contractor ceases.
10) Mobile Articles, Machinery and Equipment
Floaters (excluding motor vehicles designed for highway use and auto homes,
trailers and semi-trailers except when hauled by tractors not designed for
highway use and snow plows constructed exclusively for highway use), covering
identified property of a mobile or floating nature, not on sale or consignment,
or in course of manufacture, which has come into custody or control of parties
who intend to use such property for the purpose for which it was manufactured
or created. Such policies shall not cover furniture and fixtures not
customarily used away from premises where such property is usually
kept.
11) Property in transit to or
from and in the custody of bailees (not owned, controlled or operated by the
bailor). Such policies shall not cover bailee's property at his
premises.
12) Installment Sales and
Leased Property. Policies covering property sold under conditional contract of
sale, partial payment contract, installment sales contract, or leased but
excluding motor vehicles designed for highway use. Such policies must cover in
transit but shall not extend beyond the termination of the seller's or lessor's
interest. This section is not intended to include machinery and equipment under
certain "lease-back" contracts where the original lessee leases back to the
original lessor.
13) Garment
Contractors Floaters.
14) Furriers
or Fur Storer's Customer's Policies (i.e., policies under which certificates or
receipts are issued by furriers or fur storers) covering specified articles the
property of customers.
15) Accounts
Receivable Policies, Valuable Papers and Records Policies.
16) Floor Plan Policies
A) Covering property for sale while in
possession of dealers under a Floor Plan or any similar plan under which the
dealer borrows money from a bank or lending institution with which to pay the
manufacturer, provided:
i) Such merchandise
is specifically identifiable as encumbered to the bank or leading
institution.
ii) The dealer's right
to sell or otherwise dispose of such merchandise is conditioned upon its being
released from encumbrance by the bank or lending institution.
iii) That such policies cover in transit and
do not extend beyond the termination of the dealer's interest.
B) Provided that such policies
shall not cover automobiles or motor vehicles; merchandise for which the
dealer's collateral is the stock or inventory as distinguished from merchandise
specifically identifiable as encumbered to the lending institution.
17) Sign and Street Clock
Policies, including neon signs, automatic or mechanical signs, street clocks,
while in use as such.
18) Fine Arts
Policies covering paintings, etchings, pictures, tapestries, art glass windows,
and other bonafide works of art of rarity, historical value or artistic merit,
for account of museums, galleries, universities, businesses, municipalities and
other similar interests.
19)
Policies covering personal property
A) when
sold to the ultimate purchaser, may be covered specifically, by the owner,
under Inland Marine Policies including:
i)
Musical Instrument Dealers Policies, covering property consisting principally
of musical instruments and their accessories. Radios, televisions, record
players and combinations thereof are not deemed musical instruments.
ii) Camera Dealers Policies, covering
property consisting principally of cameras and their accessories.
iii) Furrier's Dealers Policies, covering
property consisting principally of furs and fur garments.
iv) Equipment Dealers Policies, covering
mobile equipment consisting of binders, reapers, tractors, harvesters, harrows,
tedders and other similar agricultural equipment and accessories therefor;
construction equipment consisting of bulldozers, road scrapers, tractors,
compressors, pneumatic tools and similar equipment and accessories therefor;
but excluding motor vehicles designed for highway use.
v) Stamp and Coin Dealers covering property
of philatelic and numismatic nature.
vi) Jewelers' Block Policies.
vii) Fine Arts Dealers.
B) Such policies may include coverage of
money in locked safes or vaults on the Assured's premises. Such policies also
may include coverage of furniture, fixtures, tools, machinery, patterns, molds,
dies and tenant insureds interest in improvements of buildings.
20) Wool Growers
Floaters.
21) Domestic Bulk Liquids
Policies, covering tanks and domestic bulk liquids stored therein.
22) Difference in Conditions Coverage
excluding fire and extended coverage perils.
23) Electronic Data Processing
Policies.