Texas Administrative Code
Title 28 - INSURANCE
Part 1 - TEXAS DEPARTMENT OF INSURANCE
Chapter 5 - PROPERTY AND CASUALTY INSURANCE
Subchapter F - INLAND MARINE INSURANCE, MULTI-PERIL INSURANCE, AND COMMERCIAL LINES
Division 1 - INLAND MARINE INSURANCE
Section 5.5002 - Inland Marine Insurance - Imports
Current through Reg. 50, No. 13; March 28, 2025
Imports (non-filed). Imports may be insured under inland marine policies when the property is not subject to import risk covered under marine (ocean) policies.
(1) Imports on consignment may be covered without restriction as to time or location of the property, provided the coverage includes transportation hazards. "On consignment" refers to property consigned and entrusted to factors or agents to be held in their care, or under their control:
(2) Imports not on consignment may be covered in places of storage that are typically used by importers, provided the coverage includes transportation hazards. These policies may also include the same coverage for property purchased on cost-insurance-freight terms or spot purchases included with or substituted for bona fide importations. An import can remain covered under an inland marine policy as long as the property remains segregated in the original form or package in a way that it can be identified and has not become incorporated and mixed with the general mass of property in the United States. An import can no longer be covered under the inland marine policy when the property has been:
