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Business Automobile |
| A business
automobile is a motor vehicle that is
customarily used in the business, profession
or occupation of its owner. It can have two,
three, four or more wheels, operated on land.
Within this class are many types of vehicles, such as private passenger automobiles, panel and
pickup trucks, and trailers. All of these vehicles can be insured under
a business automobile policy or garage policy. The business auto policy
is used for all commercial vehicles except those written under garage
policies. Covered under the business automobile policy are building
contractors, service firms, and vehicles owned by other businesses.
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Garage
policy |
| The standard
garage policy is a package program designed for automobile dealers
(franchise and non franchise). It may also be written for non dealers
in such related businesses as service stations, repair garage, storage
garage and parking garage. |
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Index |
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Boiler and
machinery/equipment |
Many people
tend to think only of boilers when boiler and machinery insurance is
mentioned. Actually, much of the common need for this protection is
involved with modern equipment found in offices and apartments:
elevators, escalators, air conditioning and central heating units.
Insurance against loss caused by accidents
to boilers and machinery is a highly specialized type of coverage. It
covers all direct and indirect loss to many types of pressure vessels,
electrical machinery, and other types of equipment, as well as damage
resulting from their accidental bursting or breaking. A large variety of
industrial equipment can be covered under the boiler and machinery
policy. This equipment may be grouped into three categories:
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Boilers and similar equipment using
pressure to generate energy. Examples are steam cookers, refrigeration
apparatus and laundry equipment.
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Electrical equipment, such as
motors, converters, and generators.
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Machinery and engines of the types
using steam turbines, fly wheels, governors, blowers, and gears.
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Bonds |
| A bond is a
contract among three parties: the bonding company, called the surety or
obligor; the insured party or the one for whom something is being done,
known as the obligee; and the principal, who is the party who has an
obligation to the obligee. A bond is a guarantee by the surety to an
obligee that if the principal does not perform as promised, the surety
will pay on his or her behalf.
There are two major classes of bonds:
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Fidelity bonds reimburse an
employer for loss of money or other property caused by the dishonest act
of its bonded employees.
A few examples of fidelity bonds are: Individual, Name schedule,
Position schedule, and Blanket bonds.
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Surety bonds guarantee to one
party of a contract that the other will perform according to the
contract. If he does not, the surety is responsible. A few examples
of surety bonds are: Fiduciary, Court, Public Official, Contract, and
License and Permit. |
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Crime |
| Property
insurance provides very little, if any, coverage for money and
securities. In addition, coverage for various types of theft can also
be very restricted. Crime insurance can provide the necessary coverage
to protect the insured from criminal acts committed by an employee,
non-employee or both. Crime insurance can cover a business' money and
securities against loss form robbery, burglary, theft, destruction,
disappearance, forgery or employee dishonesty. It can also provide
coverage for property other than money and securities from losses
resulting from robbery, burglary, theft, computer fraud, extortion or
employee dishonesty. Major classes include: Money and Securities
Coverage, Theft, Destruction and Disappearance Coverage, and Employee
Dishonesty Coverage. |
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Farm |
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Almost every individual, including a farm
owner, faces some type of exposure to liability. Farm coverage is
available to those engaged in certain farming operations. It is
somewhat similar to the comprehensive personal insurance policy, but has
some additional coverage's dealing with liability stemming from certain
farm operations. The farm owners policy is a combination of a personal
lines fire policy to cover the farm dwelling, its garage, and its
household personal property, plus coverage on the barns and the farm
equipment and other personal property, and the farm liability coverage. |
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General Liability |
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Everyone - from an individual who owns an
apartment house or operates a store to the largest corporation or
institution which provides products or services - faces a multitude of
exposures which may require the paying of damages that stem from
negligence. Everyone, therefore, needs protection against crippling
lawsuits. Claims may arise out of conditions on premises, during
operations away from premises, from any assumed liability, or from
products sold or work completed by such individuals, commercial
enterprises or institutions, just to name a few. Insurance offered to
protect any such risk as the result of possible liability is commonly
referred to as commercial general liability coverage.
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Index |
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Inland Marine |
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There are several different types of
coverage that fall under the heading "Inland Marine". They are:
(Click on area of interest) |
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Index |
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Accounts Receivable |
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The inability of merchants to
collect on their accounts could and probably would seriously
jeopardize the merchant's ability to pay their own bills. The
insurance protection afforded under the accounts Receivable
Coverage Form will help merchants meet their obligations by
providing for recovery of money lost because their accounts
receivable are uncollectible, brought about by the accidental
destruction of their records. |
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Bailees |
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A person or business that exercises
care or custody over the property of others, for storage or
processing is considered a bailee. Customers of retail
establishments, such as laundries or dry cleaners, expect their
property returned to them in good condition. Bailess coverage
is designed to cover this exposure. |
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Boat Dealers and
Marina Operators |
| The
insurance requirements of a boat dealer or a marina have many
unusual features which are best protected by the broad
coverage's found in an inland marine
policy. Coverage is provided for property held for sale,
customers' boats and trailers, watercraft liability, scheduled
workboats and equipment, scheduled rental boats and equipment,
and piers, wharves and docks including wiring and plumbing
permanently affixed |
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Inland Marine Index |
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Builders Risk Coverage |
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Provides coverage for buildings and
their foundations while in the course of construction, erection,
fabrication, reconstruction or completion. Coverage is also
provided for machinery, materials, equipment, and supplies
destined to become a permanent part of the project. Building
materials and supplies are also covered during transit to the
job and while in temporary storage. |
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Contractor Equipment and Tools |
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Provides physical damage coverage
for the insured's equipment and tools, or the equipment and
tools of others the insured leases on a long term basis.
Coverage includes scheduled contractors equipment and/or
unscheduled contractors tools that do not exceed $1,000 for any
one item. |
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Difference in Conditions |
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This coverage is designed to
broaden the basic causes of loss coverage to an "all risk" basis
and can expand the coverage to include property in transit,
flood, water damage, earthquake, theft, and off premises
business income losses. The intent of this insurance is to
provide coverage for catastrophic losses. |
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Equipment Dealers |
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Provides direct physical damage
coverage for the insured's stock consisting principally of
mobile agricultural and construction equipment and similar
property of others in the care, custody or control of the
insured. Coverage is usually written on a reporting form basis
due to seasonal fluctuation in the amount of stock.
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Inland Marine Index |
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Fine
Arts |
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Provides direct physical damage
coverage to scheduled fine arts. Fine arts include paintings,
etchings, pictures, tapestries, art glass windows, and other
bona fide works of art such as valuable rugs, statuary, marbles,
bronzes, antique furniture, rare books, antique silver
manuscripts, porcelains, rare glass and bric-a-brac of rarity,
historical value or artistic merit. |
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Iinstallation |
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Installation provides coverage for
materials, machinery, equipment, supplies and fixtures that are
going to be used in or are incidental to the installation,
completion or repair of a project. Examples of such property
are plumbing, heating, cooling and electrical systems, but can
include any other type of property being installed.
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Mini Computer |
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Because of the explosive growth of
the computer industry and the businesses using them, this is one
of the most needed coverage's today. It provides coverage for
computer systems and related equipment on a replacement cost
basis. Media and extra expense coverage are automatically
provided up to a limit of $5,000 each. Mechanical breakdown
coverage provides coverage for losses caused by mechanical
breakdown or electrical changes originating within 1,000 feet of
the building housing the computer. |
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Motor Truck Cargo Owners |
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Provides coverage for property
owned by or on consignment to the insured, while being
transported on trucks which are operated by the insured.
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Inland Marine Index |
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Motor Truck Cargo Carriers |
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Indemnifies the insured for loss or
damage resulting from their legal liability as a carrier.
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Transportation |
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Provides direct damage coverage on
property owned by or on consignment to the insured, while being
transported by ; public truckers, contract carriers, scheduled
air carriers, railroad carriers, or railroad express agencies.
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Inland Marine Index |
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Property |
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Property insurance covers loss to the
property of a business, including buildings, the contents of buildings
and property stored in the open. Most property insurance forms do not
cover property while it is being moved or while it is at temporary
locations - this is the subject of Inland Marine insurance. Coverage
applies while the property is at a specific, permanent location which
usually must be identified on the policy. A type of property insurance,
called Business Interruption insurance, compensates a business for lost
income when the business must suspend operations because of damage to
property. For all types of property insurance, a variety of perils, or
causes of loss, can be insured against, including fire, wind, hail,
lightning, vandalism and theft. |
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Umbrella |
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For some people, comprehensive commercial
insurance is not enough. A business may need higher limits than the
maximum amounts insurers usually offer. Some customers may want to
complement their liability coverage's. A variety of commercial umbrella
liability policies are offered to provide broader protection in excess
of underlying liability coverage. |
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Workers Compensation |
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Employers have a liability for workers
injured on the job. During the early part of the 20th century, all
states enacted workers compensation laws to provide compensation to
injured workers. Similar laws were passed to cover longshoremen and
harbor workers, who are subject to federal laws. The basic intent of
these laws is the same: to guarantee that employees receive medical
care and other compensation for injuries sustained in the course of and
arising out of their employment, regardless of their own carelessness or
that of a fellow worker. Workers compensation specifies that the
insurer will pay all benefits prescribed by the applicable state,
meeting the obligations imposed on the employer by law.
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Index |
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