Inland Marine (IM) Manual Pages

Transcription

1 Inland Marine (IM) Manual Pages INDEX Begins on Page Introduction... 1 RAM Common Loss... 1 General Underwriting Guidelines... 1 Antiques, Fine Arts, and Collectibles... 2 Bicycles... 2 Computer Equipment... 3 Contractors Tools and Equipment... 4 Electronic Communication Equipment... 5 Farm Machinery and Garden Tractors... 6 Furs and Leathers... 6 Golf Equipment... 7 Guns... 8 Home Entertainment Equipment... 9 Jewelry Livestock Medical Aids Musical Instruments Office and Business Equipment Photographic and Video Equipment Retail Goods Silverware Snowmobiles/ATVs Snowmobiles ~ CCs Snowmobiles ~ CCs Snowmobiles ~ CCs Snowmobiles ~ 800 CCs and Up Snowmobiles ~ 4-Stroke All-Terrain Vehicles Sporting Equipment - Fish Houses - Docks Stamps and Coins Trailers Watercraft Jet-driven Watercraft IM - Index 6-05

2 Inland Marine (IM) Introduction * The Inland Marine policy is designed to insure property that typically is limited in coverage or even excluded by a supporting policy. The inland marine coverage may be endorsed to RAM s Farm Partner policy (FP), homeowners policies (PH & DH), or Dwelling Fire policy (DF). When writing a stand-alone policy, the supporting coverage is required. If the supportive coverage is cancelled, we will cancel the stand-alone inland marine policy. If a classification is not listed for the item(s) you are interested in writing, please contact the RAM office for eligibility and rates. RAM Common Loss In the event of a loss affecting multiple insured policies with RAM Mutual (Farm Partner, Homowners, Dwelling Fire, Auto, and Inland Marine) due to a single insured event, only one deductible will apply to the loss. The applicable deductible will be the single largest deductible that would have applied separately, provided the total loss exceeds that deductible. A single insured event is defined as a RAM-insured peril(s) that occurs within a 24- hour period. Policies associated with corporations, LLCs, partnerships, or rental (non-owner occupied) dwellings will not qualify for the common loss deductible. General Underwriting Guidelines 1. When preparing the application: a. it must be submitted on a timely basis, signed, and dated by the agent and applicant. If coverage is bound, the binder must be received by RAM within five days for the binder to be valid; b. all underwriting questions must be answered with all items specifically described and scheduled (include year, make, model, and serial numbers where noted); and c. all items must be insured to 100 percent of their actual cash value or 100 percent of their replacement cost value if applicable unless insured as stated value. If insured for less than 100 percent, a coinsurance clause will apply, penalizing the insured in the event of a loss. 2. Appraisals, when required, should be completed by an individual who is trained and qualified to set a fair value on the items to be insured. The appraisals should be current, complete, and submitted at the same time of the application. 3. Supporting coverage is required. Exceptions may be made but only with the approval of the RAM office. 4. When endorsing inland marine coverages to an underlying policy, the policy term remains the same. If the inland marine is a stand-alone policy, the policy term will be one-year automatic renewal. If a rate change or form change is made during the term of the policy, RAM will endorse these changes at the next automatic renewal date. 5. Agents have binding authority for most classes of property but are required to contact the RAM office when the binding authority is restricted. 6. Current and clear, color photographs of property to be insured are required when requested. 7. Coverage is special form except for livestock which is written on a named perils basis. 8. Valuation for insured property will be listed as either replacement cost, actual cash value, or stated value. The class of property insured will determine which valuation will be shown on the declarations. The following pages of this manual show the optional classes of property available and the method of valuation for payment if a loss occurs. It should be noted that actual cash value does have the option to add Non-depreciation of Repairs (IM801) for certain types of property. Please review the following pages for its availability. 9. Since the inland marine program requires each item to be scheduled, some classes of property will require several pages showing the description and identifying marks or numbers. In these cases, RAM will indicate the total schedule amount on the declarations and that the schedule will be kept on file at the RAM office. We do ask that the agent have the insured sign and date the list for verification before submitting it with the application. 10. Certain property, due to the nature of the risk, is ineligible. However, RAM may agree to issue the coverage if the insured agrees to the restrictions we offer, making the risk acceptable. In these cases, RAM will issue a restrictive endorsement with the policy. *denotes change IM - Page

3 * Coverage: Special Form Antiques, Fine Arts, and Collectibles Valuation: Stated Value Eligible Property: Paintings, pictures, etchings, clocks, china, crystal, porcelains, bric-a-brac, tapestries, valuable rugs, statuary, marbles, cemetery markers, bronzes, manuscripts, general antiques, antique guns, antique tractors, antique musical instruments. 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. Coverage must be written to 100 percent of its appraised value. 3. A current appraisal (5 years or newer) or sales receipt is required for values in excess of $2, Do not bind if the total schedule exceeds $10, Supporting coverage is required. 6. Items with a high single value may be required to be stored in a safe or vault. 1. Dealers or items on public display. 2. Sports cards. Special Form at Stated Value $ $ $ $ Coverage: Special Form Bicycles Valuation: Replacement Cost 1. Insured items must be specifically described and scheduled. 2. Coverage must be written to 100 percent of its replacement cost value. 3. A current appraisal or sales receipt is required for items in excess of $2, Registration or serial numbers must be included on the application. 5. Supporting coverage is required. 6. Accessories may not exceed 10 percent of total coverage. 7. Do not bind when this total schedule exceeds $10, Dealers. 2. Motorized bikes, mopeds, or any other motor-powered vehicles. Special Form with Replacement Cost Coverage $ $ $ $ IM - Page 2 *denotes change

4 * * * Coverage: Special Form Computer Equipment Valuation: Replacement Cost Eligible Property: Non portable: desktops, computerized quilting machines, GPS systems. Portable: laptops, net books, tablets, e-readers, digital music players. 1. Insured items must be specifically described and scheduled, including media. 2. Coverage must be written to 100 percent of its replacement cost value. 3. Rented or leased equipment and media can be covered if required by the rental or lease agreement. 4. Supporting coverage is required. 5. A UL-approved surge protector with a rating of one nanosecond or less of protection must be installed at the supply cord of the computer and each component connected to the computer with a supply cord. If a phone modem is used, the lead-in phone line must be connected. 6. Do not bind when this total schedule exceeds $10, Protective case required for portable equipment. Ineligible Risks and Coverages: 1. Computer programs, data, and media that are pirated or created by the insured or copied from the programs of others onto a blank disk. (Blank disks are covered if damaged.) 2. Erasure of any computer program is not covered. 3. No blanket coverage offered. 4. Loss of earnings is not covered or available. Special Form with Replacement Cost Coverage Portable Non-Portable $ $ $ *denotes change IM - Page

5 * Coverage: Special Form Contractors Tools and Equipment Valuation: Actual Cash Value Optional Coverage: Non-depreciation of Repairs (IM801) Eligible Property: Hand tools, bench tools, and motorized tools (contact the RAM office for underwriting guidelines). 1. Insured items must be specifically described and scheduled. 2. Coverage must be written to 100 percent of its actual cash value. 3. Supporting coverage is required. 4. Seasonal coverage is not available. 5. Rented or leased equipment can be covered if required by the rental or lease agreement. 1. Items that are in the care, custody, and control of others. 2. Logging equipment. Hand tools and Bench tools Special Form ACV $ $ $ $ 1, Motorized tools Special Form ACV with Non-depreciation of Repairs (IM801) $ $ 1, IM - Page 4 *denotes change

6 * Coverage: Special Form Electronic Communication Equipment Valuation: Replacement Cost Eligible Property: Cell phones, business band radios, ham radios, base units, antennas, CBs, pagers, satellite dishes, receivers, or related equipment. 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. Coverage must be written to 100 percent of its replacement cost value. 3. A current appraisal (5 years or newer) or sales receipt is required for values exceeding $2, Do not bind if the total schedule exceeds $10, Supporting coverage is required. 6. A UL-approved surge protector with a rating of one nanosecond or less of protection must be installed at the supply cord of the receiver. The surge protector must also provide a connection for the coaxial cable coming from the dish or antenna into the receiver. 1. Dealers. 2. Radar detectors, equipment on loan, automobile installed equipment. Special Form with Replacement Cost Coverage $ $ $ IM - Page 5 *denotes change

7 Coverage: Special Form Farm Machinery and Garden Tractors Valuation: Actual Cash Value Optional Coverage: Non-depreciation of Repairs (IM801) 1. Insured items must be specifically described and scheduled. 2. Coverage is limited to within 100 miles of the described premises unless being transported by a vehicle owned by the insured. 3. Coverage must be written to 100 percent of its actual cash value. 4. Supporting coverage is required. 5. Antique items must be insured in the antique class. 6. Coverage must be written under Coverage E or F on a Farm Partner policy. 1. Dealers or auctioneers. 2. Machinery held for sale or consignment. 3. Contractors equipment or logging equipment. (Refer to Contractors class for coverage.) 4. Equipment used for custom farming, unless very incidental. with Non-depreciation of Repairs (IM801) $ $ $1, Furs and Leathers Coverage: Special Form Valuation: Actual Cash Value Eligible Property: Fur coats, rugs, leather coats, leather goods such as hats, handbags, and other accessories. 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. Coverage must be written to 100 percent of its actual cash value. 3. A current appraisal or sales receipt is required for values exceeding $2, Do not bind if the total schedule exceeds $10, Supporting coverage is required. 6. Items with a high single value may be required to be stored in a safe or vault. Dealers or items on public display. $ $ $ $ IM - Page

8 Golf Equipment Coverage: Special Form Valuation: Golf Equipment - Replacement Cost Golf Carts - Actual Cash Value Optional Coverage: Non-depreciation of Repairs (IM801) (golf carts) Eligible Property: Golf carts, golf clubs and bags, accessories including balls, golf shoes, and related golfing accessories. 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. Golf equipment must be written to 100 percent of its replacement cost value. 3. Golf carts must be written to 100 percent of their actual cash value. 4. A current appraisal (5 years or newer) or sales receipt is required for values exceeding $2,000, excluding golf carts. 5. Do not bind if the total schedule exceeds $10, Supporting coverage is required. 7. Accessories may not exceed 10 percent of total coverage. 1. Pro shop inventory. 2. Rental property. GOLF EQUIPMENT GOLF CARTS Special Form with Replacement Cost Coverage $50.91 $ $ $ Special Form with Non-depreciation of Repairs (IM801) Golf Carts Only $ $ $ $ IM - Page 7

9 Guns Coverage: Special Form Valuation: Actual Cash Value 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. Coverage must be written to 100 percent of its actual cash value. 3. A current appraisal or sales receipt is required for values exceeding $2, Do not bind if the total schedule exceeds $10, Supporting coverage is required. 6. Antique guns must be insured in the Antique class. * 1. Dealers or items on public display. 2. Ammunition. 3. Reloading equipment. $ $ $ $ *denotes change IM - Page

10 Home Entertainment Equipment Coverage: Special Form Valuation: Replacement Cost Eligible Property: Stereos, TVs, VCRs, CD players, BluRay players, and video game systems. 1. Insured items must be specifically described and scheduled. 2. Coverage must be written to 100 percent of its replacement cost value. 3. Do not bind if the total schedule exceeds $10, Supporting coverage is required. 5. A UL-approved surge protector with a rating of one nanosecond or less of protection must be installed at the supply cord of the equipment and to each component. 1. Dealers or items on public display. 2. Equipment on loan. 3. Automobile stereos. 4. High-valued items in conspicuous locations. 5. DJ s equipment. 6. Semi-professional and professional musicians. Special Form with Replacement Cost Coverage $ $ $ $ IM - Page 9

11 Coverage: Special Form Valuation: Stated Value Jewelry 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. A current appraisal (5 years or newer) or sales receipt is required for values exceeding $2, Do not bind if the total schedule exceeds $10, Supporting coverage is required. 5. Items with a high single value may be required to be stored in a safe or vault. 1. Dealers or items on public display. * Special Form at Stated Value $ 0.97 $50.90 $ $ $ $1, *denotes change IM - Page

12 Coverage: Named Perils Livestock Valuation: Actual Cash Value Eligible Property: Cattle, hogs, horses, mules, and goats. (Exotic livestock may qualify [e.g. elk, buffalo, emu] ~ contact the RAM office for approval and rates.) 1. Livestock must be specifically described by breed, sex, name, ID, or tag number. 2. Coverage must be written to 100 percent of its actual cash value. 3. Do not bind if the total schedule exceeds $10, Supporting coverage is required. 5. Coverage must be written under Coverage E or F on a Farm Partner policy. 1. Dealers or auctioneers. 2. Range animals while on range. 3. Livestock used primarily for racing, showing, or for off-premise breeding purposes. 4. Livestock owned by others in the care, custody, or control of the insured. 5. Livestock owned by the insured but in the care of others. Named Perils at ACV $ $ $ $ IM - Page 11

13 Medical Aids Coverage: Special Form Valuation: Replacement Cost Eligible Property: Contacts, eyeglasses, dentures, artificial limbs, respirators, hearing aids, and wheelchairs. 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. Coverage must be written to 100 percent of its replacement cost value. 3. A current appraisal (5 years or newer) or sales receipt is required for values exceeding $2, Do not bind if the total schedule exceeds $10, Supporting coverage is required. Dealers. Special Form with Replacement Cost Coverage * * $ $ * denotes change IM - Page

14 Coverage: Special Form Musical Instruments Valuation: Replacement Cost Eligible Property: Instruments, music stands, cases and related equipment, electric guitars, and amplifiers. 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. Coverage must be written to 100 percent of its replacement cost value. 3. A current appraisal (5 years or newer) or sales receipt is required for values exceeding $2, Do not bind if the total schedule exceeds $10, Supporting coverage is required. 6. Accessories may not exceed 10 percent of the total coverage. 7. Antique instruments must be insured in the Antique class. 1. Semi-professional or professional musicians. 2. Very rare or antique instruments. (See Antique class.) 3. Musicians who travel extensively. 4. Dealers or items on public display. Special Form with Replacement Cost Coverage $ $ $ $ IM - Page 13

15 Coverage: Special Form Office and Business Equipment Valuation: Replacement Cost Eligible Property: Business property that is located in the home of the insured or business property owned by the insured but located at his or her office location. 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. Coverage must be written to 100 percent of its replacement cost value. 3. A current appraisal (5 years or newer) or sales receipt is required for values exceeding $5, Do not bind if the total schedule exceeds $10, Supporting coverage is required. Computer equipment. (Refer to Computer Equipment.) Special Form with Replacement Cost Coverage $ $ $ $ IM - Page

16 Coverage: Special Form Photographic and Video Equipment Valuation: Replacement Cost Eligible Property: Cameras, camcorders, processing equipment, projectors, lenses, screens, films, filters, and related photographic equipment, binoculars, and telescopes. 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. Coverage must be written to 100 percent of its replacement cost value. 3. A current appraisal (5 years or newer) or sales receipt is required for values exceeding $2, Do not bind if the total schedule exceeds $10, Supporting coverage is required. 6. Do not bind semi-professional coverage. A semi-professional is one who is engaged in a business practice, but it is not their main source of income. 7. Accessories may not exceed 10 percent of the total coverage. Dealers. PERSONAL COVERAGE SEMI-PROFESSIONAL COVERAGE (DO NOT BIND) Special Form with Replacement Cost Coverage $ $ $ $ Special Form with Replacement Cost Coverage $ $ $ $ IM - Page 15

17 Coverage: Special Form Retail Goods Valuation: Actual Cash Value Eligible Property: Incidental property such as inventory held for resale (e.g., Tupperware, Avon, Amway, Shaklee, etc.). 1. Insured items must be specifically described and scheduled. 2. Coverage must be written to 100 percent of its actual cash value. If the inventory fluctuates, the value shown should be the greatest amount that may occur at any given time during the year. 3. Do not bind if coverage is greater than $10, Supporting coverage is required. 5. Liability covering business activities cannot be extended from this coverage but can be extended from the supportive coverage. Fragile items susceptible to breakage. ON-PREMISE INVENTORY ON - AND OFF - PREMISE INVENTORY $ $ $ $ $1, $ $ $ $ $1, IM - Page

18 Coverage: Special Form Silverware Valuation: Actual Cash Value Eligible Property: Silverware, silver-plated ware, goldware, gold-plated ware, and pewterware. 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. Coverage must be written to 100 percent of its actual cash value. 3. A current appraisal (5 years or newer) or sales receipt is required for values exceeding $2, Do not bind if the total schedule exceeds $10, Supporting coverage is required. Dealers or items on public display. $50.33 $ $ $ IM - Page 17

19 Coverage: Special Form Snowmobiles/ATVs Valuation: Actual Cash Value Optional Coverage: Non-depreciation of Repairs (IM801). Collision Exclusion Endorsement (IM803). Eligible Property: Snowmobiles, all-terrain vehicles, and utility vehicles. 1. When submitting the application, please include the driver s license numbers for all drivers living in the household. 2. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 3. Coverage must be written to 100 percent of its actual cash value. 4. Supporting coverage is required. 5. Liability cannot be extended from this coverage but can be extended from the supporting coverage. 6. For snowmobiles 500 CCs or over, a $500 deductible is required. Do Not Bind: 1. Coverage when any insured in the household has an adverse motor vehicle report. This includes, but is not limited to, DWIs, open bottle, hit and run, careless or reckless driving, leaving the scene of an accident, any misdemeanors, or an excessive number of speeds. (Refer to RAM office.) 2. Snowmobiles of any size written on a tenants homeowners policy. 1. Dealers or repair or service firms. 2. Racing or stunt drivers. 3. Vehicles which are rented or leased to others. 4. Vehicles licensed for road use. 5. Vehicles modified for increased performance. 6. Dirt bikes and mini bikes, mopeds, three-wheeler ATVs, and go-carts. IM - Page

20 * * * * SNOWMOBILES CCs WITH COLLISION COVERAGE With Non-depreciation of Repairs (IM801) WITHOUT COLLISION COVERAGE IM803 $ $ $ $1, CCs With Non-depreciation of Repairs (IM801) WITH COLLISION COVERAGE WITHOUT COLLISION COVERAGE IM803 $ $ $ $1, CCs & 800 CCs and Up WITH COLLISION COVERAGE With Non-depreciation of Repairs (IM801) WITHOUT COLLISION COVERAGE IM803 $ $ $1, Stroke Snowmobiles * WITH COLLISION COVERAGE With Non-depreciation of Repairs (IM801) WITHOUT COLLISION COVERAGE IM803 $ $ $ $1, ALL TERRAIN VEHICLES WITH COLLISION COVERAGE With Non-depreciation of Repairs (IM801) WITHOUT COLLISION COVERAGE IM803 $ $ $ $1, IM - Page 19 *denotes change

21 Sporting Equipment - Fish Houses - Docks Coverage: Special Form Valuation: Replacement Cost Eligible Property (Includes but not limited to): Fishing poles and tackle, ice augers, portable tent-type fish houses, fish locators/depth finders not permanently attached to the boat, electric trolling motors not permanently attached to the boat, batteries not permanently attached to the boat, miscellaneous boating equipment not permanently attached to the boat. Items such as anchors, cushions, lights, fuel containers, horns, etc. are considered part of the boat. Reloading equipment, tow sleds, bowling balls, skis, archery bows, scuba equipment, decoys, portable tree stands, saddles, and tack. Fish houses wood frame or hard, shell-type manufactured units. Docks, boat lifts, portable docks, permanent docks. 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. Coverage must be written to 100 percent of its replacement cost value. 3. Do not bind if the total schedule exceeds $10, Supporting coverage is required. 1. Dealers or items on public display. 2. Professional fishermen. 3. Guns, recreational vehicles, boats and motors, permanently installed electronic communication or navigation equipment (include this in the value of the boat), bicycles, golf equipment. 4. Leased, rented, or borrowed equipment. Special Form with Replacement Cost Coverage $ $ $ $ IM - Page

22 Coverage: Special Form Valuation: Stated Value Stamps and Coins Eligible Property: Stamps, covers, locals, reprints, essays, proofs, and other philatelic property. Coins, medals, paper money, bank notes, tokens, money, or other numismatic property. 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. A current appraisal (5 years or newer) or sales receipt is required for values exceeding $2, Do not bind if the total schedule exceeds $10, Supporting coverage is required. Dealers or items on public display. Special Form at Stated Value $50.49 $ $ $ IM - Page 21

23 Coverage: Special Form Trailers Valuation: Actual Cash Value Optional Coverage: Non-depreciation of Repairs (IM801) Eligible Property: Campers, utility trailers, livestock trailers, snowmobile trailers, equipment trailers, fish house trailers, and mobile fish houses. (See Watercraft section of this manual for watercraft trailers.) 1. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 2. Coverage must be written to 100 percent of its actual cash value. 3. Do not bind if the total schedule exceeds $10, Supporting coverage is required. 5. Liability cannot be extended from this coverage. 1. Dealers, auctioneers, or repair or service forms. 2. Trailers which are rented to others. 3. Applicants that travel extensively. 4. Trailers parked out of the state more than three months. 5. Trailers exceeding 35 feet in length. Non-depreciation of Repairs (IM801) $ $ $ $1, IM - Page

24 Coverage: Special Form Watercraft Valuation: Actual Cash Value Optional Coverage: Non-depreciation of Repairs (IM801) Eligible Property: Boats, motors, watercraft trailers, sailboats, jet-driven watercraft, canoes, and kayaks. 1. When submitting the application, please include the driver s license numbers for all drivers living in the household. 2. Insured items must be specifically described and scheduled. Current and clear, color photographs may be requested. 3. Coverage must be written to 100 percent of its actual cash value. 4. Supporting coverage is required. 5. Liability cannot be extended from this coverage but can be extended from the supporting coverage. 6. Portable accessories need to be covered under Sporting Equipment. 7. Attached items such as anchors, cushions, lights, fuel containers, horns, fire extinguishers, oars, fish locators, depth finders, marine band radios, etc. are considered part of the boat. (Tackle box equipment not included.) Do Not Bind: 1. Coverage when any insured in the household has an adverse motor vehicle report. This includes, but is not limited to, DWIs, open bottle, hit and run, careless or reckless driving, leaving the scene of an accident, any misdemeanors, or an excessive number of speeds. (Refer to the RAM office.) 2. Jet skis of any size written on a tenant s homeowners policy. 3. Coverage for jet skis when the primary operator is under the age of 18 years old. 1. Dealers or repair or service firms. 2. Racing or stunt drivers. 3. Boats or jet skis which are rented or leased to others. 4. Boats or jet skis modified for increased performance. 5. Speed boats, cabin cruisers, yachts, charter boats, or boats in excess of 26 feet in length. 6. Boats with total horsepower greater than 250. BOAT, MOTOR, AND TRAILER JET-DRIVEN WATERCRAFT With Non-depreciation of Repairs (IM801) $ $ $ $1, With Non-depreciation of Repairs (IM801) $ $1, IM - Page 23