WEBINAR SERIES Sep. 14, Inland Marine. Sponsored by Abram Interstate Insurance Services (916) AbramInterstate.com

Transcription

1 WEBINAR SERIES Sep. 14, 2017 Inland Marine Sponsored by Abram Interstate Insurance Services (916) AbramInterstate.com

2 Our Presenters Summer Jenkins John Poucher

3 Agenda Introduction What is Inland Marine Coverage & Who Needs It? Origin of the Product Name Types of policies we offer What is selling

4 What is Inland Marine Coverage & Who Needs It Property Coverage Property in Transit Property not adequately covered elsewhere Businesses with property that moves Businesses with a monetary interest in property functioning Businesses who rent, lease or borrow from others Businesses who rent, lease or lend to others

5 Types of policies we offer Builders Risk / Course of Construction (COC) Installation Floater Contractors Equipment / Equipment Floater Difference in Conditions (DIC) Electronic Data Processing Transportation Motor Truck Cargo Legal Liability Other equipment that is not located at a fixed location

6 Builders Risk / Course of Construction (COC) New Buildings Remodels & Renovations Additions Some Street & Road Work

7 Builders Risk / Course of Construction (COC) What is it? Property coverage for buildings under construction including materials and equipment used in the project. Items that will become a permanent part of the project. Who needs it? Usually owners, general contractors or other entities with a financial interest in the project What's Included? Materials in transit or at temporary storage Soft costs (cost incurred as a result of delay due to a covered loss) Loss of earnings, permit fees, interest on loans, general overhead Can include Flood and Earth Movement dependent on jobsite

8 Builders Risk / Course of Construction (COC) Appetite Frame Renovation 2ML TIV Joisted Masonry & Non Combustible Renovation $10ML TIV Commercial Ground Up Max TIV $50ML Non Combustible $3ML Frame PC 9 & 10 $500K Max TIV Optional Features: Soft Cost Property In Transit Off Site Property Temporary Storage Flood & Earth Movement

9 Installation Floater Materials Supplies Machinery Fixtures Equipment that will become part of the project

10 Installation Floater What is it? Coverage for property of others in the insureds care & coverage for the insured s interest Who needs it? Business owners who are legally liable for or who have the care custody or control of the property of others they are installing like, HVAC systems, antennas or other equipment being installed What's Included? Property at temporary locations Property at Jobsite (any onsite. Catastrophe limit) Materials, Supplies, Machinery, Fixtures & Equipment

11 Contractors Equipment Grading Equipment Bulldozers Loaders Backhoes Generators & Compressors Scaffolding Tractors Hand tools Mowing Equipment Roadbuilding and Maintaining equipment

12 Contractors Equipment / Equipment Floater What is it? Physical Damage Coverage at described jobsites or in transit Who needs it? Owners of mobile equipment or contractors equipment and tools What's Included? Vandalism, Theft, Weather, Loss of Use Replacement Cost for equipment 6 years old or less Rented Leased Borrowed Equipment Emergency Removal & Preservation of Property All Risk Form Available Risk of Direct Physical Loss Cranes Usually Limited to 25ft boom Automatic coverage for newly acquired equipment for up to 60 days

13 Contractors Equipment / Equipment Floater - Appetite No Maximum TIV ($500MP for TIV up to 5ML) Regular Maintenance Safety to secure items left on jobsite

14 Difference in Conditions (DIC) What is excluded on a standard property form?

15 Difference in Conditions (DIC) What is it? Fills gaps in standard property coverage forms Earthquake & Flood Coverage and includes other perils excluded elsewhere Who needs it? Anyone business owner with owned or leased property What's Included? Blanket or scheduled coverage Can offer excess quake or flood Low Earthquake Deductibles Foundations, Pilings, Underground Pipes Building, Personal Property, Business Income

16 Electronic Data Processing Equipment /Computerized Equipment Software Hardware Laptops Computerized Manufacturing Equipment & Data

17 Electronic Data Processing Equipment /Computerized Equipment What is it? Property Coverage for computerized equipment that is owned, leased or within your care custody or control for which you are legally liable Outline exposure Who needs it? Any business that owns and/or uses computers What's Included? Can be on a blanket basis or separate location. Flood and Earthquake can be included. Mechanical Breakdown Loss of Use Electrical power supply disturbance Servers on-site and off-site Software, Programs & Applications Restoration Costs & Data Recovery

18 Transportation Goods shipped or transported via air, rail and trucks Annual Transit Owners Cargo Motor Truck Cargo Contingent Cargo Trip Transit

19 Transportation What is it? Property coverage of owner s goods shipped or transported Items Shipped via Common Carrier (hauls for general public for a fee), Contract Carriers (operate for a specific business using a contract), Private Carriers (haul only their own goods) Who needs it? Retailers, Manufacturers, Distributers and anyone transporting goods Owners should purchase their own in the event that the shipper s policy has gaps What's Included? Protection for goods while in transit Trip Transit Single Trips Loading and Unloading (One Shot Policy) Property at Terminal or In Transit Property Sold, Rejected Shipments

20 Markets USLI Travelers AmTrust Liberty Mutual Met Life (included in BOP)

21 Submission Requirements Acords Schedule Loss Runs

22 Why are we different Specialized claims handling Phone quotes offered by USLI

23 Questions? (916)