Insuring Property and Liability Risks
This course is designed for Property/Casualty agents. Many courses and texts now use the term “liability” in place of casualty. This course considers the two terms to be interchangeable. A general description would be detailed information on transit insurance, which includes both ocean marine and inland marine. Boiler and machinery and glass insurance is also included as are consequential loss coverages. The following outline will give a more detailed description.
1. The value of insurance in America from a financial standpoint.
2. The Standard Fire Policy and how it relates to current policies being issued.
3. Policy structure and the reasons that such structure is both necessary and advantageous.
4. The Principles of Indemnity
5. Mortgage insurance, including the roles played by the mortgagee and the mortgagor. Includes use of insurable interests.
6. The limitations of insurer liability.
7. The use of coinsurance and, where applicable, deductibles. Also included is the basis (or use) of deductibles and coinsurance and why they benefit the insureds.
8. Perils: why some items are covered and others are not. This also includes policy forms as well as:
a. Excepted conditions
b. Uninsurable/excepted property
c. Extended coverage endorsements
d. Vandalism and Malicious Mischief Endorsements
e. Special endorsements/extended coverage
9. Ocean Marine insurance, including how it came to be and the definitions that now apply.
10. The Marine policy.
a. Description of the insurance
b. How the vessel and master affect policies/rates
c. Specific perils at issue
d. Classification of marine losses
11. The Marine market, including the role they could play in the insurance field.
a. Development of rates
b. Special coverages
12. The development of Inland Marine insurance, including how the name came to be.
13. What constitutes inland marine risks and coverage
b. Domestic shipments
c. Floater policies and the role they play in protection of transit policies
14. Consequential loss insurance: more agents need to understand this type of coverage since they owe it to the consumer to understand and, where applicable, recommend it.
a. Business interruption coverage, benefits, cost
b. Consequential loss forms
c. Contingent business interruption insurance – what is it and who needs it?
d. Extra expense coverage
15. An introduction to boiler and machinery insurance. This also includes glass insurance.