Inland Marine Personal Articles Coverage

An inland marine policy provides coverage for property transported from one place to another, goods in transit, bridges, tunnels, television broadcasting towers and other means of transportation and communication. Inland marine insurance also includes various floater policies that provide coverage for personal property. An inland marine floater policy is used to provide coverage that floats or moves along with the covered property as it changes locations. There are no standard inland marine floater policies, however, most floater policies share the following four characteristics: (I) The coverage can be tailored in order to insure a specific type of property for the insured. (2) The insured can select the appropriate policy limit for the property. (3) Floaters are typically written on an all risk basis which means all direct physical losses to property are covered, except for specially excluded losses. (4) Most floaters cover the property anywhere in the world, however, fine arts are usually covered only in the U.S.

Personal Umbrella Coverage

The Personal Umbrella Policy was designed to provide coverage in the event of a catastrophic claim, lawsuit, or judgment. Personal umbrella policies provide excess liability insurance over the insured's basic primary policies, such as the homeowners, personal auto and boaters policies. Coverage is provided on a worldwide basis for the entire family. Umbrella policies pay only after the limits of the underlying primary policies are exhausted. Coverage is usually broader and applies to some loss exposures not covered by the primal policies. A typical umbrella policy will provide coverage on a single limit occurrence basis. Coverage is provided for bodily injury and property damage liability. Defense costs are also covered, normally in addition to the liability limit, and sometimes included as a part of the total limit. A self insured retention must be met when certain losses are covered under the umbrella policy but not covered under the primary policy. The insurer requires the insured to carry certain minimum amounts of liability insurance on primary policies.