CAIB 2 – Commercial Insurance – Chapter 5 Summary and Key Concepts Q&A
identify the vehicles for which coverage is provided for under the broad form railroad
public or private truckman
regularly scheduled or operated airlines
identify any three types of property excluded under the broad form under inland transportation
insurance jewelry
furs
paintings
identify any three perils excluded under the broad form for inland transportation insurance *
damage resulting from improper packing or preparation for shipment, unexplained rough
handling
gradual deterioration, inherent vice
loss or damage resulting from delay, loss of market, rodents, mothers, vermins
identify how much the insured is entitled to recover for lost property under the inland
transportation broad form (transportation floater) actual invoice cost
amount of any prepaid freight costs not earned
other costs and charges accrued since shipment
identify the vehicle|(s) insured under both the motor cargo broad form and owners form
coverage is provided on an all risks basis and is restricted to vehicles scheduled on the policy
, briefly explain when a business might purchase a trip transit policy this form is used to
insure the transit exposure of a SINGLE SHIPMENT
identify three factors which will influence the cost of coverage for a trip transit policy nature
of property
distance travelled
method of transportation used including experience of operators
identify when coverage is effective and ends under truckmans liability cargo riders coverage
is provided from the time the goods have loaded for shipment until they reach their destination
identify four reasons why an owner of goods should NOT depend on a carriers insurance *
may not insure adequate amounts of insurance
may not be broad enough in perils insured against
may have been invalidated as a result of a breach of policy conditions
may have been lapsed or cancelled
identify five advantages for owners of goods to carry their own insurance prompt recovery
of losses directly from insurer
will provide payment of any loss in excess of the liability of the carrier, whether limited by bill of
lading, contract
identify the vehicles for which coverage is provided for under the broad form railroad
public or private truckman
regularly scheduled or operated airlines
identify any three types of property excluded under the broad form under inland transportation
insurance jewelry
furs
paintings
identify any three perils excluded under the broad form for inland transportation insurance *
damage resulting from improper packing or preparation for shipment, unexplained rough
handling
gradual deterioration, inherent vice
loss or damage resulting from delay, loss of market, rodents, mothers, vermins
identify how much the insured is entitled to recover for lost property under the inland
transportation broad form (transportation floater) actual invoice cost
amount of any prepaid freight costs not earned
other costs and charges accrued since shipment
identify the vehicle|(s) insured under both the motor cargo broad form and owners form
coverage is provided on an all risks basis and is restricted to vehicles scheduled on the policy
, briefly explain when a business might purchase a trip transit policy this form is used to
insure the transit exposure of a SINGLE SHIPMENT
identify three factors which will influence the cost of coverage for a trip transit policy nature
of property
distance travelled
method of transportation used including experience of operators
identify when coverage is effective and ends under truckmans liability cargo riders coverage
is provided from the time the goods have loaded for shipment until they reach their destination
identify four reasons why an owner of goods should NOT depend on a carriers insurance *
may not insure adequate amounts of insurance
may not be broad enough in perils insured against
may have been invalidated as a result of a breach of policy conditions
may have been lapsed or cancelled
identify five advantages for owners of goods to carry their own insurance prompt recovery
of losses directly from insurer
will provide payment of any loss in excess of the liability of the carrier, whether limited by bill of
lading, contract
