For what reason do states continue to use the updated Nationwide Marine Definition?
to determine whether a particular coverage is marine insurance under their form and rate filing laws (typically this type of insurance is subject to less rate and form regulation)
Distinguish between the characteristics of files classes of inland marine and those of nonfiled classes
Filed - characterized by a large number of potential insureds and reasonably homogeneous loss exposures
Nonfiled - characterized by relatively small number of potential insureds, diverse loss exposures, or both
Explain inland marine underwriters' use of judgment rating
used to rate one-of-a-kind risks, requires a thorough knowledge of the class of business for which coverage is being written, might have to draw on expertise in any of several specialized fields to determine adequate rate
What is the purpose of the rental reimbursement coverage that is often added by endorsement to contractors equipment floaters?
pays the cost of renting substitute equipment when covered property has been put out of service by a covered cause of loss
What property does an inland marine builders risk policy typically cover other than the building under construction?
temporary structures at the building site and building materials while on the insured location, in transit, or in storage at another location
Describe the coverage territory of many annual transit policies
continental US, Alaska, and Canada, including airborne shipments between these places