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Introduction to Commercial Inland Marine
Introduction to Commercial Inland Marine: Contract ...
Introduction to Commercial Inland Marine: Contractors Equipment
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Video Summary
In this introductory session on Inland Marine Insurance for Contractors' Equipment presented by Eileen Monreale and Michelle Sibyl, key aspects of this insurance niche were covered. Michelle, a seasoned expert in the field, explained the importance of insuring contractors' equipment, highlighting it as one of the largest classes by premium volume. She detailed various equipment types used across different industries such as excavation, street and road construction, and recycling, among others. The session emphasized understanding equipment operations, policy construction, and evaluating potential risks and underwriting considerations.<br /><br />Covered risks include fire, theft, collision, and natural perils like flood and earthquake. Equipment theft is a significant issue, with Texas and Florida identified as high-theft states. Measures for mitigating theft risks, such as clustering equipment and using security devices, were discussed.<br /><br />Policy construction topics included coverage forms, additional coverages, and limitations such as deductible types and covered causes of loss. Valuation methods, like actual cash value and replacement cost, were explained, stressing the importance of accurate reporting to avoid underinsurance penalties.<br /><br />Michelle also conducted interactive polls throughout the session to engage the participants and reinforce learning. The session concluded with highlights on risk selection and pricing strategies, encouraging participants to utilize available resources to better understand and manage Inland Marine Insurance risks. The session was praised for its practical insights, addressing both novice and experienced individuals in the field.
Asset Caption
Date of Publication: December 2, 2024
Duration: 2 hours 12 minutes
Instructed by: Michelle Sipple, Senior Vice President, Inland Marine, Crum & Forster
Meta Tag
Module
Introduction to Commercial Inland Marine
Keywords
debris removal coverage
additional acquired equipment coverage
non-owned equipment coverage
contractor's equipment policy
exclusions for automobiles
exclusions for aircraft
flexibility in coverage
split deductibles
endorsements
wind event damage
underwriting considerations
rating considerations
theft prevention strategies
fire prevention strategies
co-insurance
Inland Marine Insurance
Contractors' Equipment
Eileen Monreale
Michelle Sibyl
equipment insurance
premium volume
excavation
construction
recycling
risk evaluation
underwriting
theft prevention
policy construction
valuation methods
risk management
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