Commercial PropertyQuestion 112 of 215
A jeweler asks the producer how best to insure a traveling display of rings and necklaces taken to trade shows in multiple states. Which line of coverage is BEST suited to the exposure?
a.Ocean Marine policy
b.Standard Building and Personal Property Coverage Form
c.Commercial general liability
d.Inland Marine policy (e.g., a Jewelers Block form)
Explanation
Inland marine policies (such as a Jewelers Block, Contractors Equipment Floater, Fine Arts Floater, or Camera Floater) were developed to insure property that is movable, in transit, or unusual in nature. A Jewelers Block form is the standard inland marine product for the on-premises, off-premises, and in-transit jewelry exposures described. Ocean marine insures hulls and ocean cargo, not domestic land-based exposures.
Law Reference: Inland Marine — Nationwide Marine DefinitionPractice all 215 questions free — no signup required.
Related questions on this topic
- A pressurized industrial boiler ruptures inside a manufacturing plant, damaging the boiler itself and surrounding equipment. The plant carries a standard commercial property policy with the Special causes-of-loss form. Which statement is MOST accurate?
- A bookkeeper at an accounting firm secretly diverts client payments into a personal bank account over two years. Which Commercial Crime insuring agreement directly responds to this loss?
- Under commercial crime terminology, what distinguishes a robbery from a burglary?
- Ocean marine insurance traditionally provides several distinct coverages. Which of the following is NOT one of the four classic ocean marine coverages?
- A warehouse with a $2,000,000 replacement value carries $2,000,000 of coverage subject to a 90% coinsurance clause. A covered loss causes $500,000 of damage. Ignoring the deductible, what amount will the insurer pay?
- Under the Business Income Coverage Form, when does the 'period of restoration' BEGIN, and when does it END?
Last reviewed: · editorial process
Sen Lin, PrepPass Founder · Verified against California Property & Casualty Insurance License Exam · How we review