Inland Marine, Ocean Marine, Specialty Coverage, Bonds and E&O
Specialty coverage items test inland marine, ocean marine, floaters, average, garagekeepers, aviation, umbrella, yacht, bonds, and professional liability.
How to study claims adjusting
Treat each item as a claim file: verify coverage, document facts, value the loss, preserve defenses, and apply state adjuster duties.
Core concepts
Concept 1
Inland marine handles movable property, floaters, installation exposure, and specialized property.
Exam cue: Ask whether the property moves or is in transit.
Concept 2
Ocean marine has distinct concepts such as protection and indemnity, collision clauses, general average, and particular average.
Exam cue: For marine, distinguish inland from ocean concepts.
Concept 3
Bonds, professional liability, umbrella, yacht, aviation, and garagekeepers questions reward recognizing the specific exposure.
Exam cue: For E&O or umbrella, identify the professional or excess liability exposure.
Risk pitfalls and guardrails
Treating a bond like ordinary two-party insurance.
Guardrail: Avoid answers that waive defenses, skip proof, ignore valuation wording, or use one state's claim rule everywhere.
Using inland marine rules for ocean marine average questions.
Guardrail: Avoid answers that waive defenses, skip proof, ignore valuation wording, or use one state's claim rule everywhere.
Assuming umbrella coverage fills every excluded underlying loss.
Guardrail: Avoid answers that waive defenses, skip proof, ignore valuation wording, or use one state's claim rule everywhere.
Memory anchors
Inland Marine
Inland marine covers movable or specialized property exposures.
Installation Floater
An installation floater covers property being installed.
Personal Floater
A personal floater schedules or broadens coverage for personal property.
Commercial Floater
A commercial floater covers specified business property that moves or changes locations.
Ocean Marine
Ocean marine covers maritime property and liability exposures.
P&I
Protection and indemnity covers certain ocean marine liability exposures.
General Average
General average shares a voluntary sacrifice made to save a maritime venture.
Garagekeepers
Garagekeepers coverage applies to customers' autos in the insured's care.
Umbrella
Umbrella coverage provides excess limits and may broaden some liability protection.
Errors and Omissions
E&O coverage addresses covered professional negligence claims.
Checkpoint rule
Do the check-up only after you can summarize each concept in one sentence and identify one dangerous pitfall from memory.
Knowledge Check (after reading)
Short check-up to confirm understanding of this module.
Check-up Questions
Which bond guarantees that a contractor who is awarded a project will enter into the contract and provide the required bonds?
Which bond guarantees that subcontractors and suppliers on a project will be paid?
Answer all questions to submit.
Next step personalized recommendations
Continue learning
Move forward only after this module is stable.
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