The management team of Hartfort Insurance Company is putting together a brochure on Ocean Marine insurance to
Question:
The management team of Hartfort Insurance Company is putting together a brochure on Ocean Marine insurance to outline the product to possible customers. The team has completed an overview of the ocean Marine insurance product below:
Overview
Ocean marine encompasses a variety of insurance coverages designed to protect merchandise, goods, workers, passengers and crews aboard shipping vessels and cargo storage during marine transport domestically or abroad. Ocean marine insurance also covers other stages of an ocean marine shipment, including land or air transportation connected to the marine shipment.
If you source raw materials, distribute foreign manufactured goods, or sell goods overseas, ocean marine insurance can serve as the foundation of your comprehensive business continuity strategy. Businesses across many industries including manufacturing, distribution, communication, energy, construction and maritime, trust The Hartford for their ocean marine insurance solutions.
The Hartfort offers a broad selection of Ocean Marine insurance coverages. This includes Ocean Cargo insurance, Hull and Machinery insurance, Protection and Indemnity policies, Monoline Legal Liability policies, and Marine General Liability insurance. If you need to protect goods in ocean transit, the ships that carry those goods, the crew or passengers aboard, goods being exhibited, or warehouse storage for cargo - domestically and abroad, The Hartfort can help. And when you are required by law to retain a Local Admitted Policy, The Hartfort can provide that as well. Our coverage grants are flexible which means The Hartfort can help you tailor your ocean marine insurance policy to address your needs and the unique maritime exposures facing your business.
Required
Complete the brochure by:
A. Briefly explain the following concepts below:
- Warranties in Ocean Marine Insurance
- Floater contracts
- Title Insurance
- Bonding
B. Differentiate between time contracts and contracts without time elements.
C. Describe how insurance contracts can be designed to insure leased property that fluctuates in value
Expert Answer:
A Warranties in Ocean Marine Insurance Warranties are specific promises or guarantees made by the policyholder to the insurance company that certain c... View the full answer
