April 30, 2010

Show me your notes

I've been in a training class all week for my adjuster's license. Today while we did a review I took notes:

This all makes perfect sense to me. Post a link in comments to an example of your notes. I want to see how other people make sense of things.


Anonymous said...

What's an 'inchmaree clause'? And why is bodily injury not covered?...HOW STATISTICAL!!!!

The Q said...

The Inchmaree clause covers the bursting of boilers, breaking of propellor shafts or damage resulting from any latent defect in machinery, or hull on a boat. It also covers loss due to faults or errors in navigation by the captain, crew, mates, engineers, or pilots. So, if a boat is shipping produce from South America and it all spoils because navigation was messed up, the loss is covered.

Bodily Injury is not covered on a boiler policy because it is set up to cover the BOILER, which is excluded from most other policies. So, for example, a business owners policy would cover the bodily injury the business owner was liable for, and the boiler policy would pay to repair or replace the boiler,and any personal property the breakdown or explosion damaged not owned by the policy holder.

Thanks for the review opportunity!