風(fēng)險管理與保險前半學(xué)期課后練習(xí)答案：IMch10

1、CHAPTER 10Risk Management and Commercial PropertyPart IITRANSPORTATION INSURANCEThe Perils of TransportationThe Liability of the CarrierThe Carriers Liability in Ocean TransportationThe Carriers Liability in Land TransportationNeed for Transportation InsuranceOCEAN TRANSPORTATION INSURANCEMajor Type

2、s of CoverageHull PoliciesCargo PoliciesFreight CoverageLegal Liability for Proved NegligencePerils ClauseDeductiblesGeneral Average ClauseSue-and-Labor ClauseAbandonmentWarehouse-to-Warehouse ClauseCoinsuranceWarranties in Ocean Marine InsuranceExpress WarrantiesFC&S WarrantySR&CC WarrantyDelay War

3、rantyTrading WarrantyImplied WarrantiesSeaworthinessDeviationLegalityLAND TRANSPORTATION INSURANCEThe Marine DefinitionInland Transit PolicyTrip Transit InsuranceFLOATER CONTRACTSBailed PropertyBusiness Floater PoliciesBlock PoliciesJewelers Block PolicyScheduled Property Floater RisksContractors Eq

4、uipment FloaterElectronic Data Processing (EDP) FloaterCREDIT INSURANCETypes of Credit InsuranceInsurance of BondsCredit Life and Credit Accident/SicknessDomestic Merchandise Credit InsuranceGovernment Credit InsuranceTITLE INSURANCEThe Title Insurance ContractDefensePremiumGLASS COVERAGE FORMCRIMEC

5、RIME INSURANCE AND BONDSInsurance versus BondingFidelity and Surety BondsTypes of Fidelity BondsBonds in Which an Individual Is Specifically Bonded Blanket BondsTypes of Surety BondsConstruction BondsContract Construction BondBid BondBURGLARY, ROBBERY, AND THEFT INSURANCEBusiness CoveragesFederal Cr

6、ime InsuranceRISK MANAGEMENT OF THE CRIME PERILAssumptionInsuranceCase Study: Disaster Risk ManagementDisaster Risk ManagementQuestions for Discussion1.a.Worker was on outside of roof. Fire was on inside.b.Smoke in area where the fire was.c.Nearby construction.d.Difficult for fire department to driv

7、e trucks next to building.e. Asbestos in building.2.Provided extra expense coverage as well as debris removal of asbestos. Replacement cost coverage provided with upgrades for building law changes.3.The CEO is extremely important. Only he or she can tell everyone what to do. The CEO must make recove

8、ry the number one priority of the firm.KEY TERMS AND CONCEPTSAbstractActs of GodActs or negligence of the shipperActual total lossBailmentBid bondBlanket bondBlanket position bondBlock policyBondBottomry contractsBurglaryCash loan credit insuranceCommercial blanket bondConstructive total lossContrac

9、t construction bondContractors equipment floaterCredit insuranceCredit life insuranceDeposit insurance programDomestic merchandise credit insuranceExpress warrantiesFidelity bondsFloater policyForgeryFree-of-capture-and-seizure (FC&S) clauseFree-of-particular-average (FPA) clauseFreightGeneral avera

10、ge clauseGlass coverage formHull insuranceImplied warrantiesIndividual bondInherent nature of the goodsInland marine insuranceInland transit policyJewelers block policyMemorandum clauseObligeeObligorOpen contractPenaltyPrincipalProtection and indemnity (P&I) clauseReleased bill of ladingRespondentia

11、 contractsRobberyRunning down clause (RDC)Schedule bondScheduled property floaterSue-and-labor clauseSuretySurety bondTheftTheft insuranceTitle insuranceWarehouse-to-warehouse clauseANSWERS TO QUESTIONS FOR REVIEW AND DISCUSSION1.Plate glass insurance is needed to have damaged glass quickly repaired

12、. 2.The perils of transportation are covered.3.Hull: damage to the ship.Cargo: damage to the property carried by the ship.Protection and Indemnity: liability insurance.4.The ocean carriers liability is less than the land carriers. 5.The jewelers property, property of customers, property on consignme

13、nt, and property of other dealers are covered under a jewelers block policy.6.This is true because credit losses are an expected normal cost of doing business. Since this is a certainty, credit losses are uninsurable. Only the abnormal or excessive credit loss is subject to insurance.7.Under ICC end

14、orsement the insurer must pay the claim, but since the insured violated an express warranty, the insurer has a right to collect its payment from the insured.8.Court decisions have been centered around the wording of the Lloyds ocean peril clause and the exact meaning is known. To change it would sub

15、ject the contract to legal uncertainties that are well avoided.9.This is a particularly average loss. It is not total, nor is it considered a constructive total loss unless the shipment is not worth the cost of repair. In this case, the cost of repair is $2,000 and would be the total payment.a.A def

16、inition given by W. D. Winter in Marine Insurance (New York: McGraw-Hill Book Co., 1952, p. 405) is: “That which has been destroyed for all shall be replaced by the contributions of all.”b.The loss is the result of a sacrifice voluntarily made, under fortuitous circumstances, of a portion of either

17、ship or cargo or the voluntary incurrence of expense for the sole purpose of preserving the common interest from an impending danger.10.In a floater policy, the property may be moved at any time, the property is not expected to remain permanently at one location, and the floater covers the property

18、while at any given location and while in transit.11.The main benefit of the contract is, of course, the investigation of a title that turns up liens and other defects that can cloud a title. These defects are naturally excluded because to cover them would amount to insuring a known loss. Also, the b

19、enefit lies in paying for losses that are unknown and are not excluded by the contract.12.a.The text sides with those who say this practice is inequitable. b.The title insurer probably would argue that frequent transfers are somewhat unusual and it is not feasible to alter the rating system to accom

20、modate an occasional case.SUPPLEMENTARY QUESTIONS1.Why is abandonment permitted in ocean marine insurance and not in most other lines of insurance? Abandonment is permitted in ocean marine insurance because of the difficulty that the average insured would experience in attempting his or her own salv

21、age. 2.A shipowner insures a ship with Company T on July 1 for $100,000. Later, on July 5, fearing insufficient coverage, the shipowner takes out another $50,000 policy with Company U. (a) In the event of a $30,000 loss to the hull, how would the two companies divide the claim? Explain. (b) What wou

22、ld the settlement be if the loss were $60,000? Explain. a.Company T would pay the entire claim in the case of the $30,000 loss. b.For the $60,000 loss, Company T would pay $60,000. Each company pays to the fullest extent of its coverage in the order in which the coverage was placed, chronologically.

23、 If the loss had been $110,000, Company T would pay $100,000 and Company U, $10,000. 3.List at least six causes of loss for which an ocean-going common carrier is not liable at common law. Errors in navigation or management of the vessel, strikes or lockouts, acts of God, acts of war or public enemies, seizure of the goods under legal process, quarantine, inherent vice of the goods, failure of the shipper to ex