Marine Insurance

INLAND MARINE INSURANCE

Inland Marine Insurance derived its name historically from “ocean” marine which had a basic function of covering ships and goods on open seas and inland waters. Inland marine covers property in transit, mobile property, instrumentalities of transportation and communications. 

Employees and visitors should be advised that there are no provisions for insuring their personal property while used or located within the university’s facilities. The use of personal property to accomplish university work responsibilities should be discouraged. In those instances where an employee is required to use personal property in performance of duty, responsibility for reimbursement for financial loss in the event of loss or damage should be clearly established in advance. The university may provide insurance coverage for such property only if insurance coverage is a specific requirement of a written agreement between the property owner and the university. 

Insurance may be provided for financial loss if the loss or property damage is a responsibility of UNF by loan or lease and the use agreement specifically requires insurance to be provided. 

Coverage

Insurable exposures are generally of the following types and are specifically identified and insured for actual cash value: 

FINE ARTS — Includes scheduled paintings, etchings, pictures, tapestries, art glass windows, and other bona fide works of art (such as valuable rugs, statuary, marbles, bronzed, antique furniture, rare books, antique silver, manuscripts, porcelains, rare glass and bric-a-brac), or rarity, historical value or artistic merit while in transit to the university, while in possession of the university, and while in transit from the university. 

THEATRICAL PROPERTY — Includes schedule property for use in theatrical productions. 

MISCELLANEOUS EQUIPMENT — Includes various scheduled equipment, furniture or furnishings on lease or loan to the university. 

Premium Basis The premium charged is based on the actual cash value of the insured article and the length of time the article is to be insured. The various fees are set forth in the policy contract. 

MARINE INSURANCE

Marine Insurance (or Wet Marine, as it is sometimes called to differentiate from Inland Marine) has the basic function of covering perils associated with water transport but it is not limited to such situations. 

Coverage The primary interest in Marine Insurance as it relates to the State University System is for the exposures relative to watercraft. These coverages include: 

1. Hull — Physical damage to the vessel. 
2. Protection and Indemnity — Liability for ownership and operation of a vessel, including workers’ compensation for the crewmembers.

Florida Statue prohibits the purchase of hull insurance to protect for physical damage to state-owned watercraft valued at less than $20,000. Hull insurance may be provided for protection from financial loss in the event of loss or damage to watercraft that are the responsibility of a university by written loan or lease, if the use agreement specifically requires hull insurance be provided. 

Protection and Indemnity liability coverage for state-owned small watercraft operated primarily in protected waters is provided by the General Liability Insurance Trust Fund, administered by the Department of Insurance. (Refer to the section on General Liability); for watercraft used in the oceans or other navigable waterways, commercial insurance is required. 

Protection and Indemnity coverage may be acquired for non-state owned watercraft on loan or lease to the university, providing such coverage is specifically required by written agreement. 

Premium Basis The premium charged varies with a number of factors established at the inception of the insurance term such as: the size of the vessel, the use of the vessel, and the waters in which the vessel will operate. 

Acquisition of Coverage Acquisition of coverage for state-owned watercraft shall be added to the state policy administered by the Department of Management Services. To acquire coverage for non-state owned watercraft, the university is responsible to purchase the commercial coverage. 

The following documentation will be necessary to acquire commercial coverage: 

1. Copy of Loan or Lease Agreement 
2. Period of Coverage 
3. Watercraft physical characteristics (length, beam, weight, power, speed, year, make, manufacturer, model, etc.) 
4. Location of Docking 
5. Type of use (recreation, competition, research) 
6. Location of use (ocean, bay, inland lakes, rivers — be specific).

Claims Processing Report all incidents out of which a claim may arise EH&S. For the initial report, use the general liability incident report form with follow-up reports to be as requested by the insurance company on the risk.