Inland marine

The inland marine line of business is part of the PolicyCenter base configuration.

Inland marine insurance is a broad type of coverage was developed for shipments that do not involve ocean transport. The insurance covers articles in transit by all forms of land and air transportation as well as bridges, tunnels, and other means of transportation and communication. Floaters that cover expensive personal items such as fine art and jewelry are included in this category.

Inland marine provides insurance for a wide variety of coverables that:

  • Do not have a license plate – therefore, automobiles are not covered by inland marine.
  • Do not have a foundation – therefore, buildings are not covered by inland marine.
  • Are not considered personal property within a building coverage – therefore, office furniture is not covered by inland marine.

This line of business contains a reference implementation that you can use to accelerate your implementation. This line of business includes reference implementations for policy transactions, policy file screens, sample rating rules, sample eligibility rules, and forms logic. The reference implementation also provides sample content.

Note: The PolicyCenter default application is not a compliance system. Guidewire designed the product model so that you can build your own compliance system. For example, the system tables in the default application can accommodate multiple classifications per jurisdiction over time. The default application contains a sample set of these classifications.

Types of coverables or coverage parts

The inland marine line provides insurance for separate and distinct types of coverables. These distinct types are referred to as coverage parts. A coverage part is a coverage form that includes an insuring agreement, and therefore, can stand by itself. Coverage parts consist of groups of coverages. Coverages do not extend across coverage parts.

Within PolicyCenter, an insurer defines the coverage parts for which they will provide insurance. A typical insurer might provide insurance for up to 10, 20, or more coverage parts. Within a specific policy, it would be unusual to have insurance for more than four coverage parts.

The default installation of PolicyCenter includes a reference implementation for the following coverage parts:

  • Accounts Receivable – When records are lost or damaged, accounts receivable provides insurance for the receivable amounts and for the cost to reestablish records. For example, if the records were lost in some calamity, this insurance covers what cannot be collected.
  • Contractors Equipment – Provides insurance for direct physical loss to portable machinery, equipment and tools used by contractors. This insurance covers both owned and non-owned (care, custody and control) equipment. Equipment rented to others is explicitly excluded. This insurance does not provide coverage for items used in mining, underground or marine projects except when those items are in storage or in open lots.
  • Signs – Provides insurance for electronic and mechanical signs.