Parcel Post Insurance
Coverage for a shipper (owner/sender) for property damage or loss of goods in transit through the post office. A trip transit insurance policy specifically excludes coverages on property sent through the post office since that agency is not a common carrier and does not incur the liability of a common carrier. This is why additional coverage must be purchased in the form of parcel post insurance, even if a business has a trip transit insurance policy. Parcel post insurance is sold by the post office in the form of a certificate, which covers property in its custody. It is issued on an all risks basis, subject to exclusions of spoilage, and financial instruments such as bills, currency, deeds, notes, and securities.
Popular Insurance Terms
Reductions in the value of property due to physical damage or destruction. ...
Provision found in current assumption whole life insurance policies under which the insurance company retains the contractual right to recalculate the premium (after a minimum period of ...
States that allow the placement of surplus lines only with insurance companies that the states have approved. ...
Insured losses that have occurred but have not been reported to a primary insurance company. These types of claims have a tremendous effect on a reinsurance treaty, which may be showing a ...
Fire that spreads substantial destruction. ...
Same as term Occurrence Basis: coverage, in liability insurance, for harm suffered by others because of events occurring while a policy is in force, regardless of when a claim is actually ...
Total of operating income plus realized capital gains (losses) from investment and underwriting operations minus federal income taxes. ...
basic feature of the social security act under which benefits paid are associated with the employee's earnings that have been taxed during the employment period. ...
Act that makes the liability cost for cleanup joint and several. Even if a party is only partially responsible for losses inflicted, that party may be liable for the payment of the total ...
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