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
Standard Commercial Property Floater form covering death or damage to livestock as the result of insured perils such as fire, lightning, explosion, smoke, wind, hail, aircraft, earth quake, ...
Calculations involving the mortality rate of a company's insureds and the rate of return on the company's investments. It is used in calculating the prospective reserve. ...
Same as term Explosion, Collapse, and Underground Exclusion: inherent danger resulting from certain construction procedures that are excluded from general business liability policies. ...
List of the values of specific medical procedures in comparison with other medical procedures. ...
Rule adopted by the financial accounting standards board that requires that obligations owed to re-insurers under multiyear insurance contracts must be reported as liabilities by the ceding ...
Provision commonly found in fire insurance contracts. If the insured knows that a hazard is increased, most property contracts permit the insurance company to suspend or terminate coverage. ...
Maximum amount of insurance coverage that an insurance company will underwrite in a particular geographic area. ...
Present value of a series of payments such that the first payment is due one period hence, the second payment two periods hence, and so forth. The continued payment is contingent upon the ...
Entitlement of a pension plan participant (employee) to receive full benefits at normal retirement age, or a reduced benefit upon early retirement, whether or not the participant still ...
Have a question or comment?
We're here to help.