P-II.C · Classes of Property Insurance
Fire, marine, plate glass and sprinkler classes
Fire (Section 102(a)): insurance against loss by fire, lightning, windstorm, tornado and earthquake. Yes, earthquake is named in the fire class. Burglary and theft are not; they belong to the burglary class.
Section 102(b): valuable papers and records incidental to a business are fire insurance when the policy includes loss by fire and excludes the property while it is in the mail or with a carrier for hire.
Marine (Section 103):
103(a): goods and cargoes in connection with risks of transit or transportation, on water, on land or in the air, including storage incidental to the trip. That is why inland marine sits in the marine class even when no ship is involved.
103(b): inland marine is deemed to include hull insurance on water pleasure craft not used for commercial purposes, of a size and type set by the commissioner.
103(c): precious stones, jewels, jewelry and precious metals, whether in transportation or not.
Two one-liners:
Plate glass (Section 107): insurance against breakage of glass.
Sprinkler (Section 114): water damage from breakage or leakage of sprinklers, pumps or other fire-extinguishing apparatus, and loss from breakage or leakage of water pipes.
Remember
· Fire class names earthquake; burglary is not in it.
· Marine = transit risks by water, land or air; jewelry is marine even when not moving.
· Plate glass = glass breakage; sprinkler = water from sprinklers or pipes.
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