Inland marine = mostly property on land; it grew out of insuring goods in transit.

Floater = coverage follows the property wherever it goes.

§103(c): jewelry is marine insurance whether or not it is in transit.

Filed = forms and rates submitted to the regulator, often ISO or AAIS programs.

Filed fits many similar exposures; non-filed fits diverse, fast-changing risks.

Non-filed: tailored terms, but harder to compare.

§1851(c) exempts ocean marine, NOT inland marine.

Inland marine rate changes need a complete rate application (§1861.05(b), Prop 103).

Most inland marine = open perils: covered unless excluded.

Open perils is not all risks: exclusions still apply.

Key exclusions: wear and tear, inherent vice, vermin, war, delay and loss of market.

Valued policy (§412) = agreed value stated on its face; that sum is paid.

Open policy (§411) = value set at the time of loss. Open policy is not open perils.

Pair or set: before-minus-after difference; transit goods: invoice plus prepaid freight.

Annual transit = all shipments during the term; trip transit = one shipment.

Annual transit is usually NAMED perils, the exception to the open-perils rule.

Named perils: no listed cause, no coverage.

PAF = stand-alone policy; endorsement = part of a homeowners policy.

Both: itemized schedule, broad coverage, protection follows the item.

No homeowners or renters policy? Use a PAF.

Special limits sit inside Coverage C: they are a cap, not extra coverage.

Scheduling = open perils + full appraised value + no special limit.

Scheduling articles does nothing for the dwelling, such as earthquake.

Scheduled items are excluded from Coverage C; the endorsement alone pays.

Scheduling does not change the Coverage C limit.

Coverage C is not excess over the schedule: keep scheduled values current.