Inland Marine (C) - Equipment Floater

To add or edit equipment floater in the Commercial Inland Marine Line of Business form:

Expand the Equipment Floater section, and then enter the following information.

Type of Operation	Describe the type of work the applicant performs and the nature of this business. This information can also appear on the Application Section (ACORD 125). If so, enter "see ACORD 125."
Territory of Operation	Specify exactly where the equipment or schedule of items is normally located. For a specific location, give the address, or information such as the construction site name and address, city, county or state.

Equipment Summary

Click New (or Edit) and enter the following information. When finished, click Add (or Update). The updated information appears in the associated grid. To add multiple entries, repeat this procedure.

Location or Blanket	Select whether the coverage you are entering applies to a specific Location or all locations (Blanket). You can add multiple Blanket coverages. If you select Blanket, the Location list becomes unavailable.
Location #	Select the location from the list. These locations were entered or identified in the Inland Marine Locations / Job Sites section of this line of business. You must have clicked Get All Policy Locations at the top of this form to see the locations in the list box.
Category	Select the category of the unit at risk from the list.
Sub-category	Select the sub-category of the unit at risk from the list.
Default Valuation	From the list, select the type of valuation you want to default to the items you enter. Setting this you will only need to change the valuation for items that differ from this setting.
% Coinsurance	Type the coinsurance percentage, if applicable.
Coverage	Select the type of coverage that applies to this equipment summary. You can enter additional coverages in the section following Unscheduled Equipment. After selecting a coverage, the Ded Amt, Type, and Premium fields become active.
Amt of Insurance	The total liability for the summary.
Total Items	The number of items included in the coverage.
Ded Amt	Becomes active after entering a coverage. The amount of deductible.
Ded Type	The type of deductible.
Premium	The premium for the coverage entered.

Additional Coverages

Click New (or Edit) and enter the following information. When finished, click Add (or Update). The updated information appears in the associated grid. To add multiple entries, repeat this procedure.

Some fields may not be available depending on the type of line of business.

Coverage Level	Line of Business: Select this option if the coverage you are entering applies at the line of business level versus the individual premises. State: Select this option if the coverage is based on the state. Select the state. Location: Select this option if the coverage applies to the location versus the line of business, state, or individual premises.
Coverage	Select the coverage from the list.
Sort Order	Type the order that this coverage should appear in the grid and on forms.
Limit 1, Limit 2	Type the single or split limits that apply.
Premium	Type the cost of this coverage.
Ded Type	Select the deductible type.
Ded Amt	Type the deductible amount.
Exposure	Type the amount at risk.
Rate	Type the rate at which coverage is calculated.
Miscellaneous Information	Type any additional information that applies to this coverage.

Additional Interests

Equipment Storage

Click New (or Edit) and enter the following information. When finished, click Add (or Update). The updated information appears in the associated grid. To add multiple entries, repeat this procedure.

Location #	Select the location from the list. These locations were entered or identified in the Inland Marine Locations/Job Sites section of this line of business.
Mo. in Storage	Enter the number of months the equipment is not used and in storage.
Max. Value	In Building: The value of equipment stored in a building.
	Outside: The value of equipment stored outdoors.
	Security Type: Specify the type of security available for equipment.

General Information

Click Set all "No" to answer all questions "No." You can then change individual answers as necessary. Explain "Yes" answers in the Remarks section.

Remarks

Type additional information about the policy, risk, or subject of insurance that is not entered elsewhere.

Re-number	Click to re-number items in the Item # column in sequential order starting at 1. This button is disabled if no items exist in the grid, or if the data entry fields are expanded.
Item #	AMS360 automatically assigns the next sequential number when entering a new item. You can override this number.
Cust(omer's) Item #	If the customer's assigned item number is different than the one you assigned, enter the customer's number.
Year	Type the model year of each scheduled item, or the specific year in which the equipment was manufactured, if applicable.
Manufacturer	Indicate the manufacturer of the item.
Model	Type the model name or number for the item.
Description	Describe the type of equipment being insured.
Serial #	Type the item's serial number or any other identifying symbol.
Amt. of Ins	Enter the amount of insurance representing the liability limit for the item you are entering.
Capacity	Indicate the capacity, if applicable.
Condition	Select the condition (New or Used) of the item you are entering.
Ownership	From the list select whether the item is Leased or Owned.
Date Purchased	Type the date the item was purchased by the insured.
Valuation Type	From the list, select the type of valuation for the item.
Value	Type the value for the item you are entering.
Valuation Date	Type the date the item was assigned the value entered above.
(Total)	Informational only. A field at the bottom of the grid keeps a running total of the amount of insurance entered for all scheduled equipment.

Description	Describe the unscheduled grouping. Example: Miscellaneous Hand Tools or Camera Lenses.
Max Item	Enter the maximum value of any single item within this grouping.
Amount of Ins.	Enter the total value of all of the unscheduled items. Values can be either on a replacement cost or actual cash value basis.
% Coins	Enter the percentage contemplated by the amount of insurance required. Most insurers require 100 percent coinsurance.

Description	Describe the factor you are entering.
Factor	Enter the factor. AMS360 calculates the amount for you.

Inland Marine (C) LOB - Equipment Floater

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