Matt Starr Property & Marine Insurance Experience2
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Matt Starr Property & Marine Insurance Experience2

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The various types of insurance Matt Starr has Underwriting experience in handling.

The various types of insurance Matt Starr has Underwriting experience in handling.

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  • Hi,
    We are a Independent Georgia Insurance Company who's loyalty is solely to our current and future clients. Because we are an Independent Insurance Company we can shop around using multiple Insurance carriers, Unlike other Insurance agency's who can only provide insurance policies from a single provider. This gives us many options and competing quotes giving you far superior control and buying potential.

    Contractors Liability Insurance
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Matt Starr Property & Marine Insurance Experience2 Matt Starr Property & Marine Insurance Experience2 Presentation Transcript

  • Property and Marine Insurance Underwriting Experience of Matthew Starr
  • Property Insurance
    • Buildings
    • Business Personal Property, Computers, Valuable Papers
    • Business Income & Extra Expense
    • Inland Marine Coverage's
    • Equipment Breakdown
    • Crime Coverage's
  • Property Insurance
    • Multiple Time Element Coverage Options
    • Electronic vandalism & computer virus coverage
    • Other Inland Marine Coverage's
  • Ocean Marine Coverage’s
    • Ocean Cargo
    • Boat Dealers
    • Marina Operators Legal Liability
    • Commercial Hull- I.e. sight-seeing, excursion and charter boats
    • Protection & Indemnity
  • International Air Freight can be covered on an Ocean Cargo Insurance Policy!
  • “ Ocean” Cargo Insurance in KS & MO?
    • How much cargo does Kansas export?
    • How much cargo does Missouri export?
  • “ Ocean” Cargo Insurance in Kansas?
    • In 2005, Kansas Exports were $6.7 Billion!
    • Top Destinations: Canada, Mexico, & China.
    • Top Cargo Exported: Aircraft & Parts, Industrial Machinery, Vehicles, Raw Hides/Skins, Electrical Machinery, Cereals, Meat, Optic & Medical Instruments.
    • Imports are in addition to the above!
  • “ Ocean” Cargo Insurance in Missouri?
    • In 2004, Missouri Exports were $8.9 Billion!
    • Top Export Destinations: Canada, Mexico, Japan, China & United Kingdom
    • Top Cargo Exported: Transportation Equipment, Chemicals, Machinery, Computer/electronics, Electrical Equipment, Food Products, Metal Products, Agricultural Products, & Plastic goods.
    • Imports are in addition to the above!
    • “ Warehouse to Warehouse”
    • Shipments are not covered just from port to port only
    • They are covered while in the ordinary course of transit from the warehouse at the place of origin to the warehouse at the place of destination .
    Ocean Cargo-Warehouse to Warehouse
  • Example of a Warehouse to Warehouse Shipment Warsaw, Poland Wichita,KS Baltimore, MD Germany
  • Ocean Cargo Insurance- Policy Types
    • Open Policies, continous until cancelled, for ALL shipments…
    • Special Marine Policies or stray risk policy, for a SINGLE trip shipment
  • Ocean Cargo Insurance Options
    • Domestic Transit
    • Warehouse Coverage
    • Exhibition & Processing Locations
    • Installation Sites
    • Sales Representatives Samples
    • War Insurance Policy
  • OCEAN CARGO in the News… The largest ocean cargo disaster...
    • On Nov. 2, 1998, the M/V APL CHINA was hit by Typhoon Babs in the North Pacific Ocean.
    • Over $100,000,000 in cargo loss and damage. The vessel lost 406 containers overboard, and some 1,000 more were damaged.
  • Modern Day Pirates!
    • International Piracy Incidents
    • 325 Piracy incidents in 2004
    • Indonesia, Bangladesh, India, South America, Nigeria, Malaysia are the highest in piracy incidents.
    • Question: What is the industry wide
    • ANNUAL dollars loss of cargo from THEFT?
    • Annual Cargo Theft Costs
    • $12 Billion…
    • Second only to Health Care Fraud of $25 Billion
  • Container Ships…the largest up to 8,000 containers onboard!
    • 95% of US shipments via water
    • 8,000,000 containers offloaded at U.S. seaports EACH year, that’s 21,000 per day!
    • Value of container trade through U.S. seaports estimated at $737 Billion Annually
    Ocean Cargo Shipments
  • Ocean Cargo Stray Risk Insurance
    • Coverage for a SINGLE international shipment of goods.
    • For example a manufacturer has a single import/export shipment.
  • Boat Dealer Coverage
    • Premises coverage for boats as stock for sale.
    • Transit coverage
    • Exhibition
    • Off premises coverage
    • Protection & Indemnity
  • Marina Operators Legal Liability Coverage
    • Legal Liability and/or P&I Coverage for the boats of others for operations of:
    • Fueling
    • Repair
    • Storage
    • Mooring
    • Slip rental
    • Storage
    • Demonstration
    • Hauling & Launching
    • Motor Truck Cargo Legal Liability- Carrier For Hire Coverage
    • Owned Goods on Owned Vehicles
    • Transportation Coverage-Shippers Interest
    • Trip Transit Coverage
    Transit Insurance
  • What kind of Insurance is needed for this package? “ I need Transportation Insurance to protect my interest in my cargo while being transported by others .” “ I need Motor Truck Cargo Insurance to protect my legal liability for cargo of others while in my care, custody and control.”
  • Motor Truck Cargo Legal Liability Insurance
    • Coverage for the insured’s legal liability in hauling cargo of others.
  • Motor Truck Cargo Legal Liability Insurance
    • OPTIONS
    • Scheduled vehicles or blanket reporting gross receipts
    • Cargo at Scheduled Terminal Locations
    • Mechanical Breakdown of Refrigeration Units
  • Motor Truck Cargo- Owned Goods/Vehicles
    • Coverage for owned goods in transit on owned vehicles.
    • Scheduled Vehicles
    • Blanket- Reporting basis
    • Coverage to protect the Shippers Interest in their cargo transported by others
    • For example, a manufacturer or distributor shipping goods via common carrier truck lines.
    Transportation Insurance-Shippers Interest
  • Why Shippers Need their OWN Transportation Insurance
    • Truckers are liable for cargo damage if negligent, but NOT responsible for all causes of loss (I.e. Acts of God, poor packing, etc.)
    • Under a released bill of lading, trucker only responsible for lower value instead of full value.
    • Trucker liability is reduced if goods stored in warehouse for extended time.
    • Time/Difficulty in collecting from the trucker.
  • Modes of Transit & Coverage Options
    • Common Carrier Truck
    • Contract Carrier Truck
    • Aircraft Shipments
    • Railroad Shipments
    • Owned Vehicles
    • At Scheduled Terminal
  • Transportation Insurance
    • Incoming, Outgoing, Inter-plant Shipments
    • Coverage for ALL Shipments during the year
    • Annual Reporting- Values Shipped or Gross Sales
  • Trip Transit Coverage
    • Coverage for a SINGLE shipment of goods from one location to another.
    • For example a business is moving to a new location.
    • Territory: within USA or Canada.
  • Contractors Equipment Coverage
  • Contractors Equipment Coverage
    • Owned Scheduled Equipment
    • Unscheduled small tools
    • Unscheduled employee tools
  • Contractors Equipment Theft!
    • National Equipment Register- Theft Recovery & Risk Management
    • Theft most common cause of loss
    • As little as 10% of equipment is recovered
    What’s the annual loss from theft of contractors equipment?
  • Contractors Equipment Theft!
    • Most Equipment Thefts by State: #1 TX, #2 NC, #3 CA, #4 FL….#8 MO
    • Most common stolen equipment: #1 skid steer loader-31%, #2 Tractor- 21%, #3 Backhoe 16%.
    • Est. Annual Values of Equipment Stolen
    • $300 Million to $1 Billion!
    National Equipment Register 2004 Stats
  • Contractors Equipment Leased or Rented FROM Others
    • Unscheduled leased or rented equipment from others
    • Limit per ITEM and TOTAL limit.
    • Written lease or rental agreement
  • Contractors Equipment Rental Expense
    • Coverage for rental expense incurred for replacement equipment...
    • If a covered cause of loss occurs to covered equipment…
    • Insured must use other equipment if available…
    • and use reasonable speed in obtaining repairs or replacement equipment.
    • Deductible in hours, I.e. 48 or 72 hours.
  • Contractors Equipment Exposures & Options
    • Leased or rented equipment TO others
    • Borrowed equipment from others
    • Underground equipment
    • Waterborne equipment
  • Contractors Equipment Crane Exposures!
    • Crane- exclusion for exceeding the lifting capacity or overload
    • Crane- exclusion or restricted coverage for booms and jibs
  • Crane Upset, Overturn & Overload! BOOM!
  • Contractors Equipment Insurance Limit Considerations
    • Blanket Limits- Annual Adjustment Endorsement
    • Valuation- ACV, Replacement Cost
    • Coinsurance- agreed amount, 80%, 90%, 100%
    • Review equipment SCHEDULE- are items covered/excluded, does the limit agree with the valuation clause and coinsurance?
  • Builders Risk Coverage Builders Risk Insurance
  • Builders Risk Coverage
    • New Buildings under construction
    • Remodeling or renovations, with or without existing building
    • Temporary storage locations
    • Materials in transit
    • Flood and Earthquake
    • Equipment Breakdown-Testing
    • Soft Costs and Loss of Rents
    • Permission to Occupy
  • Crane Collapse and Builders Risk Disaster!
  • Builders Risk OR Installation Insurance?
    • Builders Risk Insurance
    • covers the ENTIRE PROJECT for buildings or structures in the course of construction for the owner and/or contractor plus sub-contractors. It can include structures being remodeled or renovated.
  • Builders Risk OR Installation Insurance?
    • Installation Insurance
    • is designed to cover a PORTION of the project, normally for contractors who install electrical, plumbing, heating, air conditioning or other machinery and equipment.
  • Builders Risk Testing Coverage
    • Hot and cold testing: electrical, mechanical, hydrostatic, pneumatic testing of equipment.
    • Mechanical breakdown, explosion of boilers, pipes, engines, turbines, pressure vessels, etc.
    • Artificially generated electricity including arcing.
    • Construction contracts often have insurance requirements for “Testing” or “Boiler & Machinery” coverage.
  • What kinds of equipment are exposed to testing loss for a builders risk?
    • Air conditioning system, compressor, chiller, etc.
    • Electrical system, transformer, lights, panels, switchgear, power controls.
    • Underground cables
    • Heat and hot water boilers
    • Building automation systems
    • Elevators, fire detection systems
  • Soft Costs Coverage ADDITIONAL expenses (as below) sustained from a delay in the completion of construction operations due to a covered cause of loss.
        • Interest expense on money borrowed to finance construction or reconstruction,
        • Real estate taxes,
        • Advertising and promotional expenses,
        • Commissions, legal and accounting costs
        • Architectural fees, building inspection fees and charges and administration expenses,
    (Hard costs= “brick & mortar”)
  • Builder’s Risk Coverage Away from the Jobsite Options
    • Transit Coverage-- limit per shipment
    • Temporary Storage Location- away from the jobsite, limit per location.
  • Installation Coverage
    • Installation of machinery, equipment, and property at jobsite
    • Temporary storage location
    • Materials while in transit
    • Flood and Earthquake
    • Soft Costs
    • Equipment Breakdown-Testing
  • Computer & Electronic Equipment Insurance
  • Computer & Electronic Equipment Coverage
    • Computer Equipment
    • Site Control Systems
    • Electronic Equipment- Phones, Fax, etc.
    • Data/media
    • Instruction & Operating Manuals
    • Valuable Papers
  • Computer & Electronic Equipment Coverage
    • Extra & Expediting Expense
    • Business Income
    • Mechanical Breakdown
    • Flood and Earthquake
    • Transit & Off Premises
    • Worldwide Laptop Coverage
  • Computer Equipment Additional Benefits
    • Off Premises Utility Failure
    • No Coinsurance
    • Replacement Cost
    • Upgrade Value-Option
    • Computer Virus
  • Bailees Customers Coverage
    • Property of others in the insureds care, custody or control.
    • For example machines of others, are repaired by the insured.
  • Communications Equipment
    • Radio or TV Towers and Antennas
    • Transmitting & Studio Equipment
    • Mobile Equipment
    • Cable TV Systems
    • Business Income
  • Dealers Coverage
    • For miscellaneous equipment dealers, such as antique or fine art stock for sale.
    • Excluding dealers of boats, construction equipment, or jewelry.
    • Premises Coverage
    • Transit Coverage
    • Away from premises coverage
  • Exhibition Coverage
    • Property at an exhibition or trade show
    • For example, trade show booths, displays, models, etc.
    • Coverage at the exhibition
    • Transit to and from the exhibition
    • Single exhibition or ALL during the year
  • Equipment Dealers Coverage
    • For construction equipment or agricultural equipment, stock for sale
    • Premises Coverage
    • Transit coverage
    • Away from premises coverage
  • Fine Arts Coverage
    • Paintings, sculptures, and other works of art
    • SCHEDULED Fine Arts on premises.
    • Transit coverage
    • Away from premises coverage
    • Breakage Coverage
  • Medical Diagnostic Equipment Coverage
    • Mobile or stationary medical diagnostic equipment
    • MRI’s
    • Computer Equipment
    • Media and Data
    • Business Income
    • Extra & expediting expense
    • Computer virus
    • Transit coverage
    • many more benefits
  • Miscellaneous Property Coverage
    • Inland Marine Form for Miscellaneous Equipment, Machines or Property where no other specific form is available.
  • Miscellaneous Property Coverage
        • Examples of covered property :
    • Vehicle driving simulators
    • Service equipment
    • Uniforms
    • Audio-visual equipment, projectors, VCR’s
    • Banners, decorations, and flags
    • Cameras, televisions and video equipment
    • Cleaning or maintenance equipment
    • Equipment leased or rented from others
  • Miscellaneous Property Coverage
        • Examples of covered property :
    • Golf carts, bicycles and ATV’s
    • Industrial equipment
    • Lawn and grounds keeping equipment
    • Auto Models or portable displays
    • Portable or permanent signs
    • Portable Radios, walkie talkies
  • Miscellaneous Property Coverage
        • Examples of covered property:
    • Metering equipment,
    • Tents
    • Tools, lathes and shop equipment
    • Typewriters, photocopiers, office equipment
    • Truck or vehicle scales
  • Scientific Instruments Coverage
    • Portable Equipment AND Equipment permanently attached to a vehicle for...
    • Industrial, environmental, and pollution monitoring equipment…
    • Medical and scientific testing and monitoring equipment…
    • Engineering and surveying equipment.
  • Oil Lease Property
    • Coverage for Tanks, pumps and machinery at producing oil well sites.
  • Pipeline Distribution Coverage
    • Pipeline and related metering systems.
    • Excluding pipeline contents.
  • Physicians & Surgeons Equipment
    • Medical, surgical or dental equipment and instruments.
    • Optional: Office furniture, fixtures, improvements & betterments, office equipment away from premises, extra expense, personal effects, valuable papers, and money/stamps.
  • Processing Coverage
    • Property of the insured while processed by others.
  • Sign Coverage
    • Neon,
    • fluorescent,
    • automatic or
    • mechanical signs.
  • Theatrical Property Coverage
    • Theatrical props, costumes or scenery.
  • Vending Machine Coverage
    • Vending Machines for established businesses.
    • Excluding coins, money and contents.
  • Warehouseman’s Legal Liability
    • Commercial property stored by a warehouseman with a written contract.
  • Cameras & Musical Instruments
    • Commercial Cameras and Photography Equipment
    • Professional Musical Instruments
  • Marine Programs for a Group or Association
    • Marine exposures that warrant unique handling, coverage or services.
    • Examples: coverage for laptops, wireless communications devices, kiosk risks, ATM’s, and other mobile property.
  • Marine Programs for a Group or Association
    • Available to GROUPS or SELECTED INDUSTRIES such as:
    • Associations & Risk Purchasing Groups
    • Manufacturers & Wholesaler Operations
    • Schools & Universities
    • Communication and Technology Businesses
    • Legal & Medical Firms
    • Plastics & Metalworkers Operations
    • Business Services & Financial Companies
  • Marine Programs for a Group or Association
    • Marine Insurance Programs are available to include as covered property:
    • cell phones and personal communications equipment
    • Laptops, palmtops and PDA’s
    • Global positioning systems and security related equipment
    • ATM’s or financial information exchange equipment
    • Mobile or office equipment
    • International air and ocean shipments.