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 Posted: Fri Nov 06, 2009 8:04 pm Post subject: Inland Marine policy |
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What does controlled & uncontrolled mean in an Inland marine policy??
Thanks, Alaina |
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Dube
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| Posted: Fri Nov 06, 2009 8:41 pm Post subject: |
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This is a great definition that will answer your question, courtesy of the Professional Insurance Agents of Florida:
http://www.piafl.org
| Quote: | | UNCONTROLLED LINES—the various types of insurance considered to fall within the category of INLAND MARINE are generally divided into two major categories: “controlled lines” and “uncontrolled lines.” For controlled lines, there are forms filed by a bureau such as ISO, which leads to more standardization of coverages among different companies; for uncontrolled lines there are no standardized filings, so policy provisions vary more among the insurers writing these types of coverage. |
Hope this helps!
InsTeacher 
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InsTeacher
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| Posted: Fri Nov 06, 2009 9:08 pm Post subject: |
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Not really, but thanks for replying  can you break it down little more or use an example. |
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Dube
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| Posted: Fri Nov 06, 2009 9:58 pm Post subject: |
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| Quote: | | Not really, but thanks for replying Sad can you break it down little more or use an example. |
Ok, let me see what I can do.
"Filed forms" are "controlled" forms and are those policy forms that are filed, approved and on record at the insurance division. They have received the blessing of the insurance commissioner and these forms can be used by any carrier as they are "pre-approved" for use in the state. One company that files manifold forms with each state is the Insurance Services Office, or "ISO." They file "generic policy forms" that can be used by anyone in the state using ISO based forms in the policies that they issue. They have standardized coverages, rates are filed and approved and are pretty consistent in nature in terms of coverage.
"Non-filed" forms are "Uncontrolled" forms and lack the standardization and consistency of controlled forms. These are normally used by carriers that wish to impart their own versions of coverage and scope within the policy form and are normally used by one carrier only. They vary widely in terms of coverage and provisions found within the form.
Does this give you any more useful info?
InsTeacher
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InsTeacher
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| Posted: Sat Nov 07, 2009 1:03 pm Post subject: |
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| Yes, it does. Thank you so much for taking the time to explain it. Alaina |
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Dube
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