AAIS Revises Riggers' Insurance Mmaterials

Wheaton, IL - Property/casualty insurers now have access to newly updated policy forms and a revised rating procedure for writing riggers' insurance, one of the traditionally nonfiled classes of inland marine insurance.

The materials were recently released in the Inland Marine Guide, a resource of forms, rating procedures, underwriting guidelines, and other information for the nonfiled classes. The Guide is produced by the American Association of Insurance Services (AAIS), a national insurance advisory organization that develops policy forms and rating information for 23 lines of personal, commercial, farm, and inland marine insurance.

Riggers' insurance is written for contractors that specialize in hoisting heavy equipment or fixtures onto structures.

The Guide's base form for this class primarily provides open perils coverage for property of others under the insured's care, custody, and control. In addition, there is a new supplemental coverage for the insured's own loss of earned rigging charges due to a covered loss to covered property.

Also, two new optional endorsements are introduced:

• One new endorsement provides coverage for contract penalties incurred due to delays caused by covered perils.
• The other new endorsement provides coverage for expediting expenses needed to complete a project on time after covered property is impacted by a covered peril.

The revised rating procedure for this class includes a new step for rating those coverage options, as well as expanded risk characteristics used to document selection of the basic load.

Although riggers' liability insurance is one of the nonfiled inland marine classes, AAIS has filed the forms and endorsement for this class in 21 states that do not exempt inland marine insurance from filing requirements.

SOURCE: AAIS