Florida Regulations 69O-167.024: Rate Filings for Inland Marine Insurance
Current as of: 2024 | Check for updates
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(1) This rule applies to marine insurance that is subject to Florida Statutes Chapter 627
(2) Section 627.021(2)(c), F.S, states that Florida Statutes Chapter 627, does not apply to ocean marine insurance as distinguished from inland marine insurance.
(a) Section 627.021(2)(d), F.S., states that rates and rules are not required to be filed for commercial inland marine risks.
(b) The specific exclusion of commercial inland marine risks indicates that rates and rules for personal inland marine risks must continue to be filed with the Office.
(c) For purposes of this rule, personal inland marine is defined as insurance covering non-business property of a portable or movable nature that would typically be included in or with a homeowner’s policy or a separate policy insuring one or more articles of property, including, but not limited to, jewelry, furs, art objects, silverware, glassware, small boats, sports equipment.
(d) For purposes of this rule, commercial inland marine is defined as commercial or industrial property, often but not always of a portable or movable nature or instrumentalities of transportation or communication, that would typically be included in or with a commercial lines policy or written in a separate policy insuring one or more such items of property, including, but not limited to, commercial goods in transit, traffic signals, bridges, tunnels.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.607, 627.021, 627.062 FS. History-New 1-27-92, Formerly 4-167.024, Amended 9-22-10.
(2) Section 627.021(2)(c), F.S, states that Florida Statutes Chapter 627, does not apply to ocean marine insurance as distinguished from inland marine insurance.
(a) Section 627.021(2)(d), F.S., states that rates and rules are not required to be filed for commercial inland marine risks.
(b) The specific exclusion of commercial inland marine risks indicates that rates and rules for personal inland marine risks must continue to be filed with the Office.
(c) For purposes of this rule, personal inland marine is defined as insurance covering non-business property of a portable or movable nature that would typically be included in or with a homeowner’s policy or a separate policy insuring one or more articles of property, including, but not limited to, jewelry, furs, art objects, silverware, glassware, small boats, sports equipment.
(d) For purposes of this rule, commercial inland marine is defined as commercial or industrial property, often but not always of a portable or movable nature or instrumentalities of transportation or communication, that would typically be included in or with a commercial lines policy or written in a separate policy insuring one or more such items of property, including, but not limited to, commercial goods in transit, traffic signals, bridges, tunnels.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.607, 627.021, 627.062 FS. History-New 1-27-92, Formerly 4-167.024, Amended 9-22-10.