What does railroad mean in insurance?

What does railroad mean in insurance?

Railroad Protective Liability — insurance coverage protecting a railroad from liability it incurs because of the work of contractors on or near the railroad right-of-way.

What is classified as mobile equipment?

Mobile equipment is classified within a diverse group of vehicles including: bulldozers, backhoes, forklifts, bobcats, earth movers, cranes, trailers, tractors with mounted tools and equipment like winches, compressors, cherry pickers, etc.

What is railroad rolling insurance?

Definition of railroad rolling stock insurance coverage for railroad equipment, liability of a railroad for damaging another railroad’s equipment, or the damage to goods under its care, custody, and control. Coverage is provided on an all risks basis subject to perils specifically excluded in the policy.

Is a crane considered mobile equipment?

Any vehicles with permanently attached cranes, diggers, drills or loaders are considered “mobile equipment.” Also, in the road construction world, any heavy equipment used for different construction or the resurfacing of roads is considered “mobile equipment” i.e. steam rollers, graders, scrapers, etc.

What is a railroad liability policy?

A railroad protective liability policy provides coverage for the railroad’s liability or both bodily injury and property damage to third parties. It also provides coverage for damage to property owned by, or leased to, the railroad.

What is a CG 24 17 endorsement?

The ISO standard endorsement CG 24 17 (Contractual Liability – Railroads) can accomplish this. You can sell a separate railroad protective liability policy to the contractor. This policy is written in the name of the railroad, and the contractor pays for it.

What is considered mobile equipment for insurance?

It refers to equipment such as earthmovers, tractors, diggers, farm machinery, forklifts, etc., that, even when self-propelled, are not considered automobiles for insurance purposes (unless they are subject to a compulsory or financial responsibility law or other motor vehicle insurance law).

What is a mobile equipment vehicle?

Any vehicles with permanently attached cranes, shovels, loaders, diggers, or drills are considered “mobile equipment,” provided the vehicle affords mobility to the attached equipment.

What is rolling stock coverage?

The term includes both locomotives and cars designed to carry persons or freight—tank cars, boxcars, flatcars, passenger cars. Physical damage coverage on rolling stock is a standard feature of railroad protective liability insurance.

Who is the named insured on a railroad protective policy?

Railroad Protective Liability (RRP) insurance is required of contractors who perform work on or around (within 50 ft) of railroad tracks, railroad right-of-way or owned railroad property.

What is a tail policy?

An Extended Reporting Period (also known as a “Tail policy”) can be purchased to extend the time in which a claim can be reported. This means that if a claim based on a wrongful act (actual or alleged) occurred within the policy period but was reported afterward, you will still be covered.

Does a GL policy cover contractual liability?

Based on the above, the CGL policy’s contractual liability exclusion does not apply and does not eliminate coverage for breach of contract claims. Nonetheless, the meaning of “assumption of liability” within the contractual liability exclusion continues to be litigated.

What are examples of mobile equipment?

Mobile equipment means any equipment that may be drawn or is capable of being driven on a roadway, including, but not limited to, automobiles, trucks, truck bodies, truck trailers, cargo vaults, utility bodies, camper shells, construction equipment, farming equipment, and motorcycles.

What are some examples of mobile equipment?

Are locomotives considered rolling stock?

The term “rolling stock” is a generic term that is used in the railroad industry to denote anything on rail wheels. The term includes locomotives, freight cars, flat cars, and other vehicles that use steel wheels on railroad tracks.

What are the different types of rolling stock used?

There are four principal types of rolling stock:

  • Locomotives, Steam, diesel or electric;
  • Freight cars or wagons;
  • Coaches, carriages or passenger cars and.
  • Multiple units.

Who needs tail coverage?

When a physician moves from a group practice to a solo practice or a different group practice, the prior practice may require the physician to purchase tail malpractice coverage. This requirement is often part of the employment agreement with the group practice.

What is the difference between nose and tail coverage?

What is the difference between nose coverage and tail coverage? Nose coverage addresses acts that occurred prior to your current policy’s start date. Tail coverage applies to acts that occurred while your prior policy was in force, but for which claims didn’t arise until after you canceled it.

What is CLP insurance?

CLP stands for Contingent Liability Program (insurance/reinsurance)

What is DCL policy?

Our Discretionary Credit Limit (DCL) is a core feature of our multibuyer policy product that allows you to qualify the majority of your buyers for coverage on your own and to maintain control of important customer relationships.