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304.5-080 Inland marine and transportation, "wet" marine insurance defined.
(1)
(2)
"Marine and transportation insurance" includes:
(a) Insurance against any kinds of loss or damage to:
1.
Vessels, craft, aircraft, goods, freights, cargoes, merchandise,
effects, disbursements, profits, moneys, bullion, precious stones,
securities, choses in action, evidences of debt, valuable papers,
bottomry and respondentia interests and all other kinds of property
and interests therein, in respect to, appertaining to, or in connection
with any and all risks or perils of navigation, transit, or
transportation, including war risks, on or under any seas or other
waters, on land or in the air, or while being assembled, packed,
crated, baled, compressed or similarly prepared for shipment or
while awaiting the same or during any delays, storage,
transshipment, or reshipment incident thereto, including marine
builder's risks and all personal property floater risks, and
2.
Person or to property in connection with or appertaining to a marine,
inland marine, transit or transportation insurance, including liability
for loss of or damage to either, arising out of or in connection with
the construction, repair, operation, maintenance or use of the
subject matter of such insurance (but not including life insurance or
surety bonds nor insurance against loss by reason of bodily injury to
the person arising out of the ownership, maintenance or use of
automobiles), and
3.
Precious stones, jewels, jewelry, gold, silver and other precious
metals, whether used in business or trade or otherwise and whether
the same be in course of transportation or otherwise, and
4.
Bridges, tunnels and other instrumentalities of transportation and
communication (excluding buildings, their furniture and furnishings,
fixed contents and supplies held in storage), unless fire, tornado,
sprinkler leakage, hail, explosion, earthquake, riot and/or civil
commotion are the only hazards to be covered; piers, wharves,
docks and slips, excluding the risks of fire, tornado, sprinkler
leakage, hail, explosion, earthquake, riot and/or civil commotion;
other aids to navigation and transportation, including dry docks and
marine railways, against all risks.
(b) "Marine protection and indemnity insurance" meaning insurance against,
or against legal liability of the insured for, loss, damage or expense
arising out of, or incident to, the ownership, operation, chartering,
maintenance, use, repair or construction of any vessel, craft or
instrumentality in use in ocean or inland waterways, including liability of
the insured for personal injury, illness or death or for loss of or damage to
the property of another person.
For the purposes of this code, "wet marine and transportation insurance" is that
part of marine and transportation insurance which includes only:
(a) Insurance upon vessels, crafts, hulls, and of interests therein or with
relation thereto;
(b)
(c)
(d)
Insurance of marine builders' risks, marine war risks and contracts of
marine protection and indemnity insurance;
Insurance of freights and disbursements pertaining to a subject of
insurance coming within this definition; and
Insurance of personal property and interests therein, in course of
exportation from or importation into any country, or in course of
transportation coastwise or on inland waters, including transportation by
land, water or air from point of origin to final destination, in respect to,
appertaining to or in connection with, any and all risks or perils of
navigation, transit or transportation, and while being prepared for and
while awaiting shipment, and during any delays, storage, transshipment
or reshipment incident thereto.
Effective:June 18, 1970
History: Created 1970 Ky. Acts ch. 301, subtit. 5, sec. 8, effective June 18, 1970.
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