Topics covered:

Introduction

Definitions
Covered property; property not covered

Coverage extensions

Supplemental coverages

Exclusions

Loss settlement provisions; valuation

Loss payment provisions

Other conditions

Endorsements

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Introduction

The American Association of Insurance Services (AAIS) has developed an inland marine form (IM 7304 12 04) that can be used to insure mobile medical equipment. A common need for this coverage could be for equipment used in a mobile mammography unit, or a mobile clinic of the type often used in rural areas. Mobile equipment, in this instance, means equipment such as ultrasound equipment, CAT (computerized axial tomography) scanners, or MRI (magnetic resonance imaging) scanners. This is not an inclusive list, by any means. The form is intended to be used in connection with other forms a hospital, say, would have in a complete package. The AAIS form covers property only, and, although coverage for loss of income may be purchased, the form does not provide any professional liability coverage for those staffing the unit, or liability coverage should a mobile unit's driver negligently cause bodily injury or property damage.

The insuring agreement states that, in return for the named insured's payment of premium, the insurer provides the coverages as described. The coverages are subject to the terms and conditions, the schedule of coverages, and additional policy conditions relating to cancellation, examination of books and records, assignment of rights and duties—in other words, the standard general property conditions governing most policies of insurance. Any requested endorsements are also to be indicated on the schedule of coverages.