Parcel Post Insurance
Coverage for a shipper (owner/sender) for property damage or loss of goods in transit through the post office. A trip transit insurance policy specifically excludes coverages on property sent through the post office since that agency is not a common carrier and does not incur the liability of a common carrier. This is why additional coverage must be purchased in the form of parcel post insurance, even if a business has a trip transit insurance policy. Parcel post insurance is sold by the post office in the form of a certificate, which covers property in its custody. It is issued on an all risks basis, subject to exclusions of spoilage, and financial instruments such as bills, currency, deeds, notes, and securities.
Popular Insurance Terms
Means of selling and servicing property and casualty insurance through agents who represent different companies. The agents own the records of the policies they sell. ...
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12-month period from the date of issue of a policy as stated in its declarations section. ...
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Total of operating income plus realized capital gains (losses) from investment and underwriting operations minus federal income taxes. ...
Circumstance in which no agent is servicing a debit. ...
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