Insurance Services Office, Inc. (ISO) will introduce a new personal inland marine portfolio of policy forms by year-end 2002.
The revisions to the program restructure personal inland marine policy forms and coverage endorsements to bring them in line with the format of policy forms of other ISO personal lines of business, such as homeowners, automobile and dwelling programs. In addition, the revised program updates various common policy provisions to incorporate the latest changes in ISO’s Homeowners 2000 program.
The revisions improve the readability of policy forms and update current manual rules to enable electronic delivery of the entire program, while maintaining the underwriting intent of the policy language.
The revised personal inland marine program also includes coverage options for additional classes of property, such as motorized ground-maintenance vehicles, golf carts, snowmobiles, handicapped vehicles and larger outboard-motor boats.
The revised personal inland marine forms and endorsements will become available to ISO’s participating insurance companies by the end of this year to help them plan for implementation in Dec. 2003.
ISO will begin submitting the revised program for state regulators’ approval in the first quarter of next year.
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