Marine Link
Monday, October 24, 2016

Builders Risk Policy Serves as Inland Marine Insurance

October 9, 2007

The US Court of Appeals for the Seventh Circuit ruled that, under Michigan law, a builders risk insurance policy is a form of inland marine insurance and is controlled by the statute of limitations applicable thereto. For our purposes, the decision is probably most interesting in its historical analysis of the insurance industry and the division of casualty insurance into two large groups: fire insurance and marine insurance. Under Michigan law, fire insurance claims must be submitted within one year of the casualty. All other casualty insurance claims are subject to a six-year statute of limitations. [Source: HK Law]

Maritime Reporter Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News