Coverage and endorsements

A marine policy can carry several coverage lines. The Insurance Coordinator keeps each line attached to its parent policy with a line number and revision. A coverage code identifies the kind of hull or cargo protection; the limit and deductible give the underwriter the financial terms to inspect. Exclusions and coverage dates belong to the line, where a future claim reviewer can find them next to the policy. The policy itself retains the current revision that went through review.

For a shipment case, enter the cargo coverage line and check its limit and deductible before sending the policy forward. If another line addresses hull exposure, keep the terms separate. A reader should be able to see which line was in force for a given loss date. The coverage line’s effective dates help that comparison, while the policy’s own effective date anchors the overall contract.

• Coverage lines. Each line belongs to a policy and carries its own number, revision and terms.
• Policy revision. The current policy revision identifies the material submitted for independent review.
• Endorsements. An endorsement retains its effective date, reason, approved by identity and carrier receipt.

Agree the coverage codes your underwriters will recognize and the review standard for limits, deductibles and exclusions. Decide how a changed line gets a new revision and when that change must return to review. Agree how carrier receipts are obtained and recorded for endorsements. The endorsement record preserves a prior coverage decision; changing current terms must not erase the reason for the earlier amendment.

Start with a draft policy and add cargo coverage. Ask the Authorized Underwriter to inspect the line against the policy subject and the assured. Then revise the limit and create an endorsement recording the change reason, effective date and carrier receipt. The policy’s earlier revision must remain explainable. Compare the revised line to a claim dated before the endorsement and another dated after it. The team should know which terms to examine without relying on memory or an unattached email. Ask the Auditor to trace the dated change and its carrier receipt.

• Coverage Lines — Inspect each policy’s line number, revision, limit, deductible and exclusion.
• Policy Review Queue — See policies whose current revision awaits an underwriter.

Follow policy preparation for entry and review and issuance for revision approval and carrier evidence.