Reference no: EM132837103

Determining Inland and Ocean Marine Coverages for Case Study

For the conversion of the commercial wharf into a shopping mall, RBC requires additional equipment. A portable industrial storage shed is rented to store the equipment on the building site. RBC discovers that the industrial lock on the storage shed has been cut and all the equipment has been stolen. RBC is forced to rent substitute equipment to ensure that they can meet the deadlines of the project.

In an effort to recover the stolen equipment and increase the security of the building site, RBC pays advertising expenses to have posters and signs printed from a local printing company to elicit information pertaining to the recovery of the stolen equipment. Through this additional advertising, RBC wants to notify the public that additional security measures have been put in place to discourage further theft attempts.

Based on the case as presented in the course materials, and the additional facts:

• What are RBC's loss exposures that can be covered by inland and ocean marine insurance?
• What types of inland and ocean marine insurance should RBC purchase to cover these loss exposures?
• Consider the rental equipment and advertising expenses when determining coverage.