The conference is the preeminent educational event of the year for the commercial inland marine industry.
Inland marine is a specialized property insurance niche. The coverage began in the 1920s as an outgrowth of ocean marine designed to cover commercial loss exposures like:
The Nationwide Marine Definition, first published in 1933, further clarified marine exposures as property that must be in transit or bear some relation to transportation or communication. Today the inland marine classes of business fall into two categories: filed (or "controlled" classes) and non-filed (or "non-controlled" classes) as respects rate and form filing regulations.
The lines of commercial inland marine business include contractor's equipment, builders risk, transit, motor truck cargo, difference in conditions, electronic data processing equipment, and fine art.
IMUA was organized in 1930 to bring some organization to the over 140 insurance companies underwriting inland marine classes of business. Its purpose was to stabilize this new line of coverage with respect to commissions and unfair discrimination, develop standard forms and clauses and establish rating methods. Today IMUA serves inland marine insurers and reinsurers with the following purposes:
This year was IMUA's 83rd annual meeting, held in Atlanta, Georgia on May 19-22, 2013. Two students from the Katie School of Insurance at Illinois State University were selected to attend and participate in the Introduction Track, as well as attend some general sessions. These included an overview of the P&C industry, "Introduction to Inland Marine Insurance," "Understanding the Nation-wide Marine Definition," "Overview of Hydrofacking," "Construction Project Management," and "Property Valuation."
This year was IMUA's 81st annual meeting, held in Chicago at The Drake Hotel May 15-17th, 2011. Two students from the Katie School of Insurance at Illinois State University were selected to attend and participate in the Introduction Track, as well as attend some general sessions. These included an overview of the P&C industry, "Introduction to Inland Marine Insurance," "Understanding the Nation-wide Marine Definition," "Understanding Contractor's Equipment," the "Basics of Builder's Risk," and "Transportation Insurance."
"I truly enjoyed attending the IMUA's annual meeting. We had the opportunity to attend the Intro Track to Inland Marine courses which allowed us to learn the basics of inland marine insurance. These classes helped me to better network with other individuals at the conference because I became more knowledgeable about these terms, which increased my confidence to ask questions and learn even more.
"We were given many opportunities to network through lunches and dinners, a tour to Frank Lloyd Wright's home, and over burgers at Rockit Bar and Grill. Overall, attending this conference was extremely interesting and beneficial. Thanks to this opportunity, I was able to learn about a line of insurance I had been unfamiliar with and now am considering joining."
"This conference offered great opportunities to network as such a large majority of Inland Marine Underwriters were represented there. I learned at length about the Inland Marine Industry though the introduction track, and was able to talk with many underwriters to get an idea of what risks they see as well as truly understand why underwriting is an art and a science.
"We were also given a guided tour of Frank Lloyd Wright's Home/Studio and a neighborhood walk through Oak Park. Overall it was a great experience and I learned so much about a very interesting facet of the insurance industry."