28 Tex. Admin. Code § 5.5002

Current through Reg. 49, No. 14; April 5, 2024
Section 5.5002 - Inland Marine Insurance - Imports

Imports (non-filed). Imports may be insured under inland marine policies when the property is not subject to import risk covered under marine (ocean) policies.

(1) Imports on consignment may be covered without restriction as to time or location of the property, provided the coverage includes transportation hazards. "On consignment" refers to property consigned and entrusted to factors or agents to be held in their care, or under their control:
(A) for sale; for account of another; or for exhibit, trial, approval, or auction; and
(B) for return, if not disposed of.
(2) Imports not on consignment may be covered in places of storage that are typically used by importers, provided the coverage includes transportation hazards. These policies may also include the same coverage for property purchased on cost-insurance-freight terms or spot purchases included with or substituted for bona fide importations. An import can remain covered under an inland marine policy as long as the property remains segregated in the original form or package in a way that it can be identified and has not become incorporated and mixed with the general mass of property in the United States. An import can no longer be covered under the inland marine policy when the property has been:
(A) sold and delivered by the importer, factor, or consignee;
(B) removed from its place of storage and placed on sale as part of the importer's stock in trade at a point of sales distribution; or
(C) delivered and accepted for manufacture, processing, or change in form at the premises used for any of those purposes.

28 Tex. Admin. Code § 5.5002

The provisions of this §5.5002 adopted to be effective September 28, 1984, 9 TexReg 4879; amended to be effective March 1, 1985, 10 TexReg 578; amended to be effective July 12, 1985, 10 TexReg 2124; amended to be effective January 17, 1986, 11 TexReg 48; amended to be effective November 3, 1989, 14 TexReg 5624; amended to be effective May 20, 1992, 17 TexReg 3381; amended to be effective January 1, 1999, 23 TexReg 7582; amended to be effective March 24, 1999, 24 TexReg 2027; amended to be effective June 11, 2000, 25 TexReg 5349; Amended by Texas Register, Volume 46, Number 17, April 23, 2021, TexReg 2822, eff. 4/28/2021; Adopted by Texas Register, Volume 48, Number 21, May 26, 2023, TexReg 2725, eff. 6/4/2023