Armstrong, 092032 PAAGO, AGO 62

Case DateSeptember 20, 1932
CourtPennsylvania
Honorable Charles P. Armstrong
AGO 62
Opinion No. 62
Pennsylvania Attorney General Opinions
Opinions Of The Attorney General
September 20, 1932
         Insurance—Floater policies—Right of fire and marine companies to write— Extent of coverage—Section 202 of Insurance Company Law of 1901—Act of May IS, 1927, P. L. 998.          Domestic stock fire, stock marine and stock fire and marine insurance companies may issue all-risk floater policies on personal property not having a fixed location, but may not issue them on personal property ordinarily stationary, except when in course of transportation or while being packed or awaiting shipment and except when the coverage includes risks not insurable by casualty companies.          Department of Justice,          Honorable Charles P. Armstrong,          Insurance Commissioner,          Harrisburg, Pennsylvania.          Sir: You have asked to be advised whether domestic stock marine insurance companies may issue what are known as floater policies covering loss of or damage to property, whether in the course of transportation or otherwise.          Section 202 of The Insurance Company Law of 1921, approved May 17, 1921, P. L. 682, prescribes the purposes for which domestic companies may be incorporated, Stock fire, stock marine, and stock fire and marine insurance companies are given the power, under paragraph (2) of subsection (b) to do the following:
"For making insurances—
"Upon vessels, boats, cargoes, goods, merchandise, freight and other property,—against loss or damage by all or any of the risks of lake, river, canal, and inland navigation and transportation; upon automobiles, airplanes, seaplanes, dirigibles, or other aircraft, whether stationary or in operation or in transit, against loss or damage by fire, explosion, transportation, collision, or by burglary, larceny, or theft; not including, in any case, insurances against loss by reason of bodily iniury to the person; and to effect reinsurance of any risk provided for in this clause.''
         You state that under this clause, such companies have issued what is colloquially known as a "personal property floater" or "tourist floater" policy, which insures the owner of jewelry, furs, baggage and other personal possessions against all risks of loss or damage from any cause whatsoever, whether the property insured be in transit or at rest in the residence of the insured or elsewhere. The question arises whether, in...

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