The American Association of Insurance Services (AAIS) is an American national trade association for the insurance industry in the United States .
10-458: AAIS offers details on product creation, statistical research, compliance, administrative paperwork, and technical preparation to more than 700 Member insurance agencies.. AAIS has been a licensed statistical agent in more than 50 jurisdictions, collecting data that helps Members meet regulatory statistical reporting responsibilities. AAIS also serves as an intermediary between carriers and insurance regulators. Since its inception, AAIS has evolved into
20-440: A wide variety of other types of property. Traditionally, marine insurers such as the underwriters at Lloyd's of London covered cargo in the course of international commercial voyages by sea, providing coverage on an "all risk" basis: physical loss or damage from any cause was covered unless the policy specifically excluded that cause. Subsequently, a marketplace for fire insurance for buildings on land arose, especially after
30-630: Is of historical origin and the insurance definition has evolved to include a wide range of property and materials that are not marine related but may be in transit or deemed mobile including: property in transit, property in the custody of a bailee, property deemed to be an instrumentality of transportation or communication, such as bridges and radio towers , mobile medical equipment, and contractors equipment. This category of insurance includes property coverage for construction equipment, medical diagnostic equipment, fine arts, solar panels and wind turbines, cameras and movie equipment, musical instruments, and
40-708: The Great Fire of London in 1666. Fire insurance companies typically provided narrower coverage, where the policies specifically listed the only perils covered, and excluded all losses from any other causes. In the 19th century, the course of the Industrial Revolution gave rise to new exposures on land, such as telegraphs, railroad equipment, and other types of property with which fire insurance companies were unfamiliar, and inclined to grant coverage only for "enumerated perils". Marine insurers, accustomed to providing "all risk" coverage to cargo in transit, began competing in
50-962: The Rating Bureau slowly expanded to involve all threats of property. In 1975, TIRB became the American Association of Insurance Services (AAIS), broadening its scope to include all insurance products. In 1984, AAIS was incorporated in Delaware as a 501(c)(6) non-profit organization. In 2018, AAIS gained approval from the California Department of Insurance for CannaBOP, the first-of-its-kind Businessowners Policy designed for cannabis dispensaries, storage facilities, processors, manufacturers, distributors, and other cannabis-related businesses operating in California. In 2018, AAIS collaborated with IBM to introduce openIDL (open Insurance Data Link),
60-465: The United States regulated the situation, adopting a Nationwide Marine Definition in 1933 which laid out what types of property were eligible for "inland marine" insurance coverage. In the United States, inland marine insurance comprises about 2% of total premiums but account for a higher percent of the profit. Like ocean marine insurance, inland marine insurance has been traditionally less regulated in
70-401: The United States. Inland marine policies became known as "floaters" since the property to which coverage was originally extended was essentially "floating." The coverage has grown to include property that just involves an element of transportation. The property that is insured under inland marine coverage is typically one of the following: The following coverages represent a wide range of
80-462: The first open blockchain platform focused on the collection and sharing of statistical data between insurance carriers and regulators. In 2023, AAIS announced Werner E. Kruck as President and CEO. Inland marine insurance Inland marine insurance is an insurance category in the United States that indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance . The term marine
90-504: The insurance marketplace for these types of equipment and other "instrumentalities of communication and transportation". Despite the word marine , most inland marine coverages are for property on land, with property transported by water insured under ocean marine. This led to marine insurers competing in the fire insurance marketplace against fire insurance companies. Ultimately, the National Association of Insurance Commissioners in
100-482: The modern insurance advisory community governed by its Members. AAIS was founded in 1936 as The Mutual Marine Conference, focused exclusively on inland marine insurance . In 1947, The Mutual Marine Conference became the Transportation Insurance Rating Bureau (TIRB). Its company practices focused primarily on tariff and regulatory declarations concerning travel insurance risks. The activities of
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