acts of life insurance against lapse. (Added to NRS by 1971, 1603) NRS 681A.050 “Marine and transportation” and “wet marine and transportation” insurance defined. 1. “Marine and transportation insurance” includes: (a) Insurance against any kinds of loss or damage to: (1) Vessels, craft, aircraft, cars, automobiles and vehicles of every kind, as well as all goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, bullion, precious stones, securities, choses in action, evidences of debt, valuable papers, bottomry and respondentia interests and all other kinds of property and interest therein, in connection with any and all risks or perils of navigation, transit or transportation, including war risks, on or under any seas or other waters, on land or in the air, or while being assembled, packed, crated, baled, compressed or similarly prepared for shipment or while awaiting the same or during any delays, storage, transshipment or reshipment incidental thereto, including marine builder’s risks and all personal property floater risks; (2) Person or property in connection with a marine, inland marine, transit or transportation insurance, including liability for loss of or damage to either, arising out of or in connection with the construction, repair, operation, maintenance or use of the subject matter of such insurance (but not including life insurance or surety bonds or insurance against loss by reason of bodily injury to the person arising out of the ownership, maintenance or use of automobiles); (3) Precious stones, jewels, jewelry, gold, silver and other precious metals, whether used in business or trade or otherwise and whether the same is in the course of transportation or otherwise; and (4) Bridges, tunnels and other instrumentalities of transportation and communication (excluding buildings, their furniture and furnishings, fixed contents and supplies held in storage) unless fire, tornado, sprinkler leakage, hail, explosion, earthquake, riot or civil commotion are the only hazards to be covered; piers, wharves, docks and slips, excluding the risks of fire, tornado, sprinkler leakage, hail, explosion, earthquake, riot or civil commotion; other aids to navigation and transportation, including dry docks and marine railways, against all risks. (b) “Marine protection and indemnity insurance,” meaning insurance against, or against legal liability of the insured for, loss, damage or expense arising out of, or incidental to, the ownership, operation, chartering, maintenance, use, repair or construction of any vessel, craft or instrumentality in use in ocean or inland waterways, including liability of the insured for personal injury, illness or death or for loss of or damage to the property of another person. 2. For the purposes of this Code, “wet marine and transportation” insurance is that part of “marine and transportation” insurance which includes only: (a) Insurance upon vessels, crafts, hulls and of interests therein or with relation thereto; (b) Insurance of marine builders’ risks, marine war risks and contracts of marine protection and indemnity insurance; (c) Insurance of freights and disbursements pertaining to a subject of insurance coming within this definition; and (d) Insurance of personal property and interests therein, in the course of exportation from or importation into any country, or in the course of transportation coastwise or on inland waters, including transportation by land, water or air from point of origin to final destination, in connection with any and all risks or perils of navigation, transit or transportation, and while being prepared for and while awaiting shipment, and during any delays, storage, transshipment or reshipment incident thereto. (Added to NRS by 1971, 1603) NRS 681A.060 “Property insurance” defined. 1. “Property insurance” is insurance on real or personal property of every kind and of every interest therein against loss or damage from any and all hazards or causes, and against loss consequential upon such loss or damage, other than noncontractual legal liability for any such loss or damage. 2. Property insurance does not include title insurance, as defined in NRS 681A.080. (Added to NRS by 1971, 1604) NRS 681A.070 “Surety insurance” defined. “Surety insurance” includes: 1. Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust. 2. Insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings and contracts of suretyship. 3. Insurance indemnifying banks, bankers, brokers, financial or moneyed corporations or associations against loss, resulting from any cause, of bills of exchange, notes, bonds, securities, evidences of debt, deeds, mortgages, warehouse receipts or other valuable papers, documents, money, precious metals and articles made therefrom, jewelry, watches, gems, precious and semiprecious stones, including any loss while the same are being transported in armored motor vehicles, or by messenger, but not including any other risks of transportation or navigation, and also insurance against loss or damage to such an insured’s premises or to his furnishings, fixtures, equipment, safes and vaults therein, caused by burglary, robbery, theft, vandalism or malicious mischief, or any attempt thereat. 4. Financial guaranty insurance, which is insurance or bonding that guarantees the payment of the principal and interest on a security if the issuer of the security defaults in the payment of the principal or interest. Financial guaranty insurance does not include coverage for items described in subsection 3. (Added to NRS by 1971, 1604; A 1991, 2030) NRS 681A.080 “Title insurance” defined. “Title insurance” means insuring, guaranteeing or indemnifying owners of property or holders of liens, encumbrances or security interests on the property, and others interested therein, against loss or damage suffered by reason of: 1. Liens, encumbrances, security interests and defects in, or the unmarketability of, the title to the property; or 2. Invalidity or unenforceability of liens, encumbrances or security interests on the property, and any other activity substantially equivalent to these activities. (Added to NRS by 1971, 1605; A 1977, 984) KINDS OF INSURANCE NRS 681A.090 Multiple line insurers. A multiple line insurer may transact: 1. Any two or more kinds of insurance, as defined in NRS 681A.020, 681A.030, 681A.050, 681A.060, 681A.070 and 681A.080 (casualty, health, marine and transportation, property, surety and title insurance), but a title insurer must be a stock insurer. 2. Life insurance if so authorized pursuant to subsection 1 of NRS 680A.110 (combinations of insuring powers). (Added to NRS by 1971, 1605) NRS 681A.095 Insurance against legal liability for exemplary or punitive damages. An insurer may insure against legal liability for exemplary or punitive damages that do not arise from a wrongful act of the insured committed with the intent to cause injury to another. (Added to NRS by 1995, 2671) LIMITS ON RISK NRS 681A.100 Amount of risk that insurer may retain; method for determining risk; applicability. 1. Except as otherwise provided for domestic mutual insurers in NRS 692B.200, an insurer shall not retain any risk on any one subject of insurance, whether located or to be performed in this state or elsewhere, in an amount exceeding 10 percent of its surplus to policyholders. 2. A “subject of insurance” for the purposes of this section, as to insurance against fire and hazard other than windstorm, earthquake and other catastrophic hazards, includes all properties insured by the same insurer which are customarily considered by underwriters to b

Vegas Law