Inland Marine Information
The Basics of Inland Marine Insurance
Don’t let the name fool you, Inland Marine Insurance isn’t coverage for your boat while it’s not on the water. Inland marine is one of the most varied types of Property & Casualty insurance with many unique and unusual exposures. It is a form of property insurance, but the distinction between property and marine coverage can be very confusing. As a general rule, property coverage is designed to cover stationary property, property that predominantly remains at a “scheduled” premises, and property not considered “unique.” Inland marine coverage is intended for property that may be moving from location to location, property off premises at new locations, temporary locations, or work locations, and/or subject to “unique” causes of loss that traditional property policies do not cover.
The four major types of inland marine coverages written today are:
- Property being transported
- Buildings under construction (builders risk)
- Computer equipment and data
- Contractors equipment
Why is Inland Marine Insurance Important?
If you are a construction professional or contractor, this type of Property Insurance policy is essential to your overall construction business protection plan because it safeguards your tools, equipment, and unfinished construction projects from loss or damage. If your work regularly involves the transport of equipment, tools, and supplies to and from your worksite, Inland Marine Insurance ensures their replacement should an accident, theft, or loss happen along the way.
What to Discuss With Your Agent
Before buying Inland Marine Insurance, be prepared to discuss the following with your independent insurance agent:
- The type of business you operate, and the specific risks that are present in your industry.
- The types of mobile tools and equipment you have.
- Buildings you will have under construction (for general contractors).
- How your tools and equipment are protected while left at a job site.
- The insurance provider’s reputation for customer service and ability to pay claims.
- The responsiveness of the Insurance Agency staff when it comes to generating certificates, processing policy changes, and managing claims.