Inland Marine 101 – Inland Marine Insurance Covers…
Despite its misleading name, Inland Marine is a commonly used insurance product for a multitude of businesses that do NOT have any operations on the water. Put simply, Inland Marine insurance covers property in transit.
In the modern insurance industry, inland marine coverage provides protection to fill any gaps in commercial property protection or to reach specific limits of coverage.
Inland Marine Insurance covers…
Traditionally, property coverage is offered for stationery items, i.e., buildings, large pieces of machinery, and improvements on land that is often “scheduled” at a certain location.
Inland marine coverage is offered for the property that may be moving from one place to another; this property may be tools for a job site, raw materials, finished goods out for delivery, and so forth. In addition, inland marine insurance covers products, materials, and equipment when transported over land—e.g., via truck or train—or while temporarily warehoused by a third party.
Moreover, property coverage lines are often accompanied by strict definitions and specified “covered perils”, whereas Inland Marine coverages tend to be more broad and all-encompassing.
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Industry-Specific Inland Marine Insurance Coverage
Inland marine insurance can provide specific coverage by industry to protect against a wide array of exposures:
Construction
- Builder’s Risk: Protection for damage to buildings or structures under construction, renovation, or repair.
- Contractor’s Equipment: Protects equipment and tools that are normally excluded under typical builder’s risk insurance.
- Installation: Covers machinery and equipment during transit, installation, and/or testing at project sites.
- Rigger’s Liability: Protection when acting as a rigger for the property of others in their care, control, and custody.
Technology and Communication
- Cable Television: Protection for property that is essential to cable television systems.
- Electronic equipment: Insures equipment that uses microprocessors and semiconductors.
- Medical Imaging Equipment: Protects mobile medical equipment housed at hospitals, clinics, and other similar premises.
- Physicians and Surgeons: Covers medical, surgical and dental equipment, supplies, and instruments used in the medical and dental fields.
- Telecommunication Equipment: Protects telephones, computers, fax machines, video conferencing audio and visual equipment, and teleconferencing equipment.
Transportation
- Commercial Transport: Coverage for goods and merchandise in transit for truckers, warehouses, shippers, and logistics operators.
- Legal Liability: Coverage for sums the policyholder is obligated to cover as a result of damage from a covered loss to property of others.
- Motor truck cargo: Protects owners and operators of trucks against losses to owned property or property of others while in transport.
- Railroad rolling stock: Protects rolling stock owned or leased by railroad companies or other businesses.
- Tank storage: Protects tanks, pipelines, and appurtenances and their contents while in the insured’s care, custody, and control.
Miscellanous Floaters
- Armored cars: Protects against losses attributed to armored cars.
- Furriers block: Covers furs, fur garments or garments trimmed with the fur while in the care of furriers, fur storage companies, department stores, and other retailers.
- Installation sales: Covers retail and wholesale merchants, manufacturers, banks, and financial companies who sell and use personal property as collateral for loans, conditions of sales contracts, as part of a deferred payment plan, or as an installment payment plan.
- Jewelers block: Provides protection for jewelry, semi-precious stones, precious metals, alloys, and other goods used in the insured’s business.
- Miscellaneous floaters: Serves as “catch-all” coverage for property that is movable.
- Related property: Protection for buildings, business property, income, and extra expenses when writing another marine coverage.
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Consult SouthPoint Risk today to learn more about inland marine insurance to protect items that seem to fall between the lines of your current coverage. We have the expertise to help you to mitigate your risks and protect your bottom line.
For more information on inland marine coverage, contact us at SouthPoint Risk by calling 615-356-3212 or completing an insurance quote form here!
