INLAND MARINE INSURANCE

WHAT? INLAND MARINE INSURANCE HAS NOTHING TO DO WITH WATER....

Inland Marine Insurance was originally designed to to cover goods on boats on inland waterways, hence the name. This of course was prior to the invention of the interstate highway system and the modern day 18 wheeler. Eventually, the inland marine definition was expanded to include most types of inland transportation (cars, trucks, trains and planes) as well as offering protection while the goods were stored at docks or warehouses.

WHAT DOES INLAND MARINE INSURANCE COVER?


The main job of this type of insurance is to protect commercial goods being shipped over land, but it also covers personal property being shipped and items stored at your clients business. Inland Marine Insurance can also provide coverage for others property while in the temporary control of your clients. In many cases, inland marine insurance can step in to fill gaps left by Commercial Property Insurance. Some examples are below:

CONTRACTORS EQUIPMENT

This portion of Inland Marine Insurance covers equipment used by contractors in their business operations. Examples may be anything from concrete forms, asphalt plants, bulldozers, cherrypickers, and scaffolding, to small hand tools. This equipment is most often protected by inland marine insurance coverages due to its mobile nature.

BUILDERS RISK

A special form of Inland Marine Insurance dealing with the unique loss exposure of property under construction. Protects structures and materials during new construction projects or renovations. The coverage limit is based on the value of the structure when completed.

BAILEE CUSTOMERS

Insurance arranged by your customer for the account of the property of their customers that they have temporary control of. An example is the insuring of a customers clothes at a dry cleaners. This coverage is arranged by the dry cleaner for the benefit of their customers to protect the clothes in the event of a loss.

INSTALLATION FLOATER

This type of Inland Marine Insurance covers units to be installed that are delivered to the job site in advance of the actual installation. Machinery, tools and building materials left at the installation site are exposed to loss by theft, vandalism, damage from wind and weather, and damage by employees of other contractors.

MOTOR TRUCK CARGO

This Inland Marine form keeps goods your client is transporting protected while their business transports and delivers them. It covers any loss to the goods your client may become liable to pay to the owners of the property carried as the result of loss or damage occurring while transporting the property.

WAREHOUSE LEGAL

This Inland Marine Insurance covers your clients who operate warehouses for damage, loss, or destruction of property belonging to others that has been put in their custody.