Considered to be one of the oldest forms of Property and Casualty Insurance, Contractor Inland Marine Insurance was developed to provide coverage for cargo being transported on merchant ships over the oceans, lakes, rivers and canals. When 20th-century transportation arrived, the policy was changed to cover property being transported by land, air, and sea. The primary difference between inland marine coverage and property coverage is the movement of the property.
What types of Property can Contractor Inland Marine Insurance cover?
The four major types of property covered under the Inland Marine policy are:
Contractor Inland Marine insurance is also used to cover unique and expensive property such as:
How can I purchase Contractor Inland Marine Insurance?
Inland Marine insurance is generally considered a “Mono-Line” (single coverage) policy, but on many occasions, the coverage is endorsed onto a package policy or general liability policy. For example, a carpenter would carry general liability for his business, but add the Inland Marine coverage for his tools and his employee’s tools. Many companies endorse Inland Marine coverage on their trucker’s commercial auto policy to provide coverage for their cargo.
How am I Protected?
Contractors in all trades can depend on a Contractor Inland Marine policy to provide coverage for their’s and their employees’ personal tools. They may also use the policy to cover their “installation” exposure.
*The Inland Marine policy will provide coverage for the unit after it has been delivered and until it is installed –
*An Inland Marine policy will provide coverage if the equipment is stolen or damaged –
* Contractor Inland Marine coverage would reimburse the property owner if their property was stolen or damaged while in the custody of the repair shop –
*A Contractor Inland Marine policy (motor truck cargo) can typically be endorsed as a floater on to their Commercial Auto Policy to protect the property while in their care, custody and control –
*All of which can be protected from damage or theft under an Contractor Inland Marine Insurance policy –
Do I have to list every item or can I buy blanket coverage for my property?
Depending on the company you buy your policy from, you will typically need to schedule any property over $500 – $1,500 in value, but smaller items can be covered on a blanket basis. For example, a trucker shipping canned goods would cover the cargo on a blanket basis, but the company may require the trucker to schedule (list) goods such as appliances on an individual basis.
What types of perils is my property protected from?
The Inland Marine policy will generally cover your property on an all-risk basis, but there are some perils that are typically excluded:
Why is it important for Contractors to carry a Contractor Inland Marine Policy?
All businesses that own property, inventory, tools, or equipment, or that have other people’s property under their control, should consult with their insurance broker to determine if they have a need for Inland Marine coverage. Although it is very important to understand what coverage you have on your property, it is just as important to know when you do not have coverage on your property or property you may be responsible for.
What are my Payment Options?
Fairbanks Insurance Brokers have a variety of different payment options to choose from when it comes to purchasing your Inland Marine policy.
Why choose Fairbanks Insurance Brokers?
At Fairbanks Insurance Brokers, our licensed insurance professionals have countless years of experience customizing Inland Marine policies to meet the personal needs required by each contractor’s licensed trade. Our markets permit us access to the nation’s top carriers for the lowest rates available within the insurance industry. If you are in the market for an Inland Marine policy with a price any contractor can afford , look no further than Fairbanks Insurance Brokers.