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 20^th-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:

• Property being transported (Cargo)
• Contractors Equipment (Hand Tools)
• Computer Equipment and Data
• Buildings under construction (Builders’ Risk)

Contractor Inland Marine insurance is also used to cover unique and expensive property such as:

• Accounts Receivable data
• Property in your care, custody, and control (property under repair or maintenance)
• Cameras
• Surveying Equipment
• Property in exhibition
• Equipment dealers property

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.

For example,

• Often installation contractors such as HVAC or Home Appliance installers are responsible for the unit(s) that is being delivered to the jobsite several days before it can be installed.

*The Inland Marine policy will provide coverage for the unit after it has been delivered and until it is installed –

• Lawn/Landscaping Businesses – Most lawn maintenance businesses have multiple trailers full of equipment parked at the job site.

*An Inland Marine policy will provide coverage if the equipment is stolen or damaged –

• Handymen – Contractors that provide repair and maintenance services for other people’s property are responsible for that property while it is in their care, custody, and control.

* Contractor Inland Marine coverage would reimburse the property owner if their property was stolen or damaged while in the custody of the repair shop –

• Truckers – Truckers that are responsible for the cargo they are carrying while the property is in their possession during transit.

*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 –

• Building Contractors – Building contractors typically use expensive equipment in the course of the project such as land grading equipment, ditch diggers, air compressors, and generators.

*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:

• Normal wear and tear to covered property
• Breakage or spoilage due to a weakness that is intrinsic to the property
• Insect or vermin damage
• War or act of war
• Delay, loss of market, loss of use
• Loss resulting from civil authority

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.

1. Full Payment Option– Pay the policy premium in full with in one lump sum. This option is highly recommended to avoid missing a monthly payment and possible late fees or cancellation.
2. Direct Bill Option – The carrier will send you a monthly statement until the policy is paid in full. This option normally requires a small down payment and the balance is divided up over an 8-10 month billing period.
3. Financing Option – Fairbanks Insurance Brokers willset up monthly payments through a third party finance company. This is our most popular option which requires a small deposit and flexible monthly payments with NO credit score required for instant approval.

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.