Commercial Equipment / Inland Marine
Years ago, Inland Marine Insurance was used strictly in the ocean marine industry to protect against property losses before, during and after water transfers. Throughout time, the non-ocean part of the cargo journey developed, cargoes were transferred to barge, and thus, the term “inland marine” was coined. These policies became known as “floaters” because the property covered was originally “floating” in the ocean.
In today’s insurance realm, Inland Marine coverage provides protection to fill gaps in commercial property protection or to reach specific limits of coverage. Here are some examples in which Inland Marine Insurance could potentially provide coverage for items typically excluded from a Commercial Property policy:
- Expensive musical instruments used at a school
- Camera equipment used by a government agency
- A neon sign not attached to a business’s building, but owned by the business
- Construction contractor’s mobile equipment that leaves the company’s property
- Antiques, paintings, statues and fine art
- Items that “float” from location to location
- Items used for sales presentations that are taken to prospective clients’ offices
- Regularly shipped and/or delivered goods
Inland Marine Insurance can provide specific coverage by industry to protect against a wide array of exposures. For instance:
- 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.
- Radio and Television Towers
- Scientific Instruments
- Telecommunication Equipment: Protects telephones, computers, fax machines, video conferencing audio and visual equipment and teleconferencing equipment.
- 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.
- Armored Cars: Protects against losses attributed to armored cars.
- Fine Arts
- Furriers Block: Covers furs, fur garments or garments trimmed with 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.