But, I don’t  have a boat…

Despite the name, Inland Marine insurance has nothing to do with boats.  It provides coverage to both businesses and personal accounts  for property that is mobile in nature or requires unique valuation. It can be property that you own or have in your care. 

Many types of property are eligible including property related to construction, transportation, fine art and communications.

Examples

Collections:

Fine arts coverage is available for individual pieces or collections of fine art, or for artwork and collectibles in other settings. 

A wide-rang of paintings, sculptures, prints and multiples, and specialized collections of historical, cultural or technological significance can be insured.

  • Coverage is available at a permanent location, in transit or while loaned to others
  • Fine art policies that addressee unique valuation are available.

Transportation/Cargo & Logistics

Coverage is available for manufacturers, wholesalers, retailers and distributors. When goods are shipped, there is a need for insurance for your property while it is in transit on your own vehicles or through a public or contract motor carrier, rail or air carrier.

  • Transportation policies are used to address risks faced by businesses for the loss of property in transit.  The legal liability of the common carrier involved will be sorted out eventually, but your insurance will help keep you operating in the interim.
  • For “logistic” companies, there is no standard definition of what services can be offered so policies are flexible enough to be tailored for individual needs.

Construction

A broad range of construction related insurance is available including

Builders Risk  Buildings in the course of construction present unique property risks.  The Builders Risk policy was developed just for this purpose.

Installation Floater  As a subcontractor or a contractor doing renovations or installations, the risk of loss to the property involved is addressed by this insurance.

Contractors Equipment   Items such as “back hoes”  “front loaders” and lifts are mobile by design, and so,  are properly insured in this area.

Communications

Communications equipment including towers, transmission lines, satellite dishes, phone systems and computer networks can be covered on inland marine forms.  Since these forms are not “standard” it can be more favorable to separate out these items and negotiate broad terms

Summary:   A sample listing of common inland marine coverages 

  • Bailee’s customer: Protects your clients’ property when left in your care
  • Builder’s risk: Protects structures and materials during new construction projects or renovations
  • Commercial computer: Provides protection for servers and computers, including laptops
  • Contractor’s equipment: Safeguards machinery and tools at job sites, your storage yard, and points in between
  • Exhibition and fine arts: Keeps items on display protected while on exhibition, in transit, and on loan
  • Installation floater: Can cover the materials of your trade from the moment they are loaded onto the truck until they are accepted, put to use, or installed
  • Motor truck cargo: Keeps your clients’ goods protected while you deliver them
  • Transit: Provides protection for your goods while they are in transit to another location

Call us, we can help you ‘navigate’ the waters….