Inland marine insurance was once used strictly in the ocean marine industry to protect against property losses before, during and after water transfers. As the non-ocean aspect of the cargo journey developed, cargoes were transferred to barge, and the term “inland marine” was created. These policies became known as “floaters” because the property covered was originally floating in the ocean. But things have changed and the benefits of this coverage to many types of businesses, continues to grow…
What is NH inland marine coverage?
In the modern insurance industry, inland marine coverage provides property protection to fill any gaps in commercial property protection or to reach specific limits of coverage.
For many businesses, the property insurance provided by your Business Owners Policy (BOP) or Commercial Package Policy (CPP) may not be sufficient in covering the amount of property you have, or could be excluded from basic property coverage due to the nature of its use or location.
Here are some industry-specific property insurance floaters.
Construction:
Types of Inland Marine Coverage for Contractors
- Builder’s risk: Protection for damage to buildings or structures under construction, renovation or repair. (Get a builders risk insurance quote)
- 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 Examples:
- 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.
- Telecommunication equipment: Protects telephones, computers, fax machines, video conferencing audio and visual equipment and teleconferencing equipment.
Inland Marine Coverage in Transportation:
- 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: Covers rolling stock owned or leased by railroad companies or other businesses.
- Tank storage: Coverage for tanks, pipelines and appurtenances and their contents while in the insured’s care, custody and control.
Miscellaneous Property Floaters:
- Armored cars: Protects against losses attributed to armored cars.
- 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.
Make sure your business has the property coverage it needs, and the competitive pricing it deserves!
Contact Davis & Towle Insurance Group today to learn more about inland marine insurance and protecting items that seem to fall between the lines of your current coverage. CONTACT US
Or get a free business insurance quote today and we’ll compare pricing options for inland marine coverage, for you. No obligation – Just insight from local insurance agents.
This Coverage Insights is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. © 2011 Zywave, Inc. All rights reserved.
