Inland Marine
Property does not always stay at the insured location.
Tools, equipment, installation materials and customers’ property may need coverage designed to travel.
Common inland marine needs
Contractors’ equipment, installation floaters, electronic equipment, motor truck cargo and property in transit are examples of inland marine coverage. The right form depends on who owns the property, where it moves, what could damage it and when responsibility begins and ends.
Schedules and valuation
Keep equipment descriptions, serial numbers, purchase dates, cost-new values and current values. Scheduled and blanket approaches have different advantages. Review deductibles, coinsurance, valuation, rental reimbursement and newly acquired equipment provisions.
Security and storage
Carriers may ask about fencing, lighting, alarms, GPS tracking, key control, overnight storage and theft history. Unattended vehicles and trailers can be subject to special restrictions.
Do not assume the auto policy covers the equipment
A commercial auto policy may cover the vehicle while excluding or limiting tools and cargo. Permanently attached equipment and mobile machinery can require careful classification between auto, property and inland marine forms.
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