-Inland Marine-

Inland Marine Insurance

Inland marine coverage typically covers property in transit over land. Typically, inland marine coverage forms provide coverage without regard to the location of the covered property; these are sometimes called “floater” policies. Inland marine coverage forms are generally broader than property coverage forms.

Types of inland marine policies are:

  • Cargo insurance
  • Transit coverage
  • Fine arts coverage

Common Insurance Terms

Cargo insurance covers property against all risks of physical loss or damage to freight from any external cause during shipping from one location to another, in specific vehicles you own.Transit coverage provides coverage on the insured’s property while in transit by public or paid truckers, rail carrier, air express companies or unspecified vehicles owned or operated by you over land from one location to another.

Fine arts coverage provides coverage for works of art, as most property policies will not pick up this exposure or provide limited coverage and valuation of property.   Fine arts coverage is typically written on an agreed valued scheduled basis, due to the value of the items.  Most policies provide limited coverage for items in transit.

Floater Policy

This covers personal property wherever it may be within the policy territory.

Jewelers block insurance is designed to provide coverage for loss of or damage to jewelry that has precious or semi-precious stones, jewels, precious metals and other related property typical to jewelry retailers, wholesalers, manufacturers, and pawnbrokers. Cover also extends to property of others in the insureds care, custody and control or property of the insured in the care custody or control of others.

Tool and die floater is coverage on metal molds and specialized tools needed to produce a customized metal part or housing. This policy applies to those risk when property of this type is located at a premise other than the insureds, such as another manufactures location due to contractual requirements.

Contractors’ inland marine insurance is an insurance policy that covers specific equipment and tools owned or in possession of a contractor. It provides protection for tools and equipment against perils like fire, theft, vandalism, and flood, among others. Typical types of coverage are:

Builders risk policy: – See builders risk

Installation floater provides coverage on equipment stored on a job site that is being installed by a contractor. Essentially a specialized type of builders’ risk coverage.

Equipment Floater

Insurance is applicable to contractors who usually own or rent costly tools and equipment. Coverage can be on a scheduled basis or blanket basis.

Scheduled mobile equipment is equipment that is carried from one location to another. covered equipment can include but are not limited to the following: earthmovers, cranes, bulldozers, forklifts, power shovels, hand tools, draglines, generators, compressors, and concrete mixers. A contractor may also insure equipment in their control, possession and care, even if another contractor or rental shop owns it.

Tool Floater coverage is for smaller tools and is usually insured for a blanket amount with a limitation of coverage per item.  This too, covers tools that are carried from one location to another.

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