Inland Marine Insurance, or sometimes people call it Equipment Insurance can be an important insurance coverage for any business and one that should be considered.
What is inland marine coverage?
Inland marine coverage protects against damage to property when off your premises. A liability or package policy will cover business personal property, but only at your location. This doesn’t cover you on the road.
Why do I need Inland Marine coverage?
Almost every business depends on some kind of specialized property to do business. Be it tools, laptops or surveying equipment, property coverage protects you against loss of or damage to these essential pieces of your business. It only takes one disaster or theft to wipe out your equipment. If your property goes outside of the business, then you need to have a Inland Marine policy to cover it.
What do I need to get an Inland Marine Quote?
Generally you will need a list of the tools or equipment you want covered. Most preferred carriers require a list of items with any of the following information; Name of Item, Model, Make, Year Built, Serial Number, and Value. While you can buy an Inland Marine policy that covers up to a specific limit, it does have limitations to the amount of coverage per item.
You can list everything from Large Construction equipment, to hand tools, to Camera equipment or computers.
Every policy is different and your individual needs and situation will impact the type of policy you will get and the coverage that will be offered.