Inland Marine Insurance
Inland marine insurance got its name from the era when transportation by boat was much more common.
When the Industrial Revolution came along, ground transportation became commonplace, insurance providers saw an opportunity to transform marine insurance into something that covered a far greater range of transportation and products.
Inland marine is also known as Tools and Equipment Insurance
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What Is Inland Marine Insurance?
Inland marine coverage is used to provide protection for assets and property that is movable. For Contractors, this means equipment and other property stored at job sites or temporary locations. It will also cover equipment that is transported in commercial vehicles from theft or other types of loss.
Example: An inland marine policy will cover your property if it is stolen from a job site or your van is broken into and tools and other equipment are stolen. It is important to realize that your BOP or Commercial auto policy will not cover these types of losses in most cases
How Much Does Inland Marine Insurance Cost?
The cost of Inland Marine Insurance is dependent upon the value of the property being covered.
The average cost of Inland Marine Insurance is $800 per year to cover $100,000 worth of property, with a $1,000 deductible. This translates to $0.80 per $100 of coverage.
Most Inland Marine policies also have a minimum premium of $500.
Factors That Determine Inland Marine Price.
Value of property
The greater the value of the property that you need coverage for, the higher your premium will be.
Depending on the type of property you have, you may need higher limits of coverage. The more coverage you purchase, the higher your premium will be.
Type of coverage
There are a number of types of Inland Marine coverage, and the total cost to your business will depend on which types and how many types of coverage you purchase.
The type of business you run will dictate what types of coverage and how much coverage you’ll need. A plumber with one van will have different needs than a large Excavation firm that has numerous pieces of heavy equipment.
If you have had prior losses you can expect to pay sometimes double or triple the cost of the same policy issued to a similar business with no prior losses.
In order to get an accurate estimate on pricing, it is always best to consult with the expert agents at ContractorsLiability.com. They will be able to give you a fast no-obligation quote.
Do I Need An Inland Marine Insurance Policy?
You might ask yourself, How many construction sites are experiencing theft? According to data from the National Insurance Crime Bureau and the National Equipment Register, that includes information on more than 10,000 equipment thefts.
This report reveals the following statics on equipment thefts:
- The state with the most equipment theft in California. There were over 2500 thefts in 2019. The second state on the list was Texas with over 2300 thefts in 2019.
- The month with the highest amount of construction theft in August.– This is the busiest time of year for construction projects.
- The most common equipment stolen are items that are valuable yet still easy to move. Therefore, tractors and mowers are often stolen. Larger equipment such as bulldozers and excavators are not as targeted as their size makes them difficult to move and conceal.
Once you become aware of these theft risks, you are better able to thwart equipment thieves. This security consciousness can save your business thousands each year in lower insurance premiums and increased productivity.
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What Does Inland Marine Insurance Policy Cover?
In general, Inland Marine provides coverage for any property that is movable, transportable.
For example, these are some things that Inland Marine insurance might cover:
- Contractor’s equipment.
- Transportation equipment such as food trucks or cargo vans.
- Tools and equipment for construction, landscaping, etc.
- Property in transit like construction tools and building supplies.
Inland Marine Insurance And Builder’s Risk Insurance
Insurance types can be bundled in most instances. This is almost always the case with inland marine insurance and Builder Risk insurance. As well as covering the materials needed to complete a job while they are in transit, inland marine can also include coverage of non-movable materials. The only way to understand whether this type of coverage is best for your company is to talk with your insurance provider.
Note that the cost of coverage varies widely depending upon the business and use of the property. For example, a builder’s risk policy may have premiums as low as $.25 per $100, while a contractor’s inland marine policy for small equipment and tools may charge premiums as high as $3 per $100 of coverage.
Inland Marine Insurance FAQs
It is Required to have Inland Marine Insurance?
Inland marine insurance is not legally required most of the time, but this does not mean it isn’t a type of insurance you can ignore. This type of insurance covers any incidents that might take place while transporting your equipment. Without it, you could suffer a massive financial loss if your property is lost, damaged, or stolen during transit.
What is the difference between marine insurance and inland marine insurance?
Marine insurance covers any products that are transported over water. Think of inland marine insurance as covering anything that could be transported by boat, but is transported on land instead. Inland marine covers transportation of equipment, tools, and other work-related items across the land – whether it’s on a truck, a train, or on public transportation.
Who Needs Inland Marine Insurance?
The team at Contractors Liability recommends that anyone who needs to transport their tools and goods from site to site should consider purchasing inland marine insurance. This could include the following, as well as many others:
- Contractors who work at multiple sites
- Painters who work on multiple buildings
- Plumbers who transport their materials around a large metropolitan area
ContractorsLiability.com is here to help with all your insurance coverage needs, including specialized plans and tailored insurance policies. All our highly trained agents can help you in English or Spanish.
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