Inland Marine Insurance: Comprehensive Protection for Your Mobile Assets
Protect your valuable equipment, tools, and materials during transit with inland marine insurance. This specialized coverage is crucial for businesses in construction, transportation, or any industry that necessitates moving property from one location to another. Inland marine insurance provides essential protection for goods that may not be covered by standard policies, ensuring your business assets are safeguarded wherever they go.
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Introduction
Businesses that frequently transport property face unique risks. Inland Marine Insurance ensures that your valuable items are safeguarded against damage or loss during transit, minimizing the financial impact of unforeseen incidents.
Understanding Inland Marine Insurance for Businesses
Inland Marine Insurance is designed to protect businesses from the risks associated with transporting goods, tools, and equipment over land. Unlike traditional insurance policies that primarily cover fixed property, this coverage applies to assets in motion or stored at different job sites. It’s especially useful for industries where equipment or goods are frequently on the move.
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What Does Inland Marine Insurance Cover?
This type of insurance offers comprehensive protection for various types of property in transit or at temporary locations. Key areas of coverage include:
- Tools and Equipment: Protects movable equipment used for business purposes, whether in transit or temporarily stored offsite.
- Property in Transit: Covers goods or materials while they are being transported between locations.
- Installation Floater: Protects materials and equipment waiting to be installed at a job site.
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How Much Does Inland Marine Insurance Cost?
The cost of Commercial Inland Marine Insurance depends upon the value of the covered property.
The average cost of this insurance policy 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
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Value of property:
The greater the value of the property you need coverage for, the higher your premium will be.
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Coverage limits:
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.
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Type of coverage:
There are several types of Inland Marine coverage. The total cost to your business will depend on which types and how much coverage you purchase. Examples:
- Individual items: An example is when a piece of artwork is more valuable than any other personal item; inland marine coverage will be able to protect such an item. This coverage can also provide blanket protection for high-value items instead of listing them individually.
- Expensive items on an agreed value basis: In this case, when a loss occurs, the policyholder is paid off instead of attempting to replace the item.
- This type of policy can also protect high-value items that a normal property coverage plan would not cover. A personal inland marine plan works well for protecting valuable items.
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Business type:
The type of business you run will dictate what types and how much coverage you’ll need. A plumber with one van will have different needs than a large Excavation firm with numerous pieces of heavy equipment.
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Prior Losses:
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 previous losses.
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.
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Inland Marine Insurance And Builder’s Risk Insurance
Insurance types can be bundled in most instances. That is almost always the case with inland marine and Builder Risk insurance. As well as covering the materials needed to complete a job while in transit, inland marine can also include coverage of non-movable materials.
In cases where this coverage provides builder’s risk, blanket protection is when settlements are negotiated on an individual basis, and account factors like depreciation and rarity are used to determine a final payout. Regarding repairs, they can only be made if they cost less and would not significantly impact the value of the insured item. If repairing a damaged item will cost more, the item shouldn’t be repaired but paid off. In this case, payment would be made to coverage limits, and deductibles would be minus instead of declaring a total loss.
Concerning construction projects, general contractors, plumbers, roofers, and other sub-contractors should also get inland marine coverage because one can never tell when casualties can occur. This type of coverage offers builder’s risk, contractor equipment, motor truck cargo, and much more regarding construction projects.
The only way to understand whether this 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.
Advantages of Inland Marine coverage
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It is cost-effective: When you are shopping for inland marine insurance policies, you should pay attention to the deductibles that the insurance company has to offer. Make sure that the amount your insurance company has to offer is cost-effective so that it will be to your advantage. Always ensure your insurance policy is enough to cover your losses, especially when an incident occurs.
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It is the perfect policy because it would cover things that a standard policy will not. Your insurance provider can confirm this if you ask them.
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This policy will help protect your business against unfortunate events, especially if you first discussed matters regarding your business with your insurance provider.
Why is Inland Marine Insurance Important for Your Business?
Inland Marine Insurance is essential for businesses that rely on moving equipment or goods between locations. It provides peace of mind knowing that your property is protected from damage or loss, regardless of where it is located. This coverage is particularly valuable for industries like construction, transportation, and technology, where valuable assets are often in transit.
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:
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The state with the most equipment theft is California. There were over 2500 thefts in 2019. The second state on the list was Texas, with over 2300 thefts in 2019.
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The month with the highest amount of construction theft is August (this is the busiest time of year for the construction industry).
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The most common pieces of 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 yearly in lower insurance premiums and increased productivity. Get the right protection for the job!
Why Should You Consider Inland Marine Insurance?
Many business owners underestimate the risk of transporting valuable goods and equipment. Without Inland Marine Insurance, damage or loss during transit can lead to significant financial strain.
Here’s why it’s essential:
- Protects Mobile Assets: Whether you’re transporting materials or storing equipment offsite, this insurance ensures your business assets are covered.
- Reduces Financial Risk: In the event of loss or damage, Inland Marine Insurance mitigates the financial impact, helping your business recover quickly.
- Industry-Specific Coverage: Designed for businesses that regularly move property, this policy is tailored to meet the unique needs of industries like construction and logistics.
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Frequently Asked Questions
What Isn’t Covered by Inland Marine Insurance?
No, damage caused during the actual installation process may not be covered unless it's included under an installation floater.
No, this policy is designed for property that is in transit or temporarily located offsite, not for fixed property.
No, Inland Marine Insurance does not cover normal wear and tear or damage caused by poor maintenance.
No, this insurance typically does not cover losses due to theft by employees.
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