Inland Marine Policies

The following coverages all fall under Inland Marine insurance which simply means “property that may move around”.

Please note that Inland marine policies will pay you based upon either Replacement Cost or Actual Cash Value.  Familiarize yourself here on what this means.

Contractors Equipment Floater 

The property covered on the contractors equipment floater might range from simple hand tools to very large cranes. Virtually any type of mobile equipment or tool can be insured. The equipment covered can be used in a wide variety of operations such as, home improvements to strip mining. It might be used to build roads, buildings, pipelines, or many other types of structures. The coverage provided is for direct physical loss to the equipment. Rental reimbursement coverage can be added by endorsement to cover the cost of renting substitute equipment if covered property is out of service by a covered cause of loss.

Builders Risk / Installation 

The inland marine builders risk portion of the policy form covers structures being built, temporary structures at the building site, and building materials that have not yet become part of the building. The building materials are covered while on the insured location, in transit, or in storage at another location. Business income coverage can also be provided on the policy. The installation portion of the policy usually insures a contractor’s interest in building supplies or in fixtures that the contractor has been hired to install.  To learn more about Builders Risk, click here.

Electronic Data Processing Equipment Form 

The inland marine electronic data processing policy is used to insure damage to data processing hardware, software, and media. The policy also covers the extra expense to continue data processing operations following a covered loss that resulted in damage to the system.

Bailee Policy  

Bailee policies are written to insure dry cleaners, repair shops, public warehouses, and several other types of businesses with large amounts of the customers’ goods in the insured’s possession. There are two major types of bailee policies. The Bailee Liability Policy covers damage to customer’s goods only if the insured is legally liable for the damage. The Bailee’s Customers Policy covers damage to customers’ goods without regard to the bailee’s liability.