Inland Marine Insurance
Do I need Inland Marine Insurnace Coverage for My Business?
What is the Best Inland Marine Coverage for my Business?
Why Does Capital Gate Insurance have the Best Rates for Inland Marine Insurance Coverage for Your New York State Dominciled Business?
Don’t let the term “inland marine insurance” confuse you. As opposed to “marine insurance,” which covers products specifically when transported over water, inland marine insurance covers products, materials and equipment when transported over land—e.g., via truck or train—or while temporarily warehoused by a third party.
Collisions and cargo theft are the two most frequent causes of inland marine losses.
If your company deals with the transportation of property or equipment then you probably know that having the best inland marine insurance coverage is key when it comes to the long-term success of your business. Capital Gate Insurance has many advantages with available programs we have to place coverage for your business insurance. Give us your insurance policy needs and we will work quickly with you to find you the solutions that will work best!
For many businesses, the property insurance provided by your Business Owners Policy (BOP) or Commercial Package Policy (CPP) may be sufficient. In general, these types of insurance cover property housed at a specific location, and as such tools and equipment that travel with employees to nearby job sites may also be covered. However, if your business frequently ships products or equipment, you may want to consider purchasing inland marine insurance. This type of coverage is especially important if you ship high-value products or materials, which are often excluded from basic property coverage.
Inland marine insurance can cover a wide range of specialty equipment and products, to name a few, may include:
- Computers, everything from servers to laptops
- Communications and networking equipment
- Construction and contracting equipment
- Medical and scientific equipment
- Photography equipment
Inland marine insurance coverage is for property in transit over land, certain types of moveable property, instrumentalities of transportation (such as bridges, roads, and piers, instrumentalities of communication (such as television and radio towers), and legal liability exposures of bailees. Many inland marine coverage forms provide coverage without regard to the location of the covered property; these are sometimes called "floater" policies. As a group, inland marine coverage forms are generally broader than property coverage forms.
All Risk Coverage: Property insurance covering loss arising from any fortuitous cause except those that are specifically excluded. This is in contrast to named perils coverage, which only applies to loss arising out of causes that are listed as covered. Although many industry practitioners continue to use the term "all risks" to describe this approach to defining covered causes of loss in a property insurance policy, it is no longer used in insurance policies because of concern that the word "all" suggests coverage that is broader than it actually is. Because of this concern, some industry practitioners have begun to use the term "open perils" or "special perils" instead of "all risks”.
Bailee’s Customer Coverage: Protects clients’ property that is left in the care of your business; e.g., if you operate a warehouse or repair shop.
Builder’s Risk Coverage: Protects structures and materials during new construction projects or renovations.
Cargo / Motor Truck Insurance: Inland or ocean marine insurance covering property while in transit. This coverage keeps clients’ goods protected while your business transports and delivers them.
Equipment floater: Property insurance covering equipment that is often moved from place to place. A form of inland marine insurance.
Exhibition and Fine arts coverage: Inland marine property insurance for works of art, typically written on a valued basis. Keeps valuable items protected while on exhibit, in transit or on loan.
Floater policy: An inland marine property insurance policy that covers personal property wherever it may be within the policy territory.
Installation floater: Inland marine coverage on property (usually equipment) being installed by a contractor. Essentially a specialized type of builders risk coverage that is often written on the same form used to provide builders risk coverage. Covers materials from the moment they are loaded onto a truck until they are put to use or installed.
Jewelers block insurance: Inland marine insurance designed to provide coverage for loss of or damage to jewelry that is the stock of jewelry retailers, wholesalers, manufacturers, and pawnbrokers.
Named perils coverage: A property insurance term referring to policies that provide coverage only for loss caused by the perils specifically listed as covered. It contrasts with all risks coverage, which applies to loss from all causes not specifically listed as excluded.
Ocean marine coverage: Insurance covering the transportation of goods and/or merchandise by vessels crossing both foreign and domestic waters including any inland or aviation transit associated with the shipment. This type of marine insurance also encompasses coverage for damage to the vessels involved in shipments and any legal liability arising in the course of shipment.
Open perils: Refers to property insurance that insures against loss to covered property from all causes except those that are specifically excluded. This method of identifying covered causes of loss in a property policy has traditionally been referred to as "all risks" coverage. Many industry practitioners continue to use the term "all risks" to describe this approach to defining covered causes of loss in a property insurance policy. However, it is no longer used in insurance policies because of concern that the word "all" suggests coverage that is broader than it actually is. Because of this concern, some industry practitioners have begun to use the term "open perils" or "special perils" instead of "all risks."
Property insurance: First-party insurance that indemnifies the owner or user of property for its loss, or the loss of its income-producing ability, when the loss or damage is caused by a covered peril, such as fire or explosion. In this sense, property insurance encompasses inland marine, boiler and machinery (BM), and crime insurance, as well as what was once known as fire insurance, now simply called property insurance: insurance on buildings and their contents.
Tool and die floater: Inland marine coverage on metal molds and specialized tools needed to produce a customized metal part or housing. A tool and die policy may be necessary when such property is located at the premises of other manufacturers with whom the insured has contracted to supply certain custom components.
Transit coverage: Inland marine coverage on the insured & property while in transit over land from one location to another.
Capital Gate Insurance professionals can help you determine whether or not purchasing inland marine insurance makes sense for your business. If you opt for this type of coverage, our licensed agents can provide solutions to help you evaluate and minimize your inland marine risks to control losses.
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