Equipment and Tools Insurance
Protecting your job site specialty Equipment and Tools:
Historically, inland marine insurance is an outgrowth of ocean marine insurance. Ocean marine insurance covers goods in shipment while on a water-bound vessel. Once offloaded, the goods still need insurance coverage as they are shipped inland to a final destination. Inland marine insurance started as a separate type of insurance to cover the risk of shipment while the goods are not aboard a vessel.
Inland marine insurance is a great tool for insuring property that does not fit into a standard "fixed location" policy. It is meant to provide coverage for items located away from the businesses premise.
Examples of Inland Marine Equipment and Tools:
- Contractors tools and equipment
- Materials you own and leave at the jobsite
- Customers property while in your possession - Baillee
- Your stock while being transported
- Private shipments from one party to another
- Sales persons' samples
- Fine arts and antiques in transit
- Equipment of any kind that is mostly used off-site
- Contractor's equipment
- Medical equipment
- Testing equipment
- Musical instruments
- Photography equipment
The specific type of policy or floater that makes the most sense for you will depend upon the nature of your business, the equipment you use and the items you transport. Get the assistance of one of our experienced business insurance agent to ensure that your coverage is customized to your needs.
What Is Bailees Coverage?
A bailee is a person who has possession of another person's property for the purpose of storage, repair or servicing. These professionals need a variety of business insurance coverage, including commercial vehicle insurance and inland marine coverage, to protect their business investment.
Examples of bailees providing inland marine services include the following:
- Dry cleaners
- Jewelry repairers
- Furniture or appliance repair shops
- Computer repair shops
- Storage facilities
- Delivery services
- Exhibit companies
Bailees purchase a commercial inland marine policy to protect the property in their possession, thereby covering their legal liability to the owner should the property be lost, damaged or stolen.
Contents or Inland Marine?
As a business owner, you have furniture, stock or specialized equipment unique to your operation. These “contents” are assets traditionally covered by a commercial property insurance policy. However, there may be times that these are transported and used off-premises. When this situation occurs, coverage for your assets may be better secured under an inland marine insurance policy.
Let’s say your business contents include scientific instruments that you use at various locations around town. Your commercial property policy limits coverage within 1,000 feet of your location. However, it does offer an additional coverage extension of $5,000 for contents in transit. (Some limitations will apply, such as loss or damage must be caused by or resulting from fire, lightning, explosion, windstorm, hail, riot or civil commotion, vandalism, and vehicle collision upset or overturn. Loss from theft can be covered from a securely locked vehicle only.)
An inland marine policy, such as a Miscellaneous Property Floater, would serve as a better protection option for your instruments used away from your main business location. It is designed to insure contents of a “mobile nature.”
When compared with your commercial property insurance policy, there are minimal policy exclusions (when coverage would not apply). Best of all, the price for this mobile protection is very competitive.
Please contact us if you need to review your mobile business asset insurance needs.