Inland marine insurance is a type of business insurance policy that covers specific machinery, equipment, and/or goods at your place of business or in transfer on land and property. Usually, it’s added as an endorsement to a Business Own Policy or (BOP), but it can be written as a stand-alone policy as well. Inland marine coverage is really common with general contractors as they are driving around from location to location with lots of expensive tools.

What Does An Inland Marine Insurance Policy Or Endorsement Cover?

Inland marine insurance helps pay to repair or replace any equipment or tools that were damaged by a covered peril. Equipment, tools, and machinery are usually covered if they are damaged or destroyed by:

• Water
• Fire
• Theft
• Hail
• Wind
• Mysterious Disappearance
• Accidentally Dropping Item

Coverage depends on the policy and the insurance company, we will make sure you understand what perils are covered or not.

Any property that you can schedule for your inland marine policy also depends on the insurance company and policy. Most equipment and materials used for business can be included in your policy, but we will work all that out for you, call now at 949-450-1822.

How Does This Policy Work?

When you have a claim, you will be paid out for the items minus your deductible. How much you are paid out on certain items is important to understand because certain classes of equipment have limits. If you are insuring multiple computers, make sure you have enough to cover just computers. If there is a limit on computer payout of $10,000 and your computer claim is for $15,000 – you will only be paid out the $10,000 minus your deductible.

You will also have an option to have replacement cost coverage or actual cash coverage and if you can, try to get replacement cost coverage. It’s very important to try to have replacement cost instead of actual cash value. When you have actual cash coverage it takes depreciation into account and the value you are paid out is less. Replacement cost coverage replaces the item brand new after a loss, that is the type of insurance you would rather have, if an option.

Don’t hesitate to call or email us today to get your inland marine policy started. Protect your valuables and call 949-450-1822 or email info@unity1.com