| The standard
Commercial Property Insurance policy provides
coverage for your equipment, but here's the catch,
it's covered only while it's on your premises.
For many businesses, this is perfectly fine. However,
certain types of businesses, such as contractors,
routinely have equipment, machinery and tools
off their premises. In order to protect these
types of items that are regularly off your premises,
you need an inland marine policy (also known as
a contractor's equipment policy or floater).
The inland marine policy can also be used to
cover property while it's in transit. Generally,
property covered under this type of policy has
much broader protection as compared to coverage
under the standard property form. While an inland
marine policy is often thought of as coverage
for contractor's equipment, there are numerous
types of inland marine policies designed to
protect against specific types of loss exposures:
• Cargo Insurance: Used to cover property
in transit
• Equipment Floater: Protects equipment
that is routinely moved from place to place
• Fine Arts Floater: Used to cover works
of art
• Installation Floater: Protects property
that has not yet been installed by a contractor;
this policy is often used in conjunction with
a builders risk policy.
• Jewelers Block: Used to protect the
jewelry inventory of business in the jewelry
business
Tip. With so many inland marine
policy forms available, it's vitally important
you discuss the exposures unique to your business
with your experienced agent so the correct form
is used.
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