While most physical items are easy to classify as property insurance, others are not so simple. For instance: is the dry cleaning your customer dropped off considered your property or their property if something should happen while it is in your care, custody and control? Who is responsible if something happens to that package you are shipping to a customer in another state?
What Inland Marine Covers
The insurance term for these situations and more is Inland Marine. Inland Marine is an extremely broad type of insurance that covers everything from jewelry in for repair, to dry cleaning to shipments of goods to transportation, even bridges, tunnels and communication towers.
Inland Marine is also part of many contractors insurance policies, since it covers tools & equipment owned and rented by contractors and subcontractors. These tools often cannot be insured on a standard property policy because of how and where they are used.
It’s Not Just For Property
Inland Marine insurance provides some legal liability coverage for those businesses that are typified as bailees. A bailee is any business that may take temporary care, custody and control of a customer’s personal property. Bailees would include jewelry repair, valet parking, dry cleaning, and a variety of repair shops for computers, small engines and more.
Should customer property in your care, custody and control be damaged by you, while in transit or during a property loss on your premises, Inland Marine would cover those losses from both a physical and a legal standpoint.
Do You Need Inland Marine?
Many businesses may need this coverage and not even realize it. While most bailee-type insurance policies will include this coverage as part of the policy form, it is a good idea to read your policy and discuss your coverage with your broker.
Hayes Brokers offers free, no obligation risk management analysis to discuss not only your premises liability and property exposures, but also your Inland Marine needs. Call today to schedule a discussion with one of our knowledgeable brokers.
Understand more about Inland Marine with our Inland Marine Insurance 101 article.