(800) 869-8643

admin@hayesbrokers.com

Inland Marine Insurance 101

Inland Marine Insurance 101

You may have heard the term “inland marine insurance” before and thought that it didn’t apply to your business, but you would be surprised at what it actually covers.  Despite the name, Inland Marine insurance has less to do with the “marine” part and more to do with the “inland” part, and covers a wide variety of items. It may also be called an “inland marine floater”, and the definition has expanded from just transporting goods over water to include items in transit on land, as well as the property of others at your business premises or being transported to or from your business premises.  Here is what you may not know about this valuable insurance coverage. It Covers Your Electronics While some property or package policies include a small amount of coverage for electronic equipment, it typically is not enough to cover your entire electronics exposure. The coverage may also not be as broad as needed to cover this equipment.  While you may think of electronics as just computers, here is what you could schedule under Electronic Data Processing coverage: Network servers Desktop computers Laptops, notebooks computers, netbooks Tablets Electronic media such as tapes, disks, or drives on which data is stored Electronic data stored on the above items such as concepts or programs Expenses associated with retrieving or restoring electronic data It Covers Your Contractor Exposures Where office equipment like furnishings and fixtures is covered under property insurance, moveable tools and equipment are covered under an inland marine policy. Why? The coverage is more broad, covering a wider range of hazards due to the transitory nature of...
What You Should Know About Equipment Coverage

What You Should Know About Equipment Coverage

If you’re like most business owners, you have a lot of valuable equipment including tools that are vital to your success. Lawn care companies need mowers. Craft beer brewers need kegs. As you are shopping for basic insurance like general liability and workers comp, you should strongly consider covering your important equipment and learning about coverage. How Do I Determine What Insurance Should Cover My Equipment? Some equipment can be covered under Property Coverage. But if your equipment and tools are typically in transit to and from a work site, you should get coverage under an inland marine policy. Why is it called “inland marine insurance” if it covers equipment transported on the land? Inland marine insurance is a term that developed in the 19th century with the advent of railroads. Most companies at the time who purchased insurance were insuring their equipment and goods for transportation across the oceans. Insurance companies who provided this type of coverage specialized in “ocean marine insurance.” As more equipment was transported over land by railroads, the first insurance companies to insure this liability were the ocean marine insurers. These insurers had experience covering equipment and forayed into the new market. The “marine” term stuck, and they simply changed the name from “ocean marine insurance” to “inland marine insurance.” What Can Inland Marine Insurance Cover? Inland marine coverage is insurance for tools and equipment that may be moving from location to location, whether that location is in storage, at a temporary location or on a long term work site.  Tools and equipment are often subject to unique causes of loss that traditional property...