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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...