Equipment (Inland Marine) Coverage Solutions
To obtain quotes for Equipment Insurance
We will need the following information:
- Business information: Name, address, and contact details of the business.
- Property information: Details of the property, including its location, size, and construction type.
- Inventory and equipment: A list of your business's inventory and equipment, including their value and any security measures in place.
- Business operations: A description of your business operations, including any hazardous materials or processes involved.
- Loss history: Details of any previous insurance claims or losses.
Our Equipment (Inland Marine) Coverage Application
Please note that the following is a comprehensive application process, distinct from the initial quote request at the top of the page. The quote request is a preliminary step to initiate conversation, while the below link is a detailed application which is essential for proceeding with your coverage options.
Providing this information now, if you have the time, will expedite the entire process. Completing this detailed application is beneficial for a swift and efficient assessment of your needs, regardless of whether you've opted for a direct conversation initially. We appreciate your effort in filling out this application to help us serve you better and faster.
As always, we will need your loss history, so please note that included in the Indio portal below you will find a “Loss Runs Request” document and a “No Known Loss Letter” document should these be applicable to you, then they are needed!
Any questions please let us know, services@iwp.agency.
Please complete, sign, and submit back to our office these documents via our secure online Indio portal, linked provided below.
Understanding Inland Marine Insurance
How do I know if i need this coverage?
Inland Marine Insurance, often associated with "Equipment Insurance" in a business context, provides coverage for property that is movable or involved in transportation or communication, as well as construction equipment and other types of property that do not fit neatly into the standard commercial property insurance categories. Below, we delve into an intricate and detailed analysis of Inland Marine Policy coverages, particularly focusing on how these coverages are structured under the Insurance Services Office (ISO) Commercial Lines Property Policy often employed in Texas.
What does Inland Marine insurance cover?
Inland Marine Insurance is a type of property insurance that covers goods, materials, and equipment when these are transported over land—such as by truck or train—or while they are temporarily warehoused by a third party. Contrary to its name, Inland Marine Insurance has nothing to do with marine or ocean-related transport; instead, it fills the gaps left by commercial property insurance policies, offering coverage for property that is mobile in nature or requires unique valuation.
The specifics of Inland Marine Insurance can be complex, particularly when detailing the coverage under the ISO (Insurance Services Office) Commercial Lines Inland Marine, commonly utilized in Texas. Here's an in-depth exploration of these coverages:
Types of Inland Marine Coverages outside of "just equipment"
Coverages
Inland Marine Insurance is not a one-size-fits-all policy. Instead, it comprises several "floaters" or endorsements designed to protect against specific risks. These include, but are not limited to:
Builders’ Risk: Covers buildings under construction, including materials on-site, in transit, or temporarily stored elsewhere.
Installation Floater: Protects materials, machinery, and equipment awaiting installation or during the installation process.
Motor Truck Cargo: Provides coverage for the cargo and other goods transported by a trucker, covering the liability for cargo lost or damaged due to collisions, fire, or striking of a load.
Equipment Floater: Covers movable property, tools, and equipment against direct physical loss or damage while at a job site, in transit, or stored elsewhere.
Bailee's Customer Floater: Protects clients' property left in the care of the insured, such as dry cleaners or repair shops.
Fine Arts Floater: Offers protection for valuable artworks and antiques while in transit or on premises, covering risks like theft, damage, or destruction.
Electronic Data Processing (EDP) Floater: Covers computers, data processing equipment, and media, including the costs of research to replace or restore lost data.
Covered Perils
Inland Marine policies generally offer broad protection against physical loss or damage, with coverage terms varying significantly by policy. Commonly covered perils include:
- Fire and lightning
- Windstorm or hail
- Explosion
- Riot or civil commotion
- Aircraft or vehicles
- Smoke
- Vandalism
- Theft
- Flood and earthquake coverage might be available as endorsements, depending on the policy.
Exclusion
While Inland Marine Insurance provides extensive coverage, it doesn't protect against every possible risk. Typical exclusions might encompass:
- Wear and tear, deterioration
- Insects, vermin, or rodents
- Employee theft (though this can sometimes be covered under a separate endorsement)
- War and military action
- Nuclear hazard
- Intentional acts by the insured
Valuation
Inland Marine policies can use different methods for valuing the insured property at the time of loss, including:
Actual Cash Value (ACV): The cost to repair or replace the damaged property, minus depreciation.
Replacement Cost: The cost to replace the lost or damaged item with a new item of like kind and quality, without deduction for depreciation.
Agreed Value: An amount agreed upon by the insurer and insured at the policy's inception, reflecting the value of a unique or hard-to-value item.
Limitations and Deductables
Coverage limits and deductibles vary widely among Inland Marine policies. A policy might set a maximum limit per item or event, and deductibles may apply on a per-claim basis, affecting the policy's overall cost and the out-of-pocket expense to the policyholder in the event of a claim.
Claims Process
The claims process under an Inland Marine policy typically involves:
- Immediate notification of the insurer following a loss.
- Documentation of the damaged property, including photos and detailed descriptions.
- Cooperation with the insurance adjuster to assess the loss.
- Providing necessary documentation and proof of loss forms.
Builders Risk and Bailee Coverages
Two specialty coverages you may already be familiar with
Builders risk and bailee coverage are actually forms of inland marine insurance.
Builders risk covers a construction project while it’s being built. Owners, contractors and architects can purchase these policies to insure against property damage and losses, theft on job sites and business interruption. They can be written for new residential and commercial construction, remodeling and renovation, and installations through an installation floater policy. Installation floater coverage is often purchased by plumbers, electricians and craftspeople who need to insure materials required for a job from the point they are shipped until they are installed.
Bailee coverage protects businesses such as dry cleaners, auto repair shops and storage facilities that have customers’ property in their possession. In the insurance world, a bailee is someone who has temporary custody, control or care of another’s property. Your general liability or business property insurance doesn’t cover a customer’s personal property, which is why you would need this additional protection.