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About Inland Marine Coverage

What it is, what it covers, and why you might need it

What it is

Inland marine insurance provides coverage for property that is not and cannot be permanently affixed to a single location. This insurance can cover property in transit but can also extend to many other types of property. Inland marine insurance developed out of ocean marine insurance, which was derived from the original method of transporting goods, but when land transportation developed, the need for inland marine insurance was born. Many inland marine coverage forms provide coverage without regard to the location of the covered property; these are sometimes called “floater” policies

What it covers

There are a several different forms of Inland Marine Coverage. The Inland Marine policy is generally purchased for items such as:

  • photography equipment
  • tools
  • laptops
  • expensive audio & visual equipment being transported
  • golf carts
  • UTV’s
  • mowers and other tractors

Builders Risk is also a form of Inland Marine.  Builders Risk policies provide protection for losses associated with ongoing construction projects.  It can cover:

  • New construction
  • Existing construction that is being renovated
  • Material to be used in the construction.

Claim Examples

  • New or renovated building collapse (Builders Risk)
  • Material to be used in building construction is stolen or damaged(Builders Risk)
  • Theft of mower  (Equipment Floater)
  • Church personal property is damaged or stolen while away from premises

How premiums are calculated

  • Construction type, square footage, project length, exposure to theft and vandalism, deductibles (Builders Risk)
  • Equipment Scheduled (Equipment Floater & Inland Marine)

What to watch out for when purchasing a policy

  • When purchasing a Builders Risk policy, make sure it is written on an Inland Marine form and not a Property form.
  • Don’t limit coverage to save a few bucks
  • Check to make sure you do not have exclusions for theft or vandalism
  • Make sure your items are valued properly

When you might need it

  • Anytime you have a financial interest in a construction project (Builders Risk)
  • When you have expensive equipment that is transported regularly off-premises (Equipment Floater)

If you have some of these items and don’t know if you have coverage for them, that is a problem.  Your insurance advisor should present you a list of your equipment listed on your policy each year to make sure it is up to date.  If they haven’t, you need Capitol, an advisor that takes your church to the next level in stewarding assets and risks.    We love to help churches walk through knowing if they have the protection they need and are happy to talk with you even if you are not our client.  Schedule an appointment if you have any questions on insurance.  You will get a real person answering the phone every time you call.  We promise accessibility.