Most businesses, the property insurance provided by your Business Owners Policy (BOP) or Commercial Package Policy (CPP) may be adequate. Generally, these types of insurance cover property housed at a specific location, tools and equipment that travel with employees to nearby job sites may also be covered.
Conversely, if your business regularly ships products or equipment, you may want to consider investigating an inland marine insurance policy. This type of coverage is particularly important if you ship high-value products or materials, which are often excluded from basic property coverage. Inland marine insurance can cover a wide range of specialty equipment and products, including:
Communications and networking equipment.
Construction and contracting equipment.
Medical and scientific equipment.
High Value Property
When weighing the need for inland marine insurance, consider the nature of your business and operations. Inland marine insurance isn’t just for companies that ship products to retailers and customers. For instance, if you have a valuable display booth that is frequently shipped around the country and stored offsite by a vendor, you may want the protection provided by inland marine insurance. In addition, if someone else’s property is temporarily in your possession, inland marine insurance can provide coverage against the loss of this property. Special inland marine coverages include:
Bailee’s Customer Coverage—Protects clients’ property that is left in the care of your business; e.g., if you operate a warehouse or repair shop.
Builder’s Risk—Protects structures and materials during new construction projects or renovations.
Exhibition and Fine Art Coverage—Keeps valuable items protected while on exhibit, in transit or on loan.
Installation Floater—Covers materials from the moment they are loaded onto a truck until they are put to use or installed.
Motor Truck Cargo Coverage—Keeps clients’ goods protected while your business transports and delivers them.
These coverages are all important and often overlooked by businesses because they believe that they have coverage on their primary policy. Call ConXis Insurance Services to understand why you may need inland marine insurance. Contact us at 714.563.4333 to setup a time to learn more about your coverage.