The Specialty Inland Marine Insurance Guide
Inland Marine Insurance. This guide provides information on excess, surplus and specialty lines small business insurance policies and risks.
Here you can find basic descriptions of the specific industry risks or specialty coverage types available for Inland Marine Insurance.
For certain types of small businesses, particularly new ones - it is often very hard to know what types of commercial insurance is needed, what the risks are that should be covered - and where to find coverage.
We wanted to provide reference for specialty commercial insurance to help our readers get a better understanding of Inland Marine Insurance policies they might need to do business.
Learn about Specialty Inland Marine Insurance to better understand common risks, exposures and the types of commercial insurance coverage available to protect your small business and it's operations.
Inland Marine Insurance Types
Click on the links below to learn more about Specialty Inland Marine Insurance types and coverages:
- What Is Specialty Inland Marine Insurance?
- Air Cargo Insurance
- Art Collections Insurance
- Art Galleries Insurance
- Bailees Customers Insurance
- Builders Risk Insurance
- Coin And Stamp Dealers All Risk Insurance
- Collectibles Insurance
- Fine Arts Floaters
- Furriers Insurance
- Installation Floaters
- Installment Sales Floaters
- Jewelers Block Insurance
- Jewelry And Fur Floaters
- Loggers Broad Form Property Damage Liability Insurance
- Motor Truck Cargo Insurance
- Musical Instrument Floaters Insurance
- Sports Memorabilia Insurance
- Terrorism Insurance
- Vending Machine Floaters Insurance
- Warehouse Operators Legal Liability Insurance
- What Does Specialty Inland Marine Insurance Cover & Pay For?
What Is Specialty Inland Marine Insurance?
Specialty Inland Marine Insurance, also known as inland marine insurance, is a specialized form of insurance that covers a wide range of property and equipment that is transported or used in the course of business operations. This type of insurance is designed to protect businesses from financial loss due to damage or loss of valuable property, such as equipment, machinery, and inventory.
Specialty Inland Marine Insurance is different from traditional property insurance in that it is specifically designed to cover property that is in transit or that is used in a mobile or temporary capacity. This type of insurance is particularly useful for businesses that rely on transportation and movement of property as a key part of their operations. For example, construction companies, trucking companies, and manufacturers are all likely to benefit from this type of insurance.
The coverage provided by Specialty Inland Marine Insurance is typically broader than traditional property insurance, and can include coverage for loss or damage due to theft, fire, weather, and other perils. Additionally, this type of insurance can also include coverage for loss or damage to property while it is in transit, such as while it is being loaded or unloaded from a truck or train.
One of the key benefits of Specialty Inland Marine Insurance is that it can provide coverage for a wide range of property and equipment, including equipment and machinery, tools, and inventory. This can include both tangible and intangible property, such as electronic data and records. Additionally, it can provide coverage for a wide range of perils, including damage caused by natural disasters, such as floods, hurricanes, and earthquakes.
Another benefit of Specialty Inland Marine Insurance is that it can be customized to meet the specific needs of a business. This can include coverage for specific types of property or equipment, as well as coverage for specific perils. Additionally, this type of insurance can also include coverage for additional risks, such as liability or loss of income.
In conclusion, Specialty Inland Marine Insurance is a specialized form of insurance that provides coverage for a wide range of property and equipment that is transported or used in the course of business operations. It is designed to protect businesses from financial loss due to damage or loss of valuable property, such as equipment, machinery, and inventory.
It is different from traditional property insurance in that it is specifically designed to cover property that is in transit or that is used in a mobile or temporary capacity. This type of insurance is particularly useful for businesses that rely on transportation and movement of property as a key part of their operations.
What Is Air Cargo Insurance?
Air carrier movement of freight in interstate and international commerce is growing in volume and importance. These carriers usually purchase air cargo legal liability coverage (similar to motor truck cargo legal liability coverage) to protect against liability arising from the shipping document (the air waybill). The air carrier may also need shipper's interest coverage if it provides cargo insurance to the shipper.
What Type Of Insurance Do Art Collections Need?
Public and private art collections are difficult to insure because of the high value of certain pieces of art and their susceptibility to loss from a number of perils or causes of loss. Underwriters' concerns include security and fire protection arrangements, regardless of where the collection is located.
What Type Of Insurance Do Art Galleries Need?
In most cases, coverage applies to art on consignment to the art gallery or dealer, in addition to the dealer's own property. It also insures art that customers remove for approval and art being transported. The value of the work of art is based on the dealer's costs for the work. Dealer's costs include the dealer's purchase price plus transportation, framing, and other related expenses.
What Is Bailees Customers Insurance?
A business that takes in property of others for cleaning, repair, or processing is legally liable for any damage to those items. This imposed legal liability can be insured under a bailees customers coverage form. The most common example of a bailee type business is laundry/dry cleaners, but furriers, jewelers, radio and television repair businesses, and metal and fabric-processing risks have such liability imposed. This coverage is written on inland marine coverage forms that can protect only the legal liability. The coverage can be broadened to go beyond just the legal liability so that the business can maintain the goodwill of its customers. Further, it can be expanded to cover the bailee's interest in that customer's property.
What Is Builders Risk Insurance?
Builders risk coverage forms insure buildings and other structures that are under construction. They are available for a single structure or multiple structures. Premiums can be paid at inception or be based on a deposit premium and periodic reports of value accompanied by premium payments. Coverage is usually for "all risk" perils or causes of loss and may include earthquake, flood, and collapse. Endorsements are used to broaden, limit, or customize coverage as needed. Deductibles are required.
What Is Coin And Stamp Dealers All Risk Insurance?
Coin and stamp dealers are not eligible for coverage under individual coin and stamp collections floaters. Markets are available to insure property that consists of stocks of stamps or coins, including property of others on approval or consignment. The coins and stamps are covered while on a specified premises, while in transit, or at trade shows and exhibitions. All risk-type perils or special causes of loss apply with very limited exclusions. Coverage can be tailored to fit the needs of individual dealers. A significant underwriting problem is valuing inventory because of sharp or frequent fluctuations in market prices.
What Type Of Insurance Do Collectibles Businesses Need?
Hobbyists collect a wide variety of objects. In addition to United States and foreign coins, currency and postage stamps, other collectibles include postcards, matchbook covers, beer cans, sports trading cards, dolls, buttons, and glass bottles, to name just a few. The number and types of possible personal collections are virtually unlimited. It is difficult to determine the value of some collections or establish values on valuable single items, which make underwriters reluctant to insure such collections on a valued basis. However, it is easier to secure adequate coverage when recognized experts appraise individual items or entire collections. It is important that appraisals be kept current because the market for such items can change significantly in a single year.
What Are Fine Arts Floaters?
Fine arts insurance coverage on both personal and commercial exposures and collections is usually written under inland marine coverage forms. In most cases, each item is scheduled and insured for specific stated amount. Because statuary, sculptures, paintings, and antiques are "one-of-a-kind" art objects, competent appraisers must determine their values. These values should be adjusted regularly because of the inconstancy in the art market that can cause values to skyrocket and then plunge. Security and loss prevention measures that are subject to enforceable warranties are often required.
What Type Of Insurance Do Furriers Need?
Furriers require two types of coverage on furs. One is traditionally referred to as furriers' block and covers the retailer, wholesaler, or manufacturer's owned stock of furs. The other is usually referred to as the furrier's customer's policy. It covers customers' furs while in the insured's custody. Programs are available that offer both coverages under a single policy. Coverage is written subject to specific limits for on-premises, off-premises, transit, and per-customer item and is usually subject to significant deductibles.
What Are Installation Floaters?
High-valued installation floaters are written on extremely large projects that require the installation of large and/or elaborate and/or complex pieces of machinery and equipment. This work takes place at the customer's location and can last many months or even years. The owner usually does not accept the project until all required testing is completed successfully. The large sums of money invested in this machinery and equipment, the relative scarcity of such equipment and component parts, and the length of time required to complete the installation combine to make high-value installation floater insurance a specialty line few underwriters provide. This coverage is usually written on inland marine coverage forms.
What Are Installment Sales Floaters?
Retail stores that sell merchandise on time payments or on deferred payment plans have an insurable interest in the merchandise until the customer makes the last payment. If such merchandise is damaged and the customer stops making payments the store sustains a loss. Installment sales coverage indemnifies the store for the unpaid or outstanding balance owed on the merchandise that was damaged. Coverage may be written on a single-interest basis to cover only the store's interest or on a dual-interest form that covers the interests of both the store and the customer. This coverage is used less frequently than in the past because many retail stores no longer offer in-store financing.
What Is Jewelers Block Insurance?
Jewelers block coverage is not limited to only retail jewelers. Any risk that has jewels, jewelry, or precious metals in its inventory needs this coverage because standard commercial property policies significantly limit theft coverage on such property. Every market for this coverage requires detailed applications, known as proposals that become part of the policy. Security systems with maintenance agreements are required and a warranty on the policy requires that both remain in proper operating service throughout the policy's term.
What Are Jewelry And Fur Floaters?
Personal jewelry and fur floaters are needed due to the significant theft limitations on homeowner policies. However, high valued floaters can be extremely difficult to place. In some situations, the agent or broker may need to place part of the schedule with an admitted company and the rest with a surplus lines market. One method may be to place a single high-valued item of jewelry in the surplus market while keeping the rest of the schedule in the admitted market. This permits pricing for the rest of the schedule to be reasonable while still providing appropriate coverage for the high-valued item(s).
What Is Loggers Broad Form Property Damage Liability Insurance?
This is basically a fire legal liability coverage form. It protects the "care, custody, and control" exposure of logging contractors that log on land owned by others or on land that has standing timber that belongs to others. It pays all amounts the insured logger is legally obligated to pay because of physical damage to or destruction of tangible property of others, including loss of use that arises from an occurrence directly related to logging. It also covers fire-fighting expenses incurred by others for which the insured is legally responsible because of a fire caused by the insured's negligence or the negligence of its employees. This coverage is available in areas where logging operations are important to the economy.
What Is Motor Truck Cargo Insurance?
This insurance covers cargo being hauled for risks of physical loss or damage. Cargo with low values that travels up to intermediate distances is relatively easy to place and is written freely. However, insurance on larger trucks that carry more expensive merchandise or hazardous cargo over long distances may be available from only underwriting specialists. Commodities that are difficult to place include high-valued breeding animals, bullion, money, precious metals, securities, fine arts and jewelry, cotton, eggs in shells, explosives, mobile homes, hazardous materials, race horses, and show animals.
What Are Musical Instrument Floaters?
Musical instruments can be extremely valuable. Insurance coverage must apply wherever the instrument is, including while in transit and at non-owned locations. Homeowners policies cover personal-use instruments but not instruments used professionally. Insurance companies underwrite musical instrument coverage for professional musicians very carefully because of the high values and significant transit and off-premises exposures.
What Type Of Insurance Do Sports Memorabilia Businesses Need?
Sports memorabilia collectors can insure their collections of cards, photos, trophies, pins, autographs, apparel, and other types of valued memorabilia using a blanket or scheduled inland marine coverage form. Coverage applies off-premises and during transit in addition to scheduled locations. Retailers, exhibitors, and sports souvenir shops, along with hobbyists, can purchase this coverage.
What Is Terrorism Insurance?
The market for terrorism coverage changed dramatically on September 11, 2001. Coverage availability and pricing varies significantly, based on geographic location and type of industry.
What Are Vending Machine Floaters?
Inland marine coverage forms and policies insure owned vending machines when located away from the insured's premises. Coverage extends to such property while in transit but not when on the insured's premises.
What Is Warehouse Operators Legal Liability Insurance?
This coverage insures the liability imposed by law on the insured for loss or damage to (or destruction of) property of others that is in its warehouse. It is written on inland marine coverage forms and policies but is essentially a legal liability bailee coverage. Values can be significant.
What Does Specialty Inland Marine Insurance Cover & Pay For?
Following are some examples of Specialty Inland Marine Insurance claims and the corresponding insurance coverages that can help pay for them:
1. Contractors' Equipment Loss: A contractor's equipment, such as earth movers, excavators, and cranes, are crucial for the operation of the business. If these equipment items are damaged or stolen, it can lead to significant financial strain. An example claim could be a crane falling and damaging not only the crane itself but also other equipment on site. With a specialty inland marine insurance policy, the contractor can be compensated for the cost of repairing or replacing the equipment, ensuring business continuity. This insurance can also cover any legal costs if a third party chooses to sue the contractor for damages caused by the fallen crane.
2. Goods in Transit: Specialty Inland Marine Insurance often covers goods in transit. For instance, a trucking company might be transporting a load of high-value electronics when an accident occurs, causing damage to the cargo. The trucking company could be held liable for the loss, and if sued, the legal costs and any awarded damages could be debilitating. However, with the proper inland marine insurance coverage, these costs could be covered, protecting the company's financial stability.
3. Builder's Risk: This coverage is essential for construction projects. Suppose a fire breaks out in a building under construction, causing extensive damage. The construction company could be sued by the property owner for the losses. A builder's risk policy under specialty inland marine insurance could cover the damages, and also cover the legal expenses related to the lawsuit.
4. Installation Floater: This coverage is ideal for businesses that install machinery, fixtures, or other equipment. If a technician unintentionally damages a customer's property while installing a piece of equipment, the company could be sued for the damage. An installation floater policy as part of specialty inland marine insurance could cover the damages and legal costs associated with the lawsuit.
5. Fine Arts Coverage: A museum that houses valuable works of art may face a claim if a piece of art is damaged while in their care. If a visitor accidentally (or intentionally) damages a painting, the museum could be sued by the art owner. A fine arts coverage policy, a form of specialty inland marine insurance, can cover the cost of restoring the damaged art, as well as any legal fees and damages that may arise from a lawsuit.
In all these examples, Specialty Inland Marine Insurance doesn't just provide compensation for the physical loss or damage but also offers crucial coverage for the legal costs associated with potential lawsuits. This dual level of protection can safeguard businesses from substantial financial losses, helping to ensure their continued operation.
Inland Marine Insurance - The Bottom Line
We hope that the Inland Marine Insurance helps you to better understand the some of the specialty small business commercial insurance policies available for your business. To find out what types of coverage your unique business needs, speak to a professional commercial broker with experience in insuring businesses like yours.
Specialty Small Business Insurance Guide By Industry, Risk Or Policy Type
- Accident And Sickness / AD&D
- Aircraft And Airports
- Amusement Parks And Rides
- Animals And Birds
- Arts And Antiques
- Auctions And Farmers Markets
- Automobiles, Trucks And Recreational Vehicles
- Business Risks
- Clubs And Leisure Time Activities
- Community Service Organizations
- Dealers And Distributors
- Directors And Officers Liability
- Drugs And Alcohol
- Employee Protection
- Environmental Risks
- Errors And Omissions
- Farm Risks
- Financial Institutions And Services
- Firearm And Shooting
- Food And Restaurants
- Hazardous Materials
- Health Risks
- Hotels And Motels
- Inland Marine
- Insurance Services
- Machinery And Tools
- Medical Centers And Clinics
- Medical Malpractice
- Mobile And Modular Homes
- Motorcycle Risks
- Natural Disasters
- Nonprofit Agencies
- Oil And Chemical
- Physical Damage
- Prize Indemnification
- Product Liability
- Real Estate
- Retail Stores
- Schools And Education
- Security Risks And Equipment
- Service Businesses
- Sports And Hobbies
- Substandard Risks
- Weather Related
- Workers Comp