INLAND MARINE INSURANCE

This kind of insurance relates to products on the move, transportation of goods over land. This includes property that is mobile, related to transportation or communication, or otherwise requiring special protection. For example, inland marine insurance could be used to protect your shipments of computers across the U.S., salesman’s samples, contractors’ equipment, merchandise sent on approval, fine artwork or specialty merchandise. Your commercial property policy often does not cover movable assets, and so you may well need inland marine protection. Coverage can protect against perils such as fire, theft, wind, flood, transportation, etc.; or "all-risk" with certain items excluded.

Possible Coverages for Your Business

• Agreed value
• Appraised value
• Equipment floaters
• Contractors comprehensive coverage
• Contractors equipment coverage
• Contractors leased or rented equipment
• Contractors equipment rental expense
• Installation coverage
• Commercial articles
• Replacement cost

Valuation Clause

Valuation clauses vary with policies. Some have valuation clauses at invoice cost. If there is no invoice, valuation can be the actual cash value of the property. Some insurers state if there is no invoice, valuation will be the market value of the property once it reaches its destination. Another way is the valuable papers and records policy form, which states the agreed valuation on declared items will be the limit of insurance stated in the policy.

Your Strategic Insurance Solutions representative can make recommendations to you as to what kind of inland marine coverage is appropriate for your business.