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Inland Marine – Equipment Floater Insurance
What is Inland Marine – Equipment Floater Insurance?
Inland Marine Insurance, including Equipment Floater Insurance, is a type of insurance coverage designed to protect movable property that is not tied to a single location or covered by standard property insurance policies. It is a specialized form of insurance that can be particularly important for businesses that have valuable equipment or property that is frequently transported or used off-site.
What are the aspects of Inland Marine Insurance?
Inland Marine Insurance:
Inland Marine Insurance, despite its name, doesn't primarily cover waterborne property like traditional marine insurance. Instead, it provides coverage for a wide range of movable property and assets that may be in transit or temporarily located away from the insured's primary business location.
Equipment Floater Insurance:
Equipment Floater Insurance is a specific type of Inland Marine Insurance that focuses on protecting equipment and tools. This can include a broad range of items, such as construction equipment, medical equipment, computer hardware, cameras, musical instruments, and more. Essentially, any valuable equipment that a business uses or transports can be covered by Equipment Floater Insurance.
What are some key features of Inland Marine-Equipment Floater Insurance?
Coverage for Various Locations:
This insurance provides coverage for your equipment not only at your primary business location but also while it is in transit or at temporary job sites. This is important for businesses that move their equipment frequently.
Protection from Various Risks:
Equipment Floater Insurance typically covers various risks, including theft, damage, vandalism and even accidents during transportation.
Flexible Coverage:
You can usually tailor your Equipment Floater Insurance policy to match the specific needs of your business. This means you can select the types of equipment to cover, set coverage limits and choose deductibles that fit your budget and risk tolerance.
Commonly Asked Questions
Can my business get coverage for leased or rented machinery or equipment?
Yes, you can typically get coverage for leased or rented equipment under your Equipment Floater Insurance policy. This is an important aspect of an Equipment Floater policy, as it ensures that you have adequate protection for equipment that is not owned by your business but is in your care, custody and control.
Here's how coverage for leased or rented equipment works:....Read More
Do I need Inland Marine Insurance if I have a standard business property insurance policy?
Whether you need Inland Marine Floater Insurance in addition to your standard business property insurance depends on the nature of your business, the types of equipment you own, and the coverage provided by your existing property insurance policy....Read More
Is there coverage for equipment that is stored at a third-party location?
Yes, Inland Marine Insurance can provide coverage for equipment that is stored at a third-party location. This aspect of coverage is important for businesses that may need to store their equipment off-site, such as at a rented storage facility, a client's location or another third-party site....Read More
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