Flor & Associates Insurance Agency

El Paso Texas Insurance Agent Flor & Associates Insurance

inland marine insurance

Inland Marine Insurance and Property

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car-2168372_960_720Many businesses can get away with having a Commercial Property Insurance Policy since they probably will not be taking their equipment off their property, but if you run a contracting business or even something like a mobile food truck it becomes more crucial for you to have something like an Inland Marine Insurance policy that can cover you while you are not on your own property!

Contractors are a particularly good example since they are usually traveling from different sites in order to complete their work. A lot of contractors carry expensive tools as well as transport heavy vehicles and machinery, without these expensive pieces of equipment and tools it would be impossible to do their job properly!

If you have property that is regularly off of your own premises, you will have to consider businessman-2108029_960_720getting what is called a “floater”, or more simply called a “Contractor’s Equipment Policy”. Think of additional floaters as add-ons to your Inland Marine Insurance coverage, with floaters like Fine Arts Floater for works of art, Installation Floater to cover property that is being shipped to be installed, or a Jewelry Floater—a coverage to protect jewelry inventory (Who would’ve guessed?). Most do realize it is important to protect themselves and insure replacement of their property if damaged, so if you feel that way too it might be good to consider Inland Marine Insurance!

When Should I Consider Inland Marine Insurance?

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construction-645465_960_720Inland marine coverage provides valuable protection to business owners of all different types! But it is especially important to businesses such as contractors and tradesmen who frequently travel for work and carry around high-dollar tools and equipment. An inland marine policy would cover the loss if a contractor’s tools and equipment were stolen from a vehicle or at a job!

If you or your employees place items or data in your personal or work vehicles for work purposes or If your property insurance policy limits or excludes coverage for valuables, you will need property in transit coverage! What it all boils down to is if your business photography-1850469_960_720has valuables that cannot be conveniently or reasonably kept at a fixed location or insured at a standard rate, you probably will need Inland Marine Insurance!

There are many other different scenarios where you would need Inland Marine Insurance, so it is always wise to ask your agent if you need it and if so, how to go about getting it!

Inland Marine Insurance Is A Valuable Tool

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tools-1209764_960_720You will hear an insurance agent refer to an Inland Marine Insurance as a “floater” policy, which means the coverage goes where the insured property goes, floating along with it!

Just as a comparison, think about regular Commercial Property Insurance which usually provides coverage to property at the location listed on the policy. Some insurance companies might be generous and extend coverage a few feet beyond that—but that isn’t much for a general contractor who has to carry their tools from site to site! This is precisely why Inland Marine is often useful and necessary to fill gaps in Commercial Property coverage!bulldozer-2195329_960_720

For certain professionals such as construction company owners, general contractors, plumbers, and landscapers Inland Marine Insurance is an essential coverage because their work is regularly done on different work sites and without their tools and equipment they have no way to make a proper living!