Hidden Insurance CostsAs part of your business insurance program, you’ve been paying for a policy sometimes known as “Inland Marine” or “Equipment Floater” or “Scheduled Equipment” policy. All of these terms refer to a form of insurance that indemnifies against losses to tools and equipment owned by or rented by you/your business. There are important nuances to this coverage that you need to discuss with your agent in order to get the appropriate type of protection from this complex policy form. This article seeks to help you understand the coverages, and specific endorsements that may better protect your unique risks. The term “inland marine” refers to the policy form type used to determine coverages. Like it sounds, inland marine policies have their historical beginnings on the high seas, insuring cargo moving from place to place. The concept behind their policy form is a difference in condition between when the cargo started its journey versus when it arrives or fails to arrive. This typically means that all types of losses from fires to flood to theft to lightning and wind are contemplated in the coverage. So, this is why you have an inland marine policy, whether or not your business has anything to do with cargo, boats or marine transport. Read More |
