What is inland marine coverage on an insurance policy?
Inland marine insurance is a type of business insurance that helps cover products, materials and equipment while they are transported on land, such as by truck or train. This coverage is meant to help protect business property that is movable or used for transportation or communication purposes.
Is inland marine the same as cargo insurance?
Essentially, Inland Marine Policies are property policies designed to protect cargo or any other property in transit, storage or holding. Cargo Insurance is a particular type of Inland Marine Insurance.
What is considered inland marine?
Don’t let the term “inland marine” confuse you. As opposed to “marine insurance,” which covers products when transported over water, inland marine insurance covers products, materials and equipment when transported over land—e.g., via truck or train—or while temporarily warehoused by a third party.
Why is it called inland marine?
Why is it called “inland marine” insurance? This policy is called inland marine insurance because it’s an offshoot of ocean marine insurance, which protects property transported over water. Marine insurance came first – hence the distinction “inland” marine for land transportation coverage.
Is inland marine replacement cost?
The Valuation Commercial Inland Marine Condition is replaced by the following: A. If replaced, the value of Covered Property will be the cost of replacing that property with similar property without depreciation, but not more than the Limit of Insurance shown in the Declarations.
What is another name for inland marine coverage?
Inland marine insurance for construction businesses This type of inland marine coverage protects mobile tools and equipment less than five years old. It’s also called equipment floater insurance.
What are inland marine risks?
Inland Marine Coverage — property insurance for property in transit over land, certain types of moveable property, instrumentalities of transportation (such as bridges, roads, and piers), instrumentalities of communication (such as television and radio towers), and legal liability exposures of bailees.
Is inland marine property or casualty?
Inland marine is one of the most varied types of Property & Casualty insurance with many unique and unusual exposures. It is a form of property insurance, but the distinction between property and marine coverage can be very confusing.
What is a CGL policy?
A Commercial General Liability (CGL) policy protects your business from financial loss should you be liable for property damage or personal and advertising injury caused by your services, business operations or your employees.
What are inland marine exposures?
Is inland marine ACV?
Inland marine contractors equipment coverage and inland marine miscellaneous personal property coverage are written on an actual cash value basis. This means that at the time of the loss, payment is based on the depreciated value or current market value of the scheduled item.