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14
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HBA HOME BUILDING NEWS
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BUILDING YOUR BUSINESS
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AUGUST, 2013
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HBApdx.org
Years ago, Inland Marine In-
surance was used strictly in the
ocean marine industry to protect
against property losses before,
during and after water transfers.
Throughout time, the non-ocean
part of the cargo journey devel-
oped, cargoes were transferred to
barge, and thus, the term “inland
marine” was coined. These poli-
cies became known as “floaters”
because the property covered
was originally “floating” in the
ocean.
In today’s insurance realm, In-
land Marine coverage provides
protection to fill gaps in com-
mercial property protection or to
reach specific limits of coverage.
Here are some examples in which
Inland Marine Insurance could
potentially provide coverage for
items typically excluded from a
Commercial Property policy:
• Expensive musical instruments
used at a school
• Camera equipment used by a
government agency
• A neon sign not attached to a
business’s building, but owned
by the business
• Construction contractor’s mo-
bile equipment that leaves the
company’s property
• Antiques, paintings, statues and
fine art
• Items that “float” from location
to location
• Items used for sales presenta-
tions that are taken to prospec-
tive clients’ offices
• Regularly shipped and/or deliv-
ered goods
• Industry-Specific Coverage
• Inland Marine Insurance can
provide specific coverage by in-
dustry to protect against a wide
array of exposures. For instance:
Construction
• Builder’s Risk: Protection for
damage to buildings or struc-
tures under construction, reno-
vation or repair.
• Contractor’s Equipment: Pro-
tects equipment and tools that
are normally excluded under
typical Builder’s Risk Insurance.
• Installation: Covers machinery
and equipment during transit,
installation and/or testing at
project sites.
• Rigger’s Liability: Protection
when acting as a rigger for the
property of others in their care,
control and custody.
Technology and
Communication
• Cable Television: Protection
for property that is essential to
cable television systems.
• Electronic Equipment: Insures
equipment that uses micropro-
cessors and semiconductors.
• Medical Imaging Equipment:
Protects mobile medical equip-
ment housed at hospitals, clin-
ics and other similar premises.
• Physicians and Surgeons: Cov-
ers medical, surgical and dental
equipment, supplies and instru-
ments used in the medical and
dental fields.
Radio and Television Towers
Scientific Instruments
• Telecommunication Equipment:
Protects telephones, comput-
ers, fax machines, video confer-
encing audio and visual equip-
ment and teleconferencing
equipment.
Transportation
• Commercial Transport: Cover-
age for goods and merchandise
in transit for truckers, ware-
houses, shippers and logistics
operators.
• Legal Liability: Coverage for
sums the policyholder is ob-
ligated to cover as a result of
damage from a covered loss to
property of others.
• Motor Truck Cargo: Protects
owners and operators of trucks
against losses to owned prop-
erty or property of others while
in transport.
• Railroad Rolling Stock: Protects
rolling stock owned or leased
by railroad companies or other
businesses.
• Tank Storage: Protects tanks,
pipelines and appurtenances
and their contentswhile in the in-
sured’s care, custody and control.
Miscellaneous Floaters
• Armored Cars: Protects against
losses attributed to armored
cars.
• Fine Arts
• Furriers Block: Covers furs, fur
garments or garments trimmed
with fur while in
the care of furriers,
fur storage compa-
nies, department
stores and other
retailers.
• I n s t a l l a t i o n
Sales: Covers re-
tail and whole-
sale merchants, manufacturers,
banks and financial companies
who sell and use personal prop-
erty as collateral for loans, condi-
tions of sales contracts, as part of
a deferred payment plan or as an
installment payment plan.
• Jewelers Block: Provides protec-
tion for jewelry, semi-precious
stones, precious metals, alloys
and other goods used in the in-
sured’s business.
• Miscellaneous Floaters: Serves
as “catch-all” coverage for prop-
erty that is movable.
• Related Property: Protection
for buildings, business proper-
ty, income and extra expenses
when writing another marine
coverage.
Count on the Inland Marine
Insurance Experts!
Consult the HBA’s exclusive
member benef its provider,
Montgomery & Graham today to
learn more about Inland Marine
Insurance to protect items that
seem to fall between the lines of
your current coverage. You may
reach M&G representat ive
Curtis Dent at (971) 327-5808 or
cdent@mg-pc.com.
Fill your coverage gaps with Inland Marine Insurance
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