Breaking down the cost of inland marine insurance for contractors

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What is inland marine coverage? How much does commercial inland marine coverage cost? We answer these questions and break down the price of inland marine insurance in today’s video.


At Fusco Orsini & Associates, one of the more overlooked policies for contractors is commercial inland marine. We work hard to educate our clients on the valuable protection that inland marine insurance will provide. Here’s an example of a claim that requires inland marine for protection. You own a construction company and store tools in your pickup truck. The tools are NOT attached to your vehicle. In the unfortunate event of vehicle theft, your business auto policy WILL not replace your tools. Instead, you will need an inland marine policy to protect your valuable assets. The same goes for equipment, such as bobcats and skid steers. If you leave equipment on job sites, lost to theft, fire, or vandalism, you will need an inland marine policy to cover your losses. Finally, consider trailers. We have witnessed the theft of entire trailers and all of the contents stored within. Inland marine will cover the loss of trailers and their contents.


An inland marine policy usually starts at $750 in premium and increases based on total insured values (TIV). The inland marine policy forms provide options for several insuring sections, such as miscellaneous tools and small equipment (items valued under $1,500), scheduled tools and equipment, rented/leased equipment, and installation floaters. Generally speaking, insurance companies charge roughly 4% on the value of miscellaneous tools and equipment and 1% on the value of scheduled tools and equipment. Typically, scheduled tools and equipment are more prominent and easier to track; your insurance agent will schedule these items on an inland marine policy by listing the year, the make, the model, and the item’s serial number.


If you’re a contractor, you work hard to build your capital by acquiring tools and equipment of the trade. These capital investments become your assets, and it’s essential to protect them in the event of a loss. Inland marine policies provide great value. In most cases, you can secure inland marine insurance written on ‘special form,’ replacement cost valuation, and favorable co-insurance clauses. It would help if you also looked for a policy with low deductibles and without a higher deductible for theft. Remember to read your policy and understand the coverage; is your insurance company providing ‘actual cash value’ for your tools and equipment? If so – it’s crucial that you know!


We hope that you find this video insightful. If you have further questions or are considering an inland marine policy for your company, please complete the form below, and an associate of Fusco Orsini will reach you quickly. Thank you again for your time!


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