The most important thing to remember about insuring your property and equipment is the location where it will be stored or used. Under the definition of a standard property insurance policy property and equipment are only insured within 100 feet of the insureds premises. If a loss occurs to property or equipment that is over 100 feet away from the premises there may be no coverage for them. That is where Inland Marine coverage kicks in. With Inland Marine you can insure a wide variety of property, goods, and equipment in different ways. A good example of a potential uncovered claim would be a forklift. Suppose you are carrying goods to a nearby warehouse and along the way the forklift is hit and damaged by a vehicle? Or you store the forklift at another location and it is stolen. If the forklift is more than 100 feet off premises it will not be covered under a property policy.
TOOLS AND EQUIPMENT FLOATER – Covers tools on and away from your premises against direct physical loss subject to standard policy exclusions. Check your policy for locked vehicle or locked tool box exclusions.
CONTRACTOR’S EQUIPMENT FLOATER – Covers equipment on and away from your premises against direct physical loss subject to standard policy exclusions. All equipment is subject to standard policy exclusions.
INSTALLATION FLOATER – Covers materials and supplies during transportation and installation. If you have materials at site waiting to be installed you better get a floater to cover the materials on site before and during installation in case of theft.
ACCOUNTS RECEIVABLE – Covers all sums due the insured from his customers provided the insured is unable to effect collection as direct result of loss or damage to his records of Accounts Receivable.
VALUABLE PAPERS – Coverage consists of written documents and records, including books, maps, films, drawings, deeds, mortgages, and manuscripts, but not money and securities. Coverage is against risks of direct physical loss.
EDP-COMPUTER HARDWARE – Insures against risks of direct physical loss or damage to insured’s computer hardware, subject to policy conditions or exclusions.
EDP-COMPUTER DATA & MEDIA
EDP-COMPUTER EXTRA EXPENSE
PROPERTY AT ANY OTHER LOCATION
SALESMEN’S SAMPLES- Provides coverage for all direct physical loss or damage to glass described in the glass schedule, subject to policy conditions or exclusions.
GLASS – Provides coverage for all direct physical loss or damage to glass described in the glass schedule, subject to policy conditions or exclusions. Always check to see if you can buy down the glass deductible. Most policies the glass deductible is the same as the property deductible. You might be carrying a $1,000 deductible on your property and most glass claims will fall below this.
SIGNS – Provides coverage for all direct physical loss or damage to signs described in the sign schedule, subject to policy conditions or exclusions.
MOTOR TRUCK CARGO – Covers cargo owned or sold to others while it is loaded for shipment in or on described vehicles.
TRANSPORTATION FLOATER – Covers your property while it is being transported from one point to another while it is in the insured’s vehicle or in the care, custody or control of others.
BAILEES – Covers direct physical loss to property of others while it is in your care, custody, or control. This is extremely important for any business who repairs the goods of others, dry cleaners, office machine repairs, tv stereo vcr repairs, tailors, etc.