Construction equipment is one of the most significant investments contractors make, and ensuring its safety is critical to the success of any project. Standard insurance policies often fall short when it comes to covering tools and equipment that move between job sites. This is where inland marine insurance comes into play, offering specialized protection for movable property used in construction.


What is Inland Marine Insurance?

Inland marine insurance is designed to cover property that is not stationary, such as construction tools, equipment, and materials. Unlike standard property insurance that protects assets at a fixed location, inland marine policies ensure that items remain covered while in transit or temporarily stored at job sites.

Key Features of Inland Marine Insurance:

  • Protection for Mobility: Coverage for equipment being transported between locations.
  • Broad Scope: Covers tools, heavy machinery, and even rented equipment.
  • Customizable Coverage: Policies can be tailored to fit specific needs, including high-value or specialized tools.

Why Construction Equipment Needs Specialized Coverage

Construction equipment faces unique risks that standard property or liability insurance might not address, including:

  • Theft: Job sites are common targets for theft, especially when equipment is left unattended overnight.
  • Damage in Transit: Equipment can sustain damage while being moved to or from a site.
  • On-Site Risks: Weather events, vandalism, or accidents can impact stored equipment.

Without inland marine insurance, contractors could face significant financial losses due to these risks.


What Does Inland Marine Insurance Cover?

A typical inland marine policy provides:

  1. Coverage for Tools and Equipment: From handheld tools to large machinery like excavators.
  2. Transit Coverage: Protection while equipment is being transported.
  3. Temporary Storage: Coverage for items stored on-site or in temporary facilities.
  4. Rented Equipment: Many policies include coverage for equipment rented or leased for short-term projects.

Tips for Maximizing Your Coverage

  • Document Your Assets: Keep an inventory of all equipment, including serial numbers and purchase receipts.
  • Understand Policy Limits: Ensure the value of your equipment aligns with your coverage limits.
  • Bundle Coverage: Many insurers offer discounts for bundling inland marine policies with general liability or builder’s risk insurance.

Inland marine insurance is a must-have for contractors who rely on portable and expensive equipment. By investing in this specialized coverage, you can protect your tools of the trade and ensure the continuity of your operations.

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