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Inland Marine Insurance
Inland marine insurance is another broad class of insurance that spans well beyond the construction industry. While the name comes from an era when this class of insurance covered primarily ocean-bound materials and vessels, that is no longer the case. Inland marine insurance coverage is has evolved to cover many types of property, including property in transit, mobile equipment, property in the custody of a repairman or storage facility, property commonly used in different locations, and even computer equipment and digital information.
For the construction industry “inland marine insurance” applies primarily to the tools and equipment used by contractors and developers. For this reason, in construction industry, it’s commonly referred to as “tool and equipment insurance” or “contractor equipment insurance”.
These insurance policies cover many types of property used by construction professionals, contractors, and developers, including:
- Contractor’s tools, equipment, clothing, and supplies (hammers, drills, generators, electric saws, wood, drywall, etc.)
- Mobile equipment (excavators, forklifts, loaders, cranes, etc.)
- Leased or borrowed equipment (leased tools or mobile equipment like electric generators and forklifts)
- Computer equipment and data (laptops, tablets, private project data)
- Policies will cover items either at replacement cost or at the fair market value of the damaged or stolen items, and covered incidents for this type of insurance would include:
- Equipment stolen from a jobsite
- Tools or equipment damaged in transport to a jobsite
- Equipment damaged in a fire or natural disaster at a jobsite
This class of insurance can also cover other costs that might be associated with the loss or damage of contractor tools and equipment, including:
- Debris removal / pollution cleanup following a covered incident
- Costs caused by delays resulting from a covered incident