What is Inland Marine/Contractor’s Equipment Insurance?
Contractor’s equipment insurance is designed to cover damaged or missing contracting equipment. Contractors insurance policies can extend beyond covering equipment; it can also cover small tools, employees’ equipment, such as large machinery, and borrowed or rented equipment. This coverage helps cover losses due to theft, fire, water damage. In the event of a covered loss, contractor’s equipment coverage can even help pay for the removal of debris and cleanup after an accident.
Inland marine insurance is a type of insurance coverage that covers a wide range of specialized property; such as medical diagnostic equipment, fine art, solar energy equipment and even clothing left at a dry cleaner. This coverage can provide protection for assets and property that are movable or could be in transit over land as well as property owned by others that is in the possession of the policyholder.
What is Ocean Marine Insurance?
Ocean marine includes a variety of insurance coverage designed to protect merchandise and goods aboard shipping vessels (boats and/or trucks) and cargo storage during marine transport domestically or abroad.
Ocean marine insurance is designed to help protect goods that cross international borders and includes foreign or domestic overland transport connected to the marine shipment.
Popular marine coverage types include Ocean Cargo insurance, Hull and Machinery insurance, Protection and Indemnity policies, Monoline Legal Liability policies, and Marine General Liability insurance.