The concept of insurance we will say for our purposes here started at a coffee house in London later to be known as Lloyds’ of London, the major provider of insurance which goes back to the 17 century. The syndicates (groups of individuals pooling their resources together to provide insurance coverage) would insure the ship’s cargo by putting up a line backed by either money or assets which reflected a percentage of the cargo’s value. The individuals taking the risk would consider various factors before putting up their line (e. g. the experience of the captain of the ship, cargo being shipped, and route taken, etc.) Now once the cargo reached its destination it needed to be offloaded and transported to its final destination and this coverage was provided through an inland marine policy. Coverage could be why it was held on the docks waiting for another ship to transport it to its final destination, transit coverage from the docks to the customer, and the coverage while the items were offloaded from the ship.
This was the early formation of inland marine insurance and now this coverage is used by those insured’s who do not even live near the water, docks, or have anything to do with shipping. Inland Marine, Insurance has evolved to fill the needs of insured’s that do not have another coverage option.
Inland Marine Equipment Floater policies are designed to provide coverage for equipment that is mobile in nature. Inland Marine coverage indemnifies losses to moving, movable, or items involved in being transported. Inland Marine coverage was an offshoot of Ocean Marine Insurance. Inland Marine coverage picks-up exposures to loss that were not covered by your traditional property or general liability policies. Many classes of Inland Marine business are uncontrolled and allow the underwriter to have freedom of rate, deductible, and the ability to manuscript forms and endorsements to tailor coverage to fit the insured.
Coverage provided by an Inland Marine policy usually has one of the four following areas in common to have it considered Inland Marine coverage:
- Actually in Transit (e. g. cargo coverage while on trucks.)
- Held by a bailee ( e. g. clothes held at a dry cleaners, lawn more in for repairs)
- At a fixed location that is an instrument of transportation ( e. g. forklift)
- A movable type of good that is often at different locations ( e. g. contractors equipment)
The following list briefly states the classes of business which will come under Inland Marine coverage:
- Account Receivable
- Bailee Customer Goods
- Builders Risk
- Camera and Photographic
- Computer Coverage
- Contractors Equipment
- Commercial Floaters
- Dealers of various types
- Fine Arts
- Furriers Block
- Golf Equipment used to maintain the course and various other applications.
- Installation Floater
- Jewelry Floater
- Leased Property
- Mobile Medical Equipment
- Motor Truck Cargo
- Musical Instruments
- Processing Risk
- Rigger’s Liability
- Scheduled Property
- Trip transit
- Valuable Papers
- Warehouse legal
- Jewelers Block
- Difference In Conditions
For these classes and others please remember to access the Helios webpage for an application.
The beauty of an Inland Marine policy is it can afford worldwide coverage for Camera and photographic equipment, medical equipment can be covered at different locations helping those who need the equipment to get better. If your client brings you an exposure which does not fit the off the rack one size fits all you need the creativity of an Inland Marine underwriter to resolve your dilemma.
Inland Marine insuring forms can vary greatly from one company to the next. Inland Marine coverage accounts for roughly 2% of the written premium volume in the United States. The various coverages under Inland Marine have been extremely profitable.
Inland Marine coverage can be powerful way to address coverage, gaps in coverage or handle the exposure just shot off into space. Inland Marine is known as being very versatile in providing coverage, and handling what has not been written before.
When you receive that usual exposure remember your underwriters at Helios Coverage Group, and innovative coverage will be pursued.