5 Reasons Why Construction Firms Need Inland Marine Insurance

5 Reasons Why Construction Firms Need Inland Marine Insurance

Arrowood Insurance Services - 5 Reasons Why Construction Firms Need Inland Marine Insurance

Inland marine insurance has a bit of a deceiving name. Remember, your clients are not always transporting their goods on water, but the old marine policies have moved inland with the advent of trucking, rail, and air freight. Even construction firms need inland marine insurance protection for projects large and small, and the five topics below will shed some light on what your clients need and why.

Whether you plan to add the coverage to a business owner’s policy (BOP)or commercial package policy (CPP), your clients need to know that everything is covered and that their policy is tailored to meet their individual needs.

1. Materials

Materials on a worksite are the lifeblood of any construction firm, but those materials are in peril until they become part of the installation. Inland marine insurance can protect your client’s materials in storage or while they await installation. Otherwise, they could be lost at your client’s expense.

2. Supplies

Supplies on the worksite are just as important, but they could be lost or damaged at any time. Perhaps they fall from a bit of scaffolding, are washed away by a flash flood, knocked over by heavy winds, or even blown away by a storm. Instead of repurchasing all these items out of pocket, your client can file a claim against their inland marine policy.

3. Tools

Inland marine coverage can also protect the tools your clients take to and from a worksite. Yes, that specialty tool that your client spent a fortune on can be covered, whether it’s lost, stolen, damaged in an accident, or damaged during the workday.

4. Daily Coverage

Inland marine coverage offers daily protection that you cannot get from “builder’s risk” insurance. Keep this in mind when your clients want insurance for specific projects, an inland marine policy may better suit their insurance needs.

5. End-to-End Coverage

Just as inland marine insurance outsteps “builder’s risk” coverage’s timeline, it also outperforms other policies when providing end-to-end protection. You can add protection for your client’s tools, making it easier to safeguard the whole of their operation—whereas a builder’s risk policy may not cover tools, supplies, or materials.

Additional coverages also available include:

  • Bailee’s customer coverage
  • Builder’s risk (when needed)
  • Exhibition and fine art insurance
  • Installation floaters
  • Motor truck cargo insurance

Contact Arrowood Insurance Services for more information on Inland Marine insurance

For more information on Inland Marine insurance from Mitsui Sumitomo, reach out to our team at Arrowood Insurance. We will provide your clients a full coverage review, and quote for coverage, offering the best policy to meet your client’s needs.