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Construction Insurance Bulletin

Inland Marine Coverage – Useful On-Site Forms

By April 1, 2015No Comments

For inland marine purposes, all terms such as contracting or equipment take on broad interpretations and definitions. Equipment means any tool, vehicle, material, supplies, or machine that serves in the trade of the policy holder and is not fit for highway use.

Highway use becomes fuzzy when empty vehicles are highway legal but the fully loaded vehicle is not. Consider the use of the vehicle rather than the vehicle itself.

Contractors eligible for this coverage can include ship builders, farmers, snow removal companies, even government agencies.

These are non-filed forms which means the underwriter and company have broad authority to fit coverage for individual companies.

Some standard language defines mobile equipment as mobile or floating nature. This definition allows quite large and semi-permanent machines to gain coverage under mobile equipment forms.

Blanket Form

Covers all tools, equipment, machinery, tracked mobile devices, drilling equipment, everything right down to a screw driver.

The contractor simply pays for one limit. If a list of equipment is required, the larger items are listed with serial numbers, the smaller items are grouped as hand tools, garden tools, or other general description.

Scheduled Form

A schedule form lists each item individually with a description and value. Accuracy counts. These forms will normally cover newly purchased, rented or leased property for thirty days.

Reporting Form

Requires the insured to send in a report of values for each month or quarter on each jobsite. The advantage is paying premium on only those values actually at risk. These forms will also cover newly acquired property for thirty days.

The equipment, tools and machinery investment on a site is significant. While in storage back at the yard, these items may be covered under your building and content policy. Look into the best inland marine form for your operations.