In 2019, New Mexico had $2,205,237,000 in commercial insurance claims paid alone. If you own and operate a business, there are several policies you may need. Inland marine insurance can help insure your most valuable assets.
When you work with an independent insurance agent, you will have access to multiple markets. They will do the shopping on your behalf for free. Connect with a local expert for custom coverage.
What Is Inland Marine Insurance?
Your New Mexico property insurance will have two different policy types. You can get a business property policy that will cover your more permanent items. Inland marine insurance will protect your property in transit.
- Inland marine insurance: Replaces or repairs your business property when a covered loss occurs. This could be from heavy machinery to tools in transit. The items insured will depend on the policy and the carrier.
What Does Inland Marine Insurance Cover in NM?
In New Mexico, your industry will determine what type of inland marine policy you can obtain. There is special inland marine insurance that is specific to your operation. Some examples of these are as follows.
- Bailee's insurance: Used for client property that is left in the care, custody, and control of your business.
- Builders risk insurance: Used to protect the property and materials used when building a structure.
- Installation insurance: Used when items are in transit up to the time they are installed. Also known as in-transit coverage.
Risks that may be covered by inland marine insurance
- Water damage
Some miscellaneous coverages that your policy may protect against
- Mysterious disappearance: Pays for missing property when the cause of loss can't be discovered.
- Accidental damage: Pays for the replacement or repair when an item is dropped. This can be in transit or when loading or unloading.
Items that you may want to insure under an inland marine policy
- Contractors tools
- Contractors equipment
- Computer systems
- Sales equipment
- Heavy machinery
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How Much Does Inland Marine Insurance Cost in NM?
How much your New Mexico insurance premiums cost will depend on several items. Insurance companies use a variety of risk factors when figuring your costs. Take a look at what carriers use when determining price.
- Value of item
- Prior claims
- Coverage limits
- Risk mitigation measures
- State claims records
New Mexico has roughly 154,804 small businesses. The number of claims filed by these small businesses in the area will impact your rates. This is because carriers take into account every loss in the city and charge accordingly.
Does Inland Marine Insurance Cover Theft?
Your commercial property can be stolen at any time. If you transport any equipment, then your chances are even more significant for a loss. In order to have adequate protection, you'll need the right policies in place beforehand.
Fortunately, inland marine insurance will cover theft and vandalism losses. Mysterious disappearance may also be an option under your policy, depending on your carrier. The cost of theft coverage will be included in your annual premium based on your equipment's value.
Personal Inland Marine Insurance
Personal inland marine insurance in New Mexico is typically under your homeowners policy. Otherwise known as personal articles floater, this is essential if you want to insure your property to the appraised value individually. A deductible usually does not apply as well.
Property that can be included on an inland marine policy
- Golf clubs
- Musical instruments
How to Find a New Mexico Independent Agent
In New Mexico, there are several policy options to choose from when you need insurance. Personal and commercial policies alike should be carefully reviewed for adequate protection. Inland marine insurance is one coverage that you won't want to miss.
An independent insurance agent can help with policy and premium options. They work with multiple carriers so that you get the best rates and coverage in town. Connect with a local expert on TrustedChoice.com to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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