In the District of Columbia, $750,576,000 in commercial insurance claims were paid in 2019. When you own a business, you'll need to account for all the what-ifs. An inland marine insurance policy can protect your assets.
Fortunately, an independent insurance agent has access to multiple carriers so that you get your pick of coverage and premiums. They do the shopping for you at no additional cost, saving you time. Connect with a local expert to get started in minutes.
What Is Inland Marine Insurance?
If your D.C. property needs protection, there are two ways to cover it. A business property policy insures your items that stay in one location. An inland marine policy can help with equipment and heavy machinery in transit.
- Inland marine insurance: Replaces or repairs your business property when a covered loss occurs. This could be anything from from heavy machinery to tools in transit. The items insured will depend on the policy and the carrier.
What Does Inland Marine Insurance Cover?
The type of business your D.C. operation is in will determine your coverage. Special inland marine insurance is specific to each industry. Some examples 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 until they are installed. Also known as in-transit coverage.
Risks that may be covered by inland marine insurance:
- Water damage
Some miscellaneous losses 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
How Much Does Inland Marine Insurance Cost?
Insurance companies look at a variety of risk factors when figuring out your costs. Your D.C. inland marine insurance will be no different. Take a look at what carriers use when determining price:
- Value of items
- Prior claims
- Coverage limits
- Risk mitigation measures
- State claims records
There are 76,083 small businesses in D.C. The number of losses claimed by each of these operations will impact your pricing as well. The limits of reserves the carriers need to make up for will affect your premiums.
Does Inland Marine Insurance Cover Theft?
The theft of your commercial property can be a common occurrence. If a piece of equipment gets stolen, you'll be responsible. To avoid being out thousands of dollars or more, obtain adequate protection from the get-go.
An inland marine policy in D.C. will provide protection for theft and vandalism. Another coverage that can be added on is mysterious disappearance. The amount of insurance you'll need will depend on your exposures.
Personal Inland Marine Insurance
A personal inland marine policy is often referred to as a personal articles floater. This is known as scheduling your property and is usually added to your homeowners policy. It will provide coverage for your more valuable items.
Each piece of property will be accounted for individually at a preselected value. An appraisal is required in most cases, and the amount to replace it at that price is paid out when a loss arises. There are many items you can cover without a deductible applying.
Property that can be included on an inland marine policy:
- Golf clubs
- Musical instruments
How to Find a D.C. Independent Agent
Your personal and commercial insurance policies need sufficient protection for a loss. There are several coverages to choose from, making it confusing when selecting policies. Your inland marine insurance can be hard to follow if you're not a licensed professional.
When you use an independent insurance agent, they will review your current limits at no additional cost. They do the shopping on your behalf with multiple markets, so you don't have to. Connect with a local expert on TrustedChoice for tailored quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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