Facts About Inland Marine Property Insurance in Carrollwood and Tampa, FL

Posted by Tim Castle on November 20th, 2024

Many independent workers, such as contractors, work both onsite and offsite. Most of them must carry their own equipment to complete the required tasks. Many of the specialized tools are expensive and may not be easily replaceable. The right way to be protected from the risks of losing such tools is to carry inland marine property insurance in Carrollwood and Tampa, FL, by connecting with a reputed insurance agency/agent.

Understanding the facts associated with this type of insurance plan is essential. Inland marine property insurance is a specific business or commercial insurance that protects the machinery, equipment, products, or other portable property that may be transported over land. The coverage applies to the property mentioned above in storage, too. Thus, the equipment/products retained in a warehouse or storage building are covered by the insurance plan, too. Moreover, any damage, loss, or theft to such property in transition by truck, train, or any other kind of road vehicle is also included in the coverage.

The insured individual should also remember the following before making the final decision of buying such an insurance coverage: -

· This type of insurance varies with each policy applicable to a specific product or type of equipment

· The property mentioned in the name of the policy can also include construction machinery and/or computer products

· The term inland marine insurance has been derived from the traditional marine insurance that covered property transported by waterways

· It is vital to consider buying inland marine property insurance when the existing business insurance coverage does not cover the special equipment adequately

Extent of Coverage

Most insurance buyers are concerned about the type of coverage by the plan. Interestingly, the inland marine property coverage will include the following risks due to damage, theft, or loss:

· Communication and networking equipment

· Construction/contractor equipment

· Computer systems and personal computers

· Trade show exhibits

· Sales sample

· Medical and scientific equipment

· Photography equipment

· Cargo/items for delivery

· Diverse types of business-specific tools

Any self-destruction or damage to the equipment will not be covered, however. Instead, it is essential to note the list of perils that may render the concerned equipment non-functional. The covered perils usually include the following:

· Theft

· High Wind

· Hail

· Snow

· Water damage

· Fire

Moreover, the insurance policy may take cognizance of specific occurrences resulting in damage/loss of the property, including: -

· Accidental Drop And Damage- The losses caused when damage occurs due to faulty handling and carriage of the covered property either in transit or during loading or unloading.

· Mysterious Disappearance- The property goes missing with no one being able to provide a reason for it.

All business entities big and small, must contact a well-known commercial insurance agency in Carrollwood and Tampa, FL, when it is time to minimize the related financial risks. Apart from protecting the business property and employees’ well-being, the commercial insurance agency also offers different types of liability coverage for specific businesses.