When you manage a large dock, shipyard, or other marine/logistics business, it can be difficult to protect all the tools you use. In fact, you may rent quite a few machines or tools when needed—but you don’t purchase them because they’re: expensive, cumbersome, and not all that necessary.
Look through the insights below to learn more about how inland marine insurance can protect your rentals
Types of Inland Marine Insurance
When you purchase inland marine insurance, you can protect:
- Materials and equipment while in transit
- Movable equipment
- Equipment stored by a third party
- Unique losses like theft or collisions
Because inland marine insurance is so versatile, you can use it to manage a range of items that would not otherwise by covered under your commercial property policy. This, in and of itself, is a powerful financial tool.
Does Inland Marine Cover Rentals?
Yes. When you rent something, you have “someone else’s property that is temporarily In your possession.” This sort of insurance is called a bailee liability policy. While it’s most often used for companies that store items like boats, you are technically the bailee when you’re using a rented machine or tool
Rental Equipment Used by Freight and Shipping Companies
Remember, rental equipment used by shipping and freight companies such as your own could span a massive range from a water saw to a massive crane. Because these devices are so disparate, you need insurance that would cover any of them— at a specified value.
As a result, you can reach out to our team for a customized inland marine policy. We will help determine the value of the item so that your insurance is powerful enough to cover a total loss.
At the same time, will write up new policies, as needed, when your business encounters greater and greater liabilities. Don’t be afraid to make a change as your business expands, and remember, you must maintain your inland marine coverage as rented equipment flows through your property.
Contact Arrowood Insurance for More Information on Inland Marine Coverage
Reach out to Arrowood Insurance if you have questions about inland marine coverage and how it can support your business. Yes, you use quite a bit of rental equipment, but there is protection available. Don’t allow the threat of paying for a damaged or destroyed rental tool put you off when our team can write customized coverage for your business.