You might not consider dockside construction projects to be either common or necessary, but they may be necessary. When you are managing a massive logistics enterprise, you may need to create a better workspace at the dock or in your facility which sits near the water.
How does inland marine insurance support these projects, and what sort of insurance are you truly looking for? Take a look at these insights to learn more about the insurance coverage that will back your business now and in the future.
Equipment Insurance
Insurance for contractor’s equipment is more than necessary. You may have an inhouse team that handles all the work, and you should protect their tools. You may also find it necessary to rent equipment that is needed to complete the job. Because rentals can be quite expensive to replace, you need coverage that protects you in the event of a serious loss.
Builders’ Risk Insurance
Builder’s risk insurance covers the scaffolding and other structures used to complete your work. Without these items, your team cannot complete their work. However, “soft costs” may also be covered, including:
- Advertising and PR
- Consultations from engineers and architects
- Financing
- Permits
- Insurance premiums (in some cases)
Installation Floaters
Installation floaters are just as important because they protect you from losses while items are waiting to be installed. While no one wants to consider this, what if you bought a massive new machine to help with loading and unloading? It needs to be installed dockside. What if it’s damaged or destroyed while awaiting installation?
This is what an installation floater is for, and it is effective until the moment installation is fully complete
Contact Arrowood Insurance for Assistance With Inland Marine Insurance
Reach out to Arrowood Insurance when you need help with inland marine coverage for your dockside or logistics business. Our team has decades of experience in the marine industry, and we can help you find the most appropriate coverage from any carrier on the market—where most other brokers simply don’t have access.