Five Types of Inland Marine Insurance and What They Cover

In the realm of business insurance, one of the most misunderstood is inland marine. McCormick Insurance Inc. offers these policies in Pembroke Pines, FL, and they provide a wide range of coverage. Its name likely contributes to both businesses and consumers. Widely considered builder’s risk coverage protects goods and equipment in transit, but that’s not all that inland marine insurance covers.

1. Riggers Liability Coverage

This type of policy pertains especially to contractors regarding equipment and cargo being moved by a crane or other methods of getting large, heavy pieces into place. This coverage does not apply to basic general liability coverage and is available with a supplement add-on to your policy.

2. Installation Floaters Coverage

In general, contractors typically carry out installation floater coverage. These policy riders to inland marine insurance are often known as builder’s risk coverage to provide protection for installations the contractor is handling.

3. Tool and Die Coverage

This coverage benefits machinists and die and tool makers who produce custom metal parts and specialized tools to create them. Tool and die floater coverage protects companies that provide specialized molds and tooling used in manufacturing.

4. Accounts Receivable Coverage

This endorsement is specialized coverage to compensate policyholders for fiscal losses related to accounts receivable. In addition to increasing peace of mind, it comes in handy when such incidents occur.

5. Jewelers Block Coverage

This inland marine endorsement provides coverage to the jewelry inventory that retailers hold. These entities are generally wholesalers, retailers, pawn brokers, and manufacturers.

Contact Us About Inland Marine Insurance

If you have questions or are interested in obtaining inland marine insurance, contact McCormick Insurance Inc. in Pembroke Pines, FL. We’ll handle your needs quickly and professionally.