Business Insurance Austin Texas | MrBusinessInsurance.com
  • Home
  • About Us
    • Contact Us
    • Contact Form
  • Blog
  • Business Insurance
    • Business Insurance Basics
    • Business Insurance Costs >
      • Application
  • Product Liability Insurance
    • Restaurant Insurance
    • A&E Insurance
  • Certificates
  • FAQ
    • Privacy Policy

What is Inland Marine Insurance?

5/27/2014

0 Comments

 
Picture
Inland Marine Insurance always seems to come up in conversation with clients, especially in Austin, TX with so many unique businesses.  Since it seems to come up frequently when discussing business insurance, I wanted to write about it and share some information that might be helpful to fellow business owners. 

Inland Marine Insurance covers property that is mobile, so think about food carts, machines or equipment that move locations based on certain jobs, and most commonly contractors equipment.  It is designed to cover the property while mobile (in-transit), off-site, and when it's at a temporary location. 

You may be thinking since you already have property insurance, you're covered.  If in doubt, I would definitely read your policy or contact your agent. Some insurance companies may even offer "Property Off-Premises" or "In-Transit" coverage, but beware of exclusions to these coverages/endorsements as there could be gaps in coverage.  Inland Marine Insurance might be able to fill that gap in coverage or you may be able to "schedule" your equipment. For example, I have several photographers that take expensive camera equipment to photo shoots and the insurance company will "schedule" that property, so it's covered.  I also have catering companies that do this with their equipment as well. However, some insurance carriers will only allow you to schedule up to a certain amount, say $20,000.  If that's the case, Inland Marine Insurance may be a solution to fill that coverage gap.  

Once you determine there is a need for Inland Marine Insurance, you need to find out the value of the property and how you want it insured.  You basically have two options, Replacement Cost or Actual Cash Value.  Replacement Cost is going to be the broadest form of coverage offered, but it is also the most expensive.  Actual Cash Value is Replacement Cost – (minus) Depreciation.  Actual Cash Value might not be a bad option, if the property is somewhat new.  However, if it’s old, this could have a big impact on your business come claim time, especially if the property is a key component to your business.

Another item to look at, as with any policy, is the deductible.  Come claim time you don’t want any surprises and a $5,000 deductible could be big surprise.  Also look at the exclusions on the policy. Sometimes theft is excluded so if this is a concern, make sure you address it with your agent.  It may be real easy to have it added by simply answering a couple questions, like: When the property is stored, is there a monitored alarm at the storage facility? Except when it’s in storage, is the property ever outside your care, custody, or control?

If you’re still not sure whether or not you need Inland Marine Insurance, or still have questions, give us a call or contact your agent.  The information in this article is only meant to be a guideline to help you understand Inland Marine Insurance.  For more details, read your policy or contact a licensed agent.  As always, we are always happy to help with all your business insurance needs.

Jason Matison
Business Insurance Agent
Austin, Texas
0 Comments

Why Choose Mr Business Insurance? 

5/22/2014

0 Comments

 
0 Comments

Lost Maples State Park, TX | Another Hiking Adventure

5/9/2014

0 Comments

 
Picture
It was time for another family hike, so we chose Lost Maples State Park in Vanderpool, Texas.  This is a really nice day hike, or overnight hike/camp, in the heart of the hill country in Texas.  It's about a 3 hour drive from Austin near Medina.  The park offers RV and tent camping, including primitive camping. the park is 2,174 acres and has 11 miles of hiking trails.  I did see a couple mountain bikers on the trail, so you could also do that as an option.  

I knew from the name there would be Maple Trees, however, I did not expect to see as many as I did.  Anyone that has spent a significant amount of time in Texas knows we don't see Maple Tree's very often.  This is definitely a state park I will be visiting again, but next time I will go in the fall. I have seen some landscape photos taken of the area in November and fall foliage is a sight to see. 

If you're ever in this area, or looking for Texas hill country hike, I would definitely put this place at the top of your list. 

Address to the park: 37221 F.M. 187, Vanderpool, TX  

0 Comments
<<Previous

    Categories

    All
    Bailee Insurance
    Builders Risk Insurance
    Business Insurance
    Business Insurance
    Coinsurance
    Commercial Property
    Cyber Insurance
    Data Breach Insurance
    D&O Insurance
    Employment Practices Liability (EPL)
    First Dollar Defense
    Flood Insurance
    Foreign Insurance Policy
    General Liability
    General Liability Vs Professional Liability
    Hired & Non-Owned Auto Liability
    Inland Marine Insurance
    Inland Marine Insurance
    Insurance For Engineers
    Life Insurance
    Liquor Liability
    Medical Payments
    Product Liability
    Professional Liability
    Professional Liability For Architects
    Restaurant Insurance
    Umbrella Insurance
    Workers Comp

    Archives

    April 2025
    March 2025
    February 2025
    January 2025
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    February 2024
    January 2024
    December 2023
    November 2023
    August 2023
    July 2023
    June 2023
    April 2023
    January 2023
    November 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    November 2021
    August 2021
    June 2021
    December 2020
    June 2020
    March 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    July 2019
    June 2019
    May 2019
    April 2019
    February 2019
    January 2019
    October 2018
    July 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    August 2017
    June 2017
    May 2017
    March 2017
    February 2017
    January 2017
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    April 2015
    March 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    November 2012
    April 2012

NOTICE: This blog and website are made available by the publisher for informational purposes only. It is not to be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher. ​
Photos from wuestenigel (CC BY 2.0), ccPixs.com, ctj71081, Joe The Goat Farmer, NordicPixels, Alan Cleaver, Seattle Municipal Archives, wuestenigel
  • Home
  • About Us
    • Contact Us
    • Contact Form
  • Blog
  • Business Insurance
    • Business Insurance Basics
    • Business Insurance Costs >
      • Application
  • Product Liability Insurance
    • Restaurant Insurance
    • A&E Insurance
  • Certificates
  • FAQ
    • Privacy Policy