Marine Construction® Magazine

  • Home
  • RESOURCES
    • EQUIPMENT
    • MATERIALS
    • MANUALS
    • SERVICES
    • LEGAL
    • EDUCATION
    • SAFETY
  • SUBSCRIPTION
    • PREVIOUS ISSUES
  • SOFTWARE
  • ADVERTISING
  • WEBINAR
  • VIDEOS
  • CONTACT
  • BLOG
  • Classifieds
  • Jobs
MCMag NEWS
  • Prevent Collapsing Structures with Migratory Corrosion Inhibitor Technology   |   Jun 05 2022

  • SFT installed cone fenders to accommodate largest shortsea RoRo ships   |   Jun 05 2022

  • The MCM Conversation with: Isaiah Pitz   |   Jun 05 2022

  • Safety Begins with Simple Steps   |   May 31 2022

  • Crane Safety Checklist   |   May 23 2022

  • Listen for Danger   |   May 23 2022

 
You are at :Home»BLOG»Inland Marine Insurance Vs Builder’s Risk Insurance

Inland Marine Insurance Vs Builder’s Risk Insurance

MCMag Oct 01 2019 BLOG Comments Off on Inland Marine Insurance Vs Builder’s Risk Insurance 3449 Views

What is Inland Marine Insurance? 

Inland Marine Insurance is known as a “floater” policy, which is a fancy way of saying the insurance coverage is attached to the insured property.

A traditional Commercial Property Insurance policy is only designed to cover property at the address listed on the plan. That is why Inland Marine Insurance is acquired, so it can bridge the gaps created by a traditional policy. 

These policies cover: 

  • Tools and equipment when they are in transit or in possession of another person or company. 
  • A moveable good (like blueprints) or instrument of transit (like a trailer) that is used in various locations.

For most marine construction professionals, Inland Marine Insurance is essential to business operations, providing necessary coverage for mobile job sites. 

What Is Builder’s Risk Insurance?

Builder’s Risk Insurance is a type of Inland Marine coverage, often calling their product “Inland Marine – Builder’s Risk.” 

The main difference between the two is that Builder’s Risk cover materials and fixtures of a structure while it is being built or remodeled. These are usually short term policies, generally lasting no more than 12 months. These policies can be extended.

Now, this may seem straightforward. However, a Builder’s Risk policy can be extended to cover: 

  • Equipment.
  • Property in transit.
  • Property in temporary storage – particularly if that storage is a portable container.
  • Valuable papers.

Now, do you see how this could be confusing? So which policy should you consider? 

Usually, you’ll only want to investigate a Builder’s Risk policy if you’re building a structure. In most other cases, Inland Marine is enough.

2019-10-01
MCMag
Twitter Facebook linkedin Pinterest Email Print More

Authors

Posted by : MCMag
Previous Article :

Why You Need Marine General Liability Insurance

Next Article :

The Marine Construction Industry – Managing The Risks

Related Articles

Boat Hoists and Lifts

Boat Hoists and Lifts

MCMag May 14 2020
Floating Breakwaters, Docks and Marina Systems

Floating Breakwaters, Docks and Marina Systems

MCMag Nov 26 2019
MARINA FUEL DISPENSING AREA SAFETY

MARINA FUEL DISPENSING AREA SAFETY

MCMag Jul 16 2020

Advertisement

Current Issue

Current Issue of Marine Construction Magazine Volume III 2022

Previous Issue

Marine Construction Magazine Vol II 2022

More Info!

Marine Construction Magazine Logo Marine Construction® Magazine publishes Six (6) Issues per year, once every 2-Months. We are by no means your typical publication. With over 30,000 readers, we pride ourselves on covering the topics of “actual usefulness” to our readers. Yes, we are a little unorthodox but…we like it like that. The bottom line is, if you are in the Marine Construction or related industry…you’ve come to the right place.

Random Posts

  • Composite Fendering Piles Fit The Bill

    Composite Fendering Piles Fit The Bill

    MCMag Nov 24 2020
  • Marina del Rey Marina has just completed a landmark

    Marina del Rey Marina has just completed a landmark

    MCMag Nov 18 2020
  • Repair of Wood and Timber Structures

    Repair of Wood and Timber Structures

    MCMag Dec 02 2021

Follow us

Sign up for our eNewsletter

© Copyright 2019, MarineConstruction®Magazine. All Rights Reserved