Why is your equipment insured on an inland marine policy? Take the second word, marine, think of a boat on water, it's constantly moving. Inland marine is equipment that is constantly moving. An inland marine policy will cover things that you do not have a tag for: Mower, edgers, spray rigs, forklifts, bobcats, weedeaters, etc. Typically insurance companies will insure equipment under $3,000 in value on a blanket coverage. Basically add up all your equipment with values under $3,000 and you will have a blanket limit for those. Example would be, all your weedeater, edgers, blowers, shovels, rakes, misc. tools, push mowers, etc, all add up to $20,000. Your blanket limit for unscheduled equipment would be $20,000. Now equipment with values over $3,000, such as your zero-turn mower, spray rigs, bobcat, skid steer etc, should be scheduled on the policy with: Year, Make, Model, Serial number and value of each piece of equipment. The scheduled items also receive a lower rate.
Should you ever have the need to rent equipment the rental place will ask if you want to purchase their insurance or if you have your own. This part of your inland marine policy is called Rented and Leased equipment. Think of the most expensive piece of equipment you may rent, that should be your limit for this part. Example would be you rent a bobcat for snow removal and the value of the bobcat is $25,000, you call your agent and tell him to send the rental place a certificate of insurance showing you have "rented or leased equipment" coverage with a $25,000 limit. Also, the insurance the "rental place" place offers is typcially very limited.
Insuring your equipment is very important. Theft of fully loaded trailers is fairly common in this day and age. If you have any questions please contact Sean Leigh.