A typical property policy insuring a company for its business contents restricts the location of that property to the specified locations listed within the policy. In the real world, business contents can be anywhere, and everywhere. You need to make sure you have the right form to cover your valuables worldwide if necessary.
An inland marine policy covers business property in the domestic United States without restricting its location. An ocean marine policy takes it one step further and covers the items worldwide. Either of these policies can provide the comprehensive coverage necessary to protect your assets while typically including additional perils such as breakage that might not be included in a standard business owner’s property package.
Let our experienced professionals discuss your potential needs to make sure your “away from home” property has the right insurance policy in place. Whether your property is on the go, in the hands or others, or secured, Hanson & Ryan can make sure it is covered.
Hanson & Ryan has been insuring contractor’s of all types for over 125 years. We offer excellent liability and worker’s compensation programs that can be packaged with a contractor’s equipment floater. This specialized inland marine coverage provides the contractor with a comfort level that his equipment is insured for loss whether it is left on the jobsite, in a commercial vehicle, or stored off premises. There is no location limitation as to where the equipment has to be stored to be covered. This is important in this era of contracting where one piece of equipment may be used at several different locations all in one day.
One great selling point of this policy is that the equipment can be scheduled for an agreed value. You can also blanket multiple smaller items into one group so that there is a block of coverage that can extend to any new items purchased.
Some contractors decide they are better off renting the equipment for a short time since it is might be too expensive to purchase. If this suits your needs, our agency can tailor a program that gives you coverage for any specific amount you choose for leased and rented equipment. So whether you own several excavators, rent a crane for the day, or just need to cover some miscellaneous hand tools, Hanson & Ryan has the right policy to cover you and your contracting equipment.
When goods are being shipped to and from insured locations, the property is said to be in transit. It doesn’t matter if multiple forms of transportation are used, transit insurance is needed to cover these goods until they arrive at their ultimate destination. Once they have been checked and received, the transit coverage ends and the goods are insured at that location’s business property limit. Transit insurance coverage is defined by the following two categories.
Many business owners continue to pay their freight carrier hundreds and even thousands of dollars each year to protect the value of their shipments. Once you take the time to review the costs of these charges compared to a separate transit policy through Hanson & Ryan, the savings are readily apparent. The pennies per shipment charged by the freight forwarding carrier really add up. Whether the property is on its way to you or being shipped from you to your clients, those goods can be insured under a specialized marine policy through our agency. An inland marine insurance contract covers domestic transportation by rail, air, vessel, or ground vehicle.
The best part about this is that you can insure the goods for their expected value to you, not just the cost of the goods per your shipping agreement. This way if there is a loss, your business is compensated for the full wholesale or retail value agreed upon in advance. Another advantage a private policy has over what is offered by the freight forwarding company is that you don’t have to haggle with a third party over your loss.
While an inland marine policy covers domestic transit issues, an ocean marine policy can cover the transportation of the goods worldwide. International coverage starts from the minute your goods leave their place of origin and ends once it is received at its final destination. Therefore, one policy can cover the goods that start with a vehicle taking the property to the airport at which time the items are flown to a dock to be loaded on a vessel traveling overseas. How much more do you think you would pay to insure the goods through each of these freight forwarders?
Let Hanson & Ryan simplify the process. Monthly reporting forms are used to document all your shipments and help us rate your policy. You pay as you go and credits are applied if your shipments are less than you estimated. Plus did we mention the fact that you will save money?
New construction of a residential residence or a commercial building needs to be covered under a specialized property form known as a builder’s risk policy. The standard homeowner or commercial building policy will not cover a building until a certificate of occupancy (CO) from the town is granted. Our agency deals with multiple markets to help the general contractor and the owner develop the right policy for the construction project.
The policy not only covers the building as it is being constructed, but also provides for loose materials stored at the jobsite. The policy term can coincide with the length of time of the construction and can also be prorated at times to refund premium should the project finish early. Our agency can then bid the proper homeowner or commercial building coverage needed to replace the builder’s risk policy once a CO is issued.
If you should ever have a need for this coverage, please don’t hesitate to call on our experienced professionals to help guide you through the process and develop a policy to cover the property during the entire construction phase.