Under Inland Marine policies there’s a coverage category available for miscellaneous tools and equipment. It’s often used for such things as small hand tools, miscellaneous items kept in food trucks, contents used in mobile bowling alleys, and the like. Because Inland Marine policies afford coverage in any part of the coverage territory, they’re particularly beneficial for organizations whose operations are off premises. The benefits of this coverage lie within the title itself – miscellaneous tools and equipment. Because no one wants to schedule every screwdriver, spatula, or bowling pin they own, it’s the perfect catchall for small items your business uses off premises in your daily operations.
While this is a commonly used coverage, there are some policy requirements you’ll want to be aware of:
- There’s a maximum per item limit within this broad category.
- The coverage doesn’t include employee tools and equipment.
- Scheduled items aren’t included.
- The maximum per item limit only applies to those items within the miscellaneous tools and equipment category.
- Anything over the maximum per item limit should be specifically scheduled.
- Items that are already excluded from coverage by the policy form language, would then also not be afforded coverage under the miscellaneous tools and equipment section.
Making sure to specifically schedule items that have a value which exceeds the maximum per item limit on the miscellaneous tools and equipment coverage results in your property having better and more comprehensive protection overall. When selecting Inland Marine coverage, it’s important to remember it doesn’t always apply to all items that could be involved in a potential claim. Talk to your independent insurance agent to learn more.
This article is intended for general educational and illustrative purposes only and should not be construed to communicate legal or professional advice. Further, this article is not an offer to sell insurance. Please consult with your licensed insurance agent for specific coverage details and your insurance eligibility. All policies are subject to the terms, conditions, limitations, definitions, and exclusions contained therein.