If you have a business that operates in or around the water, your current insurance policy may have a specific exclusion that can ultimately cost you money.

Under most inland marine insurance policies your equipment policy has an exclusion for waterborne equipment, which in layman terms means there is no coverage if your equipment falls in the water!

For example: You have a Bobcat working over the water on a barge and it happens to keep going and runs off the side of the barge (employee error). Under an insurance policy this is typically not covered. It clearly states that it excludes coverage for equipment that is mounted on or being operated from a barge or other watercraft, when such watercraft is actually in the water, any item waterborne will not be covered for damage. To protect yourself and your investment, you should make sure that you have this exclusion taken out of the policy.

It is easier to check now than when a crane is removing equipment from the water.

Contact your knowledgeable Henry Murray Insurance agent and find out your policy details before it is too late. Frequently there is no additional charge to have this removed and if there is an additional charge it is usually minimal.

Posted in: business insurance annapolis, henry murray insurance annapolis, inland marine insurance annapolis, waterborne exclusion

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