Contents Coverage
(Inland Marine Equipment Insurance)
Brief Summary
This coverage must be purchased in addition to the general liability insurance if you want your mirrors, plate glass (up to $5000.00 in replacement costs) and anything of value within your school covered. There is a minimum deductible of $250.00 but increases you make in your deductible amount can result in a premium discount. If interested, please read the below listed Exclusions and disclosures.
Inclusions/Program Highlights: Replacement Cost Basis, Worldwide Coverage, All Risk-including Earthquake, Flood, Equipment In Transit
Exclusions: Autos or Vehicles, Aircraft (including drones or remote control helicopters), Watercraft, Employee Theft, Cost to reproduce films, War, Intentional or Fraudulent activity, Mechanical Breakdown, Trickery/Deceit/Conversion (unless False Pretense has been added to your policy), Damages caused by Extreme Temperatures, Dampness, Territories where the US has imposed Sanctions prohibiting trade unless approved by the US Government, Maximum total sub-limit of $25,000 applies if equipment is in the country of Mexico, Equipment that is above or underwater (unless added to the policy for additional premium and indicated as a covered limit above)
Policy Deductible Options (Deductibles options are not available if previously set by the insurance carrier): $250 deductible no discount $500 deductible 5% discount $1,000 deductible 10% discount $2,500 deductible 15% discount
**Scheduled Equipment: Any Single item of Owned Equipment over $5,000 a piece must be scheduled in order for that item to be covered. We will need a list of the make, model, serial number if applicable, and replacement cost value (actual cash value if it is a musical instrument) for these items if this has not already been provided.
***Business Income Option: Coverage is location specific, so the location address(es) must be scheduled for coverage. In the states of AL, CT, DE, FL, GA, LA IVIA, MD, ME, MS, NH, NJ, NY, NC, RI, SC, TX, and VA, the waiting period is automatically increased to 120 hours.
Please NOTE: All Short-term policies are fully earned and non-refundable upon purchase Important
Disclosure
1) The following are excluded from the Inland Marine Equipment Insurance policy:
Autos or Vehicles (the actual vehicle is excluded because it should be covered by auto insurance), Aircraft (including motorized devices such as Remote Control Helicopters and Drones), Watercraft, Replacement Cost of Buildings, Fine Arts, Jewelry, Furs, Cash, Money, and Securities, Wear and Tear of equipment, Mechanical Breakdown of equipment, Cost to reproduce films, War, Intentional or Fraudulent activity by the Insured, Trickery, Deceit, Conversion (unless Voluntary Parting coverage is purchased), Damages caused by Dampness, Dryness, or Extreme Temperatures, Dishonest acts, Fraud, Civil Unrest, Territories where the US has imposed Sanctions prohibiting trade unless approved by the US Government (the written approval/document must be submitted to Athos Insurance, approved by the insurance carrier, and may result in an increase in premium and deductible, in order to validate this coverage). equipment that goes underwater (unless there is protective gear for the underwater activity,additional premium has been collected and you have notified Athos Insurance Services, LLC of this type of activity in writing).
2) The policy limits drop to a maximum total sub-limit of $25,000 if the equipment is in the country of Mexico.
3) Unless Voluntary Parting & False Pretense Coverage option on this policy has been purchased, there is no coverage when equipment is loaned or rented to others (unaccompanied by the insured) for trickery, deceit, or conversion i.e. when the party borrowing the equipment does not return the rented equipment.
4) If Voluntary Parting or False Pretense coverage is being purchased, there must be a written contract or agreement that specifically requires the borrower, renter or lessee of the insured’s equipment, to assume full responsibility for the risk of any loss or damage to the property from any cause whatsoever.
5) All owned equipment with a replacement cost of $5,001 and more, for anyone item, must be scheduled with the insurance carrier to be covered at all.
6) Anytime equipment is purchased or sold, it is the insured’s responsibility to immediately notify their insurance agent or representative to properly endorse the policy with the insurance carrier, for adequate coverage for additional premium (if any). The endorsements are not effective until endorsement premiums have been received by the insurance carrier.
7) This equipment floater policy does not cover General Liability, Workers Compensation, Medical
Coverage, Professional Liability, or any other line of insurance that is not Inland Marine Equipment
Coverage.
8) If owned equipment coverage is being purchased, the insured must demonstrate proof of ownership of the equipment (receipts or credit card statements), if the insurance company asks for this information.
9) If Rented Equipment From Others coverage is being purchased, the insured must show proof of a valid rental agreement between the insured and the rental house or individual that the insured is renting from, if the insurance company asks for this information.
10) The premium and fees for all short-term policies are fully earned and non-refundable upon purchase, no exceptions.
11) Misrepresentation or concealment of policyholder information provided to the insurance carrier, can cause the policy to be null and void.
Glossary of Coverages
(Please refer to your renewal quote details on page 1 for the limits specific to your policy. Please note that “$0” next to the coverage means you do not have that particular coverage)
Owned Production Equipment Scheduled & Unscheduled: Scheduled Equipment covers owned production and related equipment that is $5,001 and above per single item up to the limit purchased. Unscheduled Equipment covers owned production and related equipment that is $5,000 and below per single item up to the limit purchased. The valuation of coverage is on a Replacement Cost Basis for both Scheduled & Unscheduled Equipment
Owned Sports and Recreational Equipment Scheduled & Unscheduled: Scheduled Equipment covers owned sports, recreational, and related equipment that is $5,001 and above per single item up to the limit purchased.
Unscheduled Equipment covers owned sports, recreational, and related equipment that is $5,000 and below per single item up to the limit purchased. The valuation of coverage is on a Replacement Cost Basis for both
Scheduled & Unscheduled Equipment
Owned Musical Instruments & Sound Equipment Scheduled & Unscheduled: Scheduled Equipment covers owned musical instruments, sound, and related equipment that is $5,001· and above per single item up to the limit purchased. Unscheduled Equipment covers owned musical instruments, sound, and related equipment that is $5,000 and below per single item up to the limit purchased. The valuation of coverage is on an Amended Replacement Cost Basis for all musical instruments and on a Replacement Cost Basis for non-instruments for both Scheduled & Unscheduled Equipment
Max Value of Equipment That Goes Under or Above Water at Any One Time: Covers production equipment that goes above (afloat) or below water up to the limit purchased. It requires that all equipment has protective gear when submerged underwater. This coverage must be added to the policy to have coverage for this exposure
Rented Equipment From Others: Covers equipment your company rents or borrows from other companies or individuals (for example a rental house) up to the limit purchased. This limit should be the maximum total replacement cost of all equipment you rent or borrow at any one time
Rented Equipment To Others: Covers equipment that your company rents out to other individuals or companies unaccompanied by your company up to the limit purchased. If this type of exposure is 25% or less of your annual revenues, and if you are renting out your owned equipment, it is automatically included in your owned equipment coverage limits. This coverage does NOT cover if the renter disappears and/or never returns with your equipment
Voluntary Parting & False Pretense: Coverage option is only available if you purchase “Rented Equipment To Others” coverage up to the limit purchased. Covers theft as a result of your renter disappearing and/or never retuning with your equipment. If you wish to have this coverage, but you rent your equipment to others for 25% or less of your revenues, you must add “Rented Equipment To Others” coverage first. The maximum limit available is $100,000
Rental Reimbursement: If you have a valid claim on your owned equipment, this reimburses the cost to rent equipment to continue your business operations up to the limit purchased. This coverage has a 72 hour waiting period from the time you report the claim
Continuing Rental Fees: Coverage is only available if you purchase “Rented Equipment From Others” coverage. If you have a valid claim on equipment you rent from others, this reimburses the lost rental income of the rental house or individual you are renting from up to the limit purchased. This coverage has a 72 hour waiting period from the time you report the claim
Plate Glass: If your business is physically located in a retail space with plate glass installed by your landlord, this covers the replacement of the plate glass for up to $5,000 subject to the policy deductible
Business Incomel Extra Expense (Location Must Be Scheduled): If your business operations depend on operating out of a specific office location, business income/extra expense covers the expenses associated with relocation to continue business and the loss of income subject to the policy waiting period and up to the limits purchased
Work Tools & Clothing: Covers equipment that is specifically work tools and clothing associated with the operations of the business such as uniforms up to the limits purchased
Terrorism: Adds the extra peril of Acts of Terrorism to the policy causes of loss covered. Acts of Terrorism must be declared and certified by the Secretary of Treasury and Secretary of State and Attomey General, to be an Act of Terrorism in the United States
Deductible: The amount the policyholder is financially responsible for during a claim payout. The deductible is per claim reported. The deductible options available on the policy are $250, $500, $1,000 and $2,500