Notes
This program is intended to cover mobile machinery, equipment, and tools that contractors use in
their trade, including agricultural and farm machinery. Because the form does not restrict
coverage to a particular location, it can cover contractor's equipment at job sites, owned
locations, or in transit.
Guidelines
General
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If equipment includes scheduled trailers, select the Trailer Hitch Lock Warranty on form
IM NR (now being replaced with MEIM 5502). Additionally, if it is a concession trailer,
also select the Money and Supplies Exclusion.
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If equipment is primarily used/stored within 10 miles of the coast, the perils of wind
and hail can be included for a 15% surcharge. Please refer to Markel's Distance to Coast
Calculator to determine distance to Markel coastline.
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New Ventures: are acceptable if they have three (3) years of loss free experience in the
same type of work. Rates must be debited 10%.
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Losses: preferred risks are loss free for three consecutive years with respects to
specific inland marine coverage being offered. Loss runs, a signed application stating
no losses, or a statement of no prior losses in the past three (3) years must be
included in your file. Accounts with one loss < $10,000 may be written with a 10% debit.
Accounts with 2 or more losses or one loss> $10,000 should be referred to a Markel
underwriter for review.
- Policies are subject to 25% Minimum Earned Premium.
- Minimum premium: $500 for monoline and $350 for package
-
Deductible
- $1,000 <= $100,000 in scheduled equipment values
-
$2,500 > $100,000 and <= $250,000 in scheduled equipment values and/or max value
any one item> $100,000
- $5,000 > $250,000 in scheduled equipment values
- $10,000 >=$500,000 in scheduled equipment values
-
Employees' tools can be offered up to a $25,000 limit, not to exceed $1,000 any one
item. Coverage applies while at, and to and from the jobsite.
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Miscellaneous unscheduled tools can be offered up to a $25,000 limit, not to exceed
$1,000 any one item.
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Equipment leased/rented from others can be offered up to $250,000 any one item/disaster.
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Equipment leased/rented to others with operator can be offered up to $1,000,000; or
$250,000 for a single item.
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Equipment leased/rented to others without operator can be offered up to $250,000; or
$50,000 for a single item. Appetite is limited to property such as dumpsters,
pods/moving containers, inflatables, portable toilets or vending machines.
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Limits of insurance: Items scheduled up to $1,000,000; or $250,000 for a single item.
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Inland Marine coverage should not be added midterm to an existing GL or property policy.
You may issue a short-term monoline policy and then include the Inland Marine with other
coverages at renewal on one package policy.
Submit
- Accounts with 2 or more losses or one loss > $10,000
Prohibit
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Risks including the following are ineligible for binding but may be submitted to your
brokerage underwriter (Brokerage MPs start at $5k and carry a $5K deducible):
- Automatic acquisition coverage
- Asphalt plant equipment
- Concrete plant equipment
- Cotton pickers
- Combines
- Cranes and other equipment with booms
- Excess of weight
- Mining equipment
- Rigging equipment
- Pivot irrigation systems
- Producing oil & gas lease equipment
- Rental reimbursement
- Tub grinders/stump grinders
- Logging equipment
- Oil and gas drilling rigs
-
Prohibited risks for binding and brokerage:
- Drones/unmanned aerial vehicles submit to brokerage only
- Ecycling equipment
- Waterborne exposures
