Introduction to Commercial Inland Marine-Introduction to Commercial Inland Marine: Contractors Equipment

Video Transcription

Video Summary

In this introductory session on Inland Marine Insurance for Contractors' Equipment presented by Eileen Monreale and Michelle Sibyl, key aspects of this insurance niche were covered. Michelle, a seasoned expert in the field, explained the importance of insuring contractors' equipment, highlighting it as one of the largest classes by premium volume. She detailed various equipment types used across different industries such as excavation, street and road construction, and recycling, among others. The session emphasized understanding equipment operations, policy construction, and evaluating potential risks and underwriting considerations.<br /><br />Covered risks include fire, theft, collision, and natural perils like flood and earthquake. Equipment theft is a significant issue, with Texas and Florida identified as high-theft states. Measures for mitigating theft risks, such as clustering equipment and using security devices, were discussed.<br /><br />Policy construction topics included coverage forms, additional coverages, and limitations such as deductible types and covered causes of loss. Valuation methods, like actual cash value and replacement cost, were explained, stressing the importance of accurate reporting to avoid underinsurance penalties.<br /><br />Michelle also conducted interactive polls throughout the session to engage the participants and reinforce learning. The session concluded with highlights on risk selection and pricing strategies, encouraging participants to utilize available resources to better understand and manage Inland Marine Insurance risks. The session was praised for its practical insights, addressing both novice and experienced individuals in the field.

Asset Caption

Date of Publication: December 2, 2024
Duration: 2 hours 12 minutes

Instructed by: Michelle Sipple, Senior Vice President, Inland Marine, Crum & Forster

Meta Tag

Module Introduction to Commercial Inland Marine

Keywords

debris removal coverage

additional acquired equipment coverage

non-owned equipment coverage

contractor's equipment policy

exclusions for automobiles

exclusions for aircraft

flexibility in coverage

split deductibles

endorsements

wind event damage

underwriting considerations

rating considerations

theft prevention strategies

fire prevention strategies

co-insurance

Inland Marine Insurance

Contractors' Equipment

Eileen Monreale

Michelle Sibyl

equipment insurance

premium volume

excavation

construction

recycling

risk evaluation

underwriting

theft prevention

policy construction

valuation methods

risk management