Most of the Excavating Contractors you know probably work well away from the shore or ocean. Why would they need something called Inland Marine insurance? The name of the policy may be a little strange but the coverage is really necessary. Now that Pennsylvania has agreed to allow insurance companies to pay dividends on premiums on coverage through LICA, this much needed insurance can become a reality.
The basic inland marine policy covers property and equipment that isn’t covered by another source of insurance. For instance, a contractor may have a construction trailer on site. A storm may come through and damage the structure but it may be covered under a different policy. If it is not, the inland marine clause would cover it.
Inland marine will also cover any computer equipment, software and data that may have been damaged in the construction trailer. This insurance also covers materials, supplies, equipment, machinery and fixtures that are owned by the contractor, or for which he is legally liable, that are to be installed while the property is at a construction site, in transit, or at a temporary storage site. This can be a tremendous relief for owners who must transport heavy machinery from one location to another, or who need to leave the machinery on-site for a lengthy period of time while the project is underway.
There is also the option of adding personalized coverage. This policy is called a “Contractor’s Equipment Program”. This coverage is for the contractor’s equipment, as well as equipment in his care, custody and control. It applies to all equipment, whether owned, rented or borrowed, rather than only equipment listed in the policy. Contractors Equipment Program even includes rental reimbursement coverage, which pays part of the cost of renting substitute equipment when covered property has been put out of service by a covered loss, subject to policy conditions. In addition, it includes coverage extensions for debris removal; equipment leased, rented or loaned to others; and construction trailers
Members of PALICA can have this insurance written this brand new program. If a contractor is not a member, a look at the website is a good idea. You will be able to see all the features and benefits at http://www.pennsylvanialica.com/.
LICA members have access to the LICA Contractor Safety Management Plan. The purpose of this comprehensive safety manual is to provide LICA members with recommended safe operating procedures and to outline techniques that are essential for the protection of the industry’s greatest asset “its people and equipment.” It is designed to be your individual company safety program or supplement to your existing program. It contains toolbox talks, equipment and jobsite inspection forms and much more. For your convenience a complete CD of the manual is included. This manual is worth thousands of dollars and is free to every contractor member.
For members who have college age children, LICA also has a scholarship program for active LICA Contractor members. The National LICA Education Committee awards several annual scholarships that are available to LICA members, spouses, children and grandchildren.