Your customers need specific equipment to do their jobs the right way. And they need the right insurance coverage to protect the tools of their trade. An RLI inland marine policy offers the best coverage for contractor’s equipment, as well as outstanding standard inland marine protection and additional coverages
We usually write coverage on a scheduled blanket basis. We will consider the equipment schedule as the best estimate of both the insurable value for each item listed and the maximum amount payable. Each anniversary requires an updated schedule submission, and we adjust the prior year’s premium accordingly. In addition to insuring your customers’ equipment:
Experienced underwriting — Our underwriters are among the most experienced in the industry, which allows us to tailor coverage to your specific needs.
Commitment to loss control — RLI Marine claims experts are committed to helping you reduce loss costs with proven risk control methods.
Financial strength — RLI is rated “A+” (Superior) by A.M. Best and “A+” by Standard & Poor’s.
We consider this a highly desirable class of business. We will consider writing most types of contracting operations, but favor earth movers, pavers, and general contractors who only use cranes on a limited basis. Frequent and heavy crane usage requires completion of a crane questionnaire and more detailed underwriting. Logging, oil well drilling, tunneling, and underground mining are all types of risks we generally will not consider writing.
Our focus is limited to risks where values at any one location do not exceed $10MM, with the value of a single item does not exceed $1.5MM. While the maximums for standard coverage extensions vary for each risk, the per item limits for waterborne equipment and equipment leased or rented from others usually do not exceed $500,000 and $1MM, respectively. Each risk is individually underwritten on its own merits.
We reserve our best rates and policy terms for customers who are safety-oriented, closely adhere to published maintenance guidelines, and take all possible steps to protect their equipment from theft and vandalism. We also favor those general and specialty contractors who have a successful track record in the geographical area where they operate and a solid reputation for completing their work on time. We avoid risks where there is evidence of prolonged exposure in CAT-prone areas, i.e., situated in high hazard earthquake areas, flood zones A or V, or in South Atlantic or Gulf coastal areas.