SIA's base policy is for Commercial General Liability (CGL), and coverage includes injuries to others, property damage as a result of your operations, or offending someone. But what about protecting the equipment you use? When it comes to equipment coverage, SIA clients can either purchase Inland Marine (business personal property) or Equipment Leased or Rented. Please note, these are additional coverages so there's an extra cost to add them to your policy. So, what's the difference in the two coverage options? Let's break things down.
First, Equipment Leased or Rented coverage can be added to your policy to cover mobile equipment you rent, lease, or borrow from others in case it's damaged or stolen. This coverage does not cover renting your equipment out to others (SIA doesn't have a policy to cover renting to others). Equipment Leased/Rented also does not cover equipment you personally own.
Next, Inland Marine (IM) protects your business personal property from damage and theft (think any equipment pertaining to your operations as a mobile vendor/performer). Additionally, as long as it's included in your IM list, equipment you rent from other can be covered. If you rent equipment after you've purchased your IM policy, please contact the office to get the new equipment added to your IM list.
Both Inland Marine and Equipment Leased or Rented coverage can be added to your policy at any time, however coverage only runs the length of your Commercial General Liability policy. Check out the performer page or vendor page for more information about pricing, exclusions, and deductibles. MPEP clients interested in adding IM to their policies should email info@specialtyinsuranceagency.com (please note, Equipment Leased/Rented coverage is not available to MPEP clients). If you have any questions about coverage, please reach out to our office!
