Inland marine exposures may include accounts receivable, builders’ risk, contractors’ equipment, goods in transit, installation floater, and valuable papers and records. Subcontractors generally have their own equipment, but the general contractor may arrange for the lease of larger equipment, such as cranes, for subcontractors to use, either with or without operators. The contractual agreements with the rental firms determine who is responsible for any damage to the rented equipment. If the general contractor performs tasks at the job site, equipment may be subject to water hazards, drop and fall from heights, or being struck by other vehicles.
Builders’ Risk Coverage is an important coverage for many general contractors. Besides obtaining coverage, they may need to coordinate their subcontractors’ coverages and terms. Exposures will vary depending on type of project. New construction versus renovation building is also a major consideration.