Inland Marine & Business Personal Property
If your gear is broken or stolen it may be covered Replacement Cost New or Actual Cash Value (depreciation). Replacment Cost is preferred. When our clients call to file a claim, we alway go to Business Personal Property (Replacement Cost) for coverage. There some limitation and exclusions to this Business Personal Property (replacement cost) coverage. In these cases we “fall back” to Inland Marine (Actual Cash Value). Example, Inland Marine coverage covers your gear outside the covered territory i.e. U.S. and Canada, Business Personal Property does not. Another example of limited or excluded coverage for replacement cost cover - theft from an unattended vehicle without physical evidence of break-in. Inland Marine covers this situation, Business Personal Property does not.