Inland marine insurance is an instrument which is designed to protect property while in transit, along with high-value items like electronic equipment, tools and other items which may not be covered under a typical standard property policy or subject to large deductibles. The Texas A&M University System Equipment Inland Marine Policy provides coverage for electronic items such as scientific equipment, computing devices, cameras, specialty equipment. This coverage is broader in nature than typically found in standard property insurance policies. It provides a much lower deductible than found on the System’s standard property insurance policy, thus providing greater payment to a respective Member for small losses in number and value. Typically, if a department could not replace their equipment via other means, it might be wise to consider placing equipment for coverage under this policy. You may review further information about this policy by reviewing the Policy Outline. The rate is based on $100 valuation. If you would like an estimate for coverage, please contact your respective Risk Management contacts.
Sample items covered under this policy would include:
- Electronic Medical Equipment
- Scientific Models
- Farming equipment such as electronic irrigation equipment
- Lighting Equipment both indoors and outdoors
- Video and Sound Equipment
- Single person watercraft such as rowing shells and small sailboats
- Scientific equipment
- Musical Instruments
- Law Enforcement Electronic Equipment
- Uniforms for campus groups like band, football, ROTC etc
Equipment covered under this policy must be scheduled on the inland marine inventory. In order to add new equipment to the policy, please complete the Inland Marine Inventory Form. To make a change to an already scheduled item, please complete the Inland Marine Inventory Change Form.
To make a claim for covered property after a loss, please submit a Property Loss Form through your respective Risk Management Contacts. They will forward to System Risk Management for processing. Should you have further questions, please do not hesitate to contact System Risk Manager Henry Judah or Sr. Insurance Specialist Debbie Smith at 979-458-6330.