Other Coverages and Insurance Options
Inland marine and floaters
Inland marine covers property in transit and property that is mobile or in the care of others; the nationwide marine definition sets the boundaries. Personal articles floaters schedule jewelry, furs, cameras, and collectibles with worldwide coverage and "mysterious disappearance" - a peril rarely found elsewhere - often with no deductible.
Crime and equipment breakdown
Crime forms cover employee dishonesty, forgery, computer fraud, robbery, safe burglary, and theft of money and securities, generally on a discovery basis, so employee dishonesty responds to loss discovered during the policy period. Equipment breakdown covers sudden accidental electrical or mechanical failure of covered equipment and often adds spoilage and business income.
Flood and earthquake
Flood is excluded on virtually every property form and is written through the NFIP or private markets. NFIP building and contents coverage are purchased separately, a 30-day waiting period generally applies, and basement contents are limited. Earthquake requires a separate policy or endorsement with its own percentage deductible.
Excess, umbrella, and gap fillers
An umbrella sits over underlying auto, general liability, and employer's liability and can drop down for gaps; a following-form excess policy does not broaden coverage. Difference-in-conditions (DIC) fills exclusions left by standard forms. Other options include surety bonds, cyber liability, employment practices liability, and terrorism coverage under TRIA.
Rule of thumb
Water rising from outside the building points to flood; an internal plumbing discharge points to the property form; a sudden mechanical or electrical failure points to equipment breakdown. Read the source of the water before choosing coverage.