Demystifying Inland Marine Insurance: What is it? Do I need it?

When it comes to insurance, most people are familiar with the basics such as auto, home, and health insurance. However, there are other types of insurance that are equally important but less well-known, such as inland marine insurance. In this post, we will demystify inland marine insurance and provide you with the information you need to understand this valuable coverage.

What is Inland Marine Insurance?

Inland marine insurance is a type of insurance coverage that protects goods, equipment, and materials while they are in transit over land or being stored at a location away from your main business location. Despite its name, inland marine insurance has nothing to do with insuring ships or marine vessels; rather, it is designed to cover property that is movable or in transit.

Who Needs Inland Marine Insurance?

This type of insurance is essential for businesses that transport goods or equipment, such as contractors, trucking companies, and businesses involved in construction or installation. It can also be beneficial for businesses that frequently move valuable equipment or materials to different locations, such as photographers, event planners, and medical equipment suppliers.

Key Coverage Areas

One of the key benefits of inland marine insurance is that it provides coverage for property that is not adequately protected by standard commercial property insurance. This can include coverage for tools, equipment, and materials in transit, as well as coverage for property stored at a job site or in temporary storage facilities.

Types of Inland Marine Policies

There are several types of inland marine policies available, each designed to meet the specific needs of different industries and businesses. Some common types of inland marine policies include contractor's equipment insurance, installation floater insurance, and bailee's customer insurance, which covers property that is in your care, custody, or control.

Benefits of Inland Marine Insurance

One of the main benefits of inland marine insurance is that it can provide coverage for property that is not adequately protected by standard commercial property insurance. This can include coverage for tools, equipment, and materials in transit, as well as coverage for property stored at a job site or in temporary storage facilities.

Considerations When Purchasing Inland Marine Insurance

When purchasing inland marine insurance, it's important to work with an experienced insurance agent who understands the specific needs of your business. They can help you assess your risks and determine the right type and amount of coverage for your unique situation.

Conclusion

Inland marine insurance is a valuable type of coverage for businesses that transport goods or equipment, as well as those that frequently move valuable property to different locations. By understanding the basics of inland marine insurance and working with a knowledgeable insurance agent, you can ensure that your business is adequately protected against the risks associated with movable property and materials.