Do you need inland marine insurance to protect the tools and equipment your business relies on?
Inland marine covers items on the move.
To be more specific, this commercial coverage protects products, materials, and equipment when transported over land or temporarily stored by a third-party.
As mentioned above, inland marine covers products, materials, tools, and equipment that’s on the move - typically by truck or train.
Inland marine typically covers:
While your products or equipment are at your place of business, they’re likely covered by your commercial property insurance. Inland marine steps in to make sure they’re covered once they leave your doors.
If you have items that are mobile or moveable or will be in transit - this coverage could be right for you.
But inland marine isn’t just for businesses that ship products to customers. It can also be of benefit if someone else’s property is in your possession.
Here are a few examples of businesses that can use inland marine:
Also known as motor truck cargo coverage, this policy can keep clients’ goods protected while you store, transport, and deliver them.
Inland marine insurance can protect the high-value hand tools and equipment (large and small) that construction professionals and artisan contractors move from job site to site.
Solar and renewable energy research, development, and installation is a growing industry. Protect your company’s resources with inland marine coverage and you can be sure your renewable energy equipment is covered when it’s on the move.
Medical diagnostic and medical device equipment can be extremely valuable. When you’ve got CAT scanners, MRI equipment, X-ray equipment, ultrasound equipment and other medical devices to transport from one location to another, let inland marine cover these high-value assets.
Museums, galleries, and fine art dealers can depend on inland marine insurance to protect art against theft, damage, or destruction as high-value pieces are transported or displayed in various locations.
As you travel from site to site, inland marine can help photographers, videographers and DJs protect camera, music, lighting, and computer equipment.
Inland marine insurance protects goods being shipped and stored in third-party warehouses and shipping/ logistics/ warehousing companies are some of the primary users of this commercial coverage.
Do you have a tradeshow booth that travels around the country? Do you send valuable equipment, supplies, or products by train or truck - or store these business assets in third-party warehouses? You don’t have to be a contractor, cargo trucker, or fine art dealer to benefit from the protection that inland marine insurance offers. There are many industries where inland marine is an essential part of a well-rounded commercial package.
Inland marine can be written in two ways, as either:
All-risk policy: covers all types of perils unless specifically stated as excluded
Named peril policy: only covers against losses specifically listed in the policy
All-risk coverage typically includes losses from:
Two of the most frequent inland marine losses are collisions and cargo theft.
What’s not covered by inland marine? Typical exclusions from all-risk coverage can include normal wear-and-tear or the gradual deterioration of your property.
Inland marine is available as a stand-alone policy or can be packaged together with other commercial lines into a comprehensive defense for your business. Talk to your insurance agent to find out if your moveable goods need the protection of inland marine coverage.