What is inland marine insurance?
The word "marine" can easily throw you off. "Marine insurance" financially covers products as they're transported over water, but "inland marine insurance" covers goods transported on land. Inland marine insurance protects property and equipment transported via truck or train or temporarily stored in a warehouse by third parties.
Does your business need inland marine insurance?
Property insurance is more than enough for most companies to cover whatever property you store at one specific location. It may even cover tools and merchandise that occasionally travel with employees to and from other sites.
Inland marine insurance may better suit your needs if your business involves frequent shipping of high-value products and equipment. But this type of insurance isn't just for companies that ship products to stores and customers. For example, if you temporarily store goods offsite or store someone else's property on your premises for a while, inland marine insurance can protect against the loss of this property.
What does inland marine insurance cover?
Inland marine insurance typically covers shipped materials and goods that aren't included in basic property coverage. These can include:
Let’s Get Started
- Computers (from servers to laptops)
- Communicating and networking equipment
- Construction and contracting machinery and tools
- Medical and scientific equipment
- Photography gear and equipment
Types of inland marine insurance coverages
- Bailee's Customer Coverage: This protects property not owned by you but left in your company's care, i.e., if you own a warehouse or repair shop.
- Builder's Risk: This protects building structures and materials during construction projects and renovations.
- Exhibition and Fine Art Coverage: This protects valuable items while they're exhibited, in transit, or on loan.
- Installation Floater: This offers coverage for materials from the minute they're loaded onto a vehicle to the time they're installed or used.
- Motor Truck Cargo Coverage: This protects clients' goods while your company transports or delivers them.
Ready For A Quotation?
Carriage Trade Insurance Agency can help you determine whether purchasing inland marine insurance is right for your business. The risk of damaging your own or others' goods during shipping is incredibly high. Knowing you have the proper financial protection to fall back on can help you do your job better.
Contact our insurance professionals to find out how we work with leading insurance companies to offer your business the perfect insurance portfolio.