Inland Marine Insurance
Inland marine insurance is a policy coverage that covers goods, tools, equipment and other movable property that cannot be covered by a standard commercial property policy. Shippers of goods needed a way to ensure their goods against loss or damage as it crossed the ocean, so the ocean marine insurance was created. These insurers offered “all-risk” policies that covered almost any cause of loss for this cargo.
How it can protect you and your property
This insurance protects your property regardless of where it is located. This is in contrast to business property insurance that may have limited coverage for damage or loss to your property while it is not on your business premises.
Some types of property that can be secured by inland marine insurance:
- First, a property that is being moved or transported
- Second, a property that under your custody
- Third, a property installed in a vehicle
- Last, a property that is movable one place to another
It is offered on either an all-risk basis or named perils basis. All risk policies cover any cause of loss other than those that are specified excluded by the policy. All- risk policies are usually more expensive than named perils policies. This insurance can provide protection for wholesalers or retailers to secure their goods while being transported to a customer or between your distribution center and your retail outlet.
Who is covered by Inland Marine Insurance?
Business: If your business needs specific equipment to operate then you will have protection for it under this insurance. This can be anything from construction equipment to medical supplies, to art and photography equipment.
Customers: If your clients leave their property in your possession to be stored, they will be covered for physical damage or theft of the property while it is in your care.
Vendors: Any company that rents or leases equipment to you will require that you provide insurance coverage for the product while it is in your possession. They are protected under your Inland Marine coverage as it will repair or replace lost equipment.
What does Inland Marine Insurance not cover?
Unshipped items: Items that have not yet been shipped, are not covered.
Damages items: Items that are damaged after they have been shipped, are not covered.
Damage to construction sites: Any damage to construction sites before construction is started is not covered by Inland Marine insurance.
Intentional damage: Any intentional damage to property is not covered by Inland Marine insurance.