Inland marine insurance is a term that may cause some confusion to those unfamiliar with it. People may wonder how “inland” relates to marine, and how inland marine insurance differs from marine insurance, if it does at all. Inland marine insurance did originate from marine insurance for specific business and insurance needs. Here are some things you need to know in order to determine if you need inland marine insurance.
What Is Inland Marine Insurance?
Although inland marine insurance evolved from marine insurance, the two differ. Marine insurance is for businesses that ship products over water, while inland marine insurance is for businesses that ship over land. Inland marine insurance is typically purchased by businesses that frequently ship products or equipment over trains or trucks.
What Does Inland Marine Insurance Protect?
Inland marine insurance offers protection for any property that can be transported. As time’s gone by, the definition of what inland marine insurance protects has been defined as covering more than just property that can be transported. It offers protection for: property in transit, property that can be transported, property that is in the process of being moved from one location to another but that is currently being held in one location, and more. It offers protection for property in any stage of transportation over land.
What Does Inland Marine Insurance Cover?
Inland marine insurance provides coverage for a number of things that could happen to one’s products, equipment, or in the process of transportation. Here are some frequent issues that inland marine insurance covers.
Cargo theft is a major concern for businesses, especially if they’re shipping out high-dollar products. High-dollar products are typically excluded from basic property coverage. Some of these products include: computers, medical equipment, construction equipment, photography equipment, art, and more. If these products are stolen in transit, that can result in a major loss of income. If a business is shipping out expensive things like those, they’re going to want protection against any cargo theft. Inland marine insurance covers this.
Collisions are another common cause for business losses who use inland marine transportation to ship their products and equipment. If a business uses trucks, trains, or cars to transport their products, all of those are always at risk for collision, because anything could happen which could cause them to crash.
Weather can also create conditions that lead to loss of goods or damages. Fire, water, lightning, hail, other weather damage, and other natural conditions can lead to property damage or loss.
If you have specific questions about any other conditions that inland marine insurance covers, talk to an insurance provider, and they’ll be happy to answer any questions.
Is Inland Marine Insurance For You?
If you have a business that frequently ships over land, you may consider inland marine insurance to protect and cover you. There are many problems that can arise during transportation, both on and off the road. It’s important to have insurance to protect you and help you with any damages or other losses that might occur to your products or equipment in the transportation process.
Do You Need Inland Marine Insurance?
Here at Insurance Unlimited, we offer inland marine insurance and are happy to consult with you about the best policy for your needs. Insurance Unlimited also offers a range of other insurances, from home insurance, renters’ insurance, and auto insurance to business insurances like workers’ compensation, farm insurance, and more. For more information about inland marine insurance or for any other insurance questions, please contact us today. Insurance Unlimited is passionate about finding the right policy for you.