What is Inland Marine Insurance?
Inland marine insurance policies are designed to protect goods and materials while they are in transit or in storage away from the owner’s premises. Although the term “marine” might imply that these policies are only applicable to goods being transported over water, they actually cover a much wider range of situations. Inland marine policies are crucial for any business that moves or stores valuable goods, such as construction equipment, medical equipment, or artwork.
Why would you need Inland Marine Insurance?
The need for inland marine policies arises because most commercial property insurance policies do not cover goods that are being transported or stored off-site. This leaves a significant gap in coverage that can lead to devastating financial losses in the event of theft, damage, or loss of the goods. Inland marine policies provide coverage for these goods regardless of where they are located, providing peace of mind for business owners.
In addition to providing coverage for goods in transit, inland marine policies can also cover equipment breakdowns and other incidents that can occur during shipping or storage. For example, if a piece of construction equipment breaks down while being transported to a job site, an inland marine policy can cover the cost of repairs or replacement. This type of coverage is not typically included in standard commercial property insurance policies.
Inland marine policies are particularly important for contractors that operate in industries where equipment are frequently transported or stored off-site. These policies can provide protection against theft and damage to equipment breakdowns and other incidents. By purchasing an inland marine policy, contractors can ensure that their goods and equipment are protected no matter where they are located, reducing the financial risks associated with loss or damage.