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Inland marine insurance is an important coverage option for businesses of all sizes. It protects companies against the loss or damage of goods, equipment, and other assets. Inland marine policies can provide broad protection for various types of property including customer goods in transit, specialized business equipment, and contractor’s tools.
What does inland marine insurance cover?
Inland marine insurance is a type of insurance coverage that provides protection for property in transit, and other types of movable property. This includes items such as mobile equipment, tools, business materials and documents, construction equipment, railroad rolling stock, trailers, and containers used to transport goods across the country or around the world. It also covers many types of specialized property, such as fine art and musical instruments.
The purpose of inland marine insurance is to protect businesses from losses due to damage or destruction while their property is in transit. These policies are typically written on an all-risk basis; meaning they cover any loss unless it’s specifically excluded by the policy. Inland marine insurance may also include coverage for theft and mysterious disappearance.
In addition to property-in-transit coverage, inland marine policies can also protect businesses against loss or damage of their personal property while temporarily away from their premises. This includes items like laptops, cameras, and other equipment used for business purposes.
Regardless of the type of inland marine policy you choose, it’s important to read the exclusions in your policy so you understand what is and isn’t covered. Talk with your insurance advisor about any additional coverages that may be necessary for your particular situation.
When do small businesses need inland marine insurance?
In the case of Inland Marine Insurance, it is simply a “floating” policy and in that sense, the protection is not relegated to one particular location. This type of policy may be necessary for small businesses that own any form of mobile equipment or contractor equipment.
Commercial property insurance may not provide coverage for property located off site or outside of a named location on the insurance policy. Inland marine protection helps prevent damage and theft outside your premises. Read on for a detailed list of maritime insurance options.
What types of inland marine insurance are available?
- Motor Truck Cargo Coverage
- Goods Transported By Truck
- Goods Transported By Rail
- Goods Transported Shipping Vessel
Personal Property Coverage
- Contractors Equipment
- Mobile Equipment
- Contractors’ Tools And Equipment
- Mechanics Tools
- Leased Equipment
- Laptops & Computers
- Digital Cameras & Video Cameras
- Fine Art Coverage
- Musical Instruments
- Installation Floater
How Much Does Inland Marine Insurance Cost?
The cost of commercial inland marine insurance typically has a minimum premium of $300 but has no maximum.
Property Class – Rating Variable
Insurance Carriers place eligible property types into “classes” based on the potential risk of loss. For example, a piece of jewelry may inherently have more risk than a large piece of bulldozer equipment.
Covered Property Limit – Rating Variable
The largest variable in pricing inland marine insurance is the coverage limits requested.
Deductible – Rating Variable
An inland marine insurance policy can have a deductible as small as $0. That is a benefit you get when covering personal property on an inland marine schedule vs normal business property. If you want to reduce your insurance premium, you can increase your deductible
Stand Alone Inland Marine vs Commercial Package Policy
Every insurance policy contains certain policy fees that the insurance provider must charge policyholders. While the individual rate for the inland marine coverage may be the same whether it is written individually or as part of a business owner’s policy, you can save money by when you buy inland marine insurance if you package the coverage with your other property insurance.
The Final Verdict – Inland Marine Insurance For Business
Inland Marine Insurance is a valuable form of coverage that provides extra protection to businesses and individuals who own property outside of their premises.
Whether you are shipping goods or transporting tools, having the right amount of inland marine insurance can help protect your business from unexpected losses.
If you have any questions about what type of inland marine policy may be best for your situation, contact an ALLCHOICE Insurance Advisor today.