An Overview Of Inland Marine Insurance
While the word "marine" typically refers to water, inland marine insurance has nothing to do with water. The insurance coverage applies to moveable property on land, as well as some form of specialized equipment. Below is an overview of inland marine insurance.
Inland marine insurance covers a variety of properties, but the following are some of the most notable.
Property on Transit
These are goods that are being transported overland. For example, if you sell heavy machinery for builders, your inland marine insurance will protect you from losses you would incur if a piece of machinery got damaged while being delivered to a client.
Property in Temporary Storage
Inland marine insurance also protects other people's properties when those properties are in your temporary storage. Say you have a warehouse where you keep your client's properties. Inland marine insurance would shield you from liability in case those properties got damaged or stolen.
These days, many businesses have properties that are always on the move. For example, a food truck doesn't stay on a fixed location all year round; inland marine insurance can protect the food truck plus its contents.
Infrastructure Other Than Real Estate
Last, inland marine insurance can also protect infrastructure attached to your real estate property. For example, if you have a communication mast on your business premises, inland marine insurance can cover it. If you have a bridge connecting two pieces of land that you own, inland marine insurance can cover it.
The Need for Coverage
Not every business requires inland marine insurance. However, you likely need the coverage if your business fits any of the following situations.
You Deal in Expensive Items
The more expensive your items are, the higher the loss you might suffer if they get damaged or stolen while on transit. Damage to expensive equipment, such as servers, during transit, can cost you hundreds of thousands or even millions of dollars. Inland marine insurance can protect them.
Inland marine insurance primarily deals with goods that are being moved over land (think train and trucks). Therefore, you need this coverage if your business involves lots of overland shipping.
Lastly, you also need the coverage if you run a mobile business. Say you hold exhibitions on different parts of the country or you run a flood remediation service; inland marine insurance can protect your business equipment while moving to or from a worksite.
Reach out to a company like Welsh Insurance Agency Inc. for more information on business insurance.