Inland Marine Insurance may be the most important coverage you didn’t know your business needed.
Don’t let the word “Marine” throw you, Inland Marine Insurance has nothing to do with the ocean. Despite the misleading name, Inland Marine insurance covers goods in transit over land, property in the custody of a bailee and contractors’ equipment. If you are a performer, business owner, contractor or transportation professional, there’s a god chance Inland Marine Insurance makes sense for you.
Why it Matters:
You’ve got insurance for your business equipment, vehicles and other special assets, but are they covered when they leave your business site? Many policies limit or void protection while your assets are being delivered to (or in the possession of) a bailee. This may include tools calibrated offsite, vehicles being repaired, or goods en route to a customer. If your business works offsite (construction, home repair or installation), deals with specialized equipment (medical, landscaping or entertainment) or handles assets not covered by typical property insurance policies (musical instruments, art or collectibles), an Inland Marine policy might be the coverage you didn’t know you needed.
Inland Insurance, like the Ocean Marine Insurance from which it developed, provides a broader coverage than you might secure under a traditional property or business owners’ policy. While it may fall short of “all-risk” coverage, the all-inclusive coverage used for ocean transportation, it has fewer exclusions and protects against most of the mishaps that can cause a loss to your assets during transit. It also covers property falling outside of your normal coverage, especially if your business deals with rare goods or specialized technical equipment. The current upswell in the alternative energy industry (solar panels, etc.) has provided an increasingly growing demand for Inland Marine Insurance to protect valuable assets and thousands of dollars’ worth of equipment prior to installation.
Is it expensive?
Like any policy, Inland Marine Insurance varies by need and should be underwritten by a qualified expert. Our team at Lathrop Insurance Agency will ensure you receive exactly the coverage that is right for you and the best premiums available among our diverse range of providers. Never settle for a generalized quote from a provider who doesn’t take the time to identify your specific needs. Find an agent who will customize a plan for you and work to find the best deal possible. Call (401) 596-2525 today to see if Inland Marine Insurance is right for you.
Examples of assets covered by Inland Marine Insurance:
Contractor tools and equipment (landscapers, masons, carpenters, electricians, roofing professionals, etc.).
Medical, Electronic and Mobile Communications equipment.
Fine Art and equipment used to transport or display art.
Photography equipment including Cameras, Lighting, Drones and Props.
Goods shipped to / from your business by common carrier.