What to Know about Inland Marine Insurance

What Is Inland Marine Insurance And Who Needs It?

By Iris Turner, Commercial Lines Agent

Not a lot of people are familiar with inland marine insurance, but it could be an important option for you – especially if you own a business.

Inland marine insurance is an extension of ocean marine insurance, which was used to cover goods when they were transported via the ocean or the sea. Inland marine insurance comes into play when those goods or equipment are offloaded onto land. This insurance covers the goods while they are being transported, but also covers the goods once they’re in your possession. 

Inland marine insurance can cover goods that are being transported by train, truck, or car. It can also cover equipment that is in your office, like medical equipment or a contractor’s tools. If you have a business that has computers or other equipment, or you’re in the storage business and your customers are trusting you with their possessions for safekeeping, you may be a candidate for inland marine insurance. This kind of insurance also covers any equipment that you might rent from different vendors.

Other businesses that may need inland marine insurance include art galleries, museums, and antique dealers. These businesses often have valuable items that are transported or displayed in different locations, making them vulnerable to theft, damage, or loss.

Inland marine insurance can provide coverage for a variety of circumstances, including physical damage, loss or theft, and business interruption. It can also serve as liability insurance for any damage or injury caused by your property while it is in transit or temporarily located away from its primary location.

The limits on inland marine insurance depend on what type of things you’re covering. For example, if you have a piece of equipment that is worth $10,000, that would be your coverage limit. If you have a piece of art that is worth $250,000, it would be covered for $250,000.

Inland marine insurance does not cover things that haven’t been shipped, goods that are damaged before being shipped, or goods that have been intentionally damaged. 

The cost of inland marine insurance will depend on the size of your business and how much equipment you need coverage for. To determine the right coverage for your business, it is important to work with an experienced insurance agent who can help you assess your risks and develop a customized insurance solution.

If you’d like to learn more about inland marine insurance – or any other type of insurance – please reach out. We’d be happy to help!

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