There are certain types of property used during the course of business that doesn’t fall into one simple category. Inland Marine Insurance covers a wider range of items that mainly have to do with the transportation and communication aspect of a business. While items are being transported from one destination to another, accidents can happen that are outside the scope of auto insurance or other types of policies.
Inland marine insurance offers a much broader range of coverage that protects companies in the transport business from financial loss. Ocean marine insurance is designed to cover items while they are in transit over the ocean. Inland marine insurance works in the same way, only it covers transport over land. Inland marine insurance is sometimes referred to as “floater’s insurance” because it covers items that are being held between destinations as well as items that are currently in transit from one location to another. It also protects items that are being “held over” due to shipping delays or pick up by a client.
Inland marine insurance covers almost anything that has to do with the mobile transport of goods. It includes:
Inland marine insurance picks up coverage of these items where other types of insurance leave off. It offers protection from financial loss if an accident occurs between locations. It also covers a variety of items that have to do with the communication aspect of logistics.
Even though inland marine insurance only accounts for approximately 2% of all premiums collected, it is vital for many businesses. much of what is covered involves a substantial financial investment for the owner. Large pieces of equipment, fine art, and racehorses are unique examples of the types of items inland marine insurance covers. An item may be valued at millions of dollars and often requires a policy that is written exclusively for its transportation. Any type of damage or loss would be financially devastating.
Any time your company must ship or transport items from one location to another, inland marine insurance is a must if you want to be fully protected from any type of loss. Having a policy in place will protect your business and ensure that you are compensated if any type of damage occurs.