Whatever your business, the last thing you need to deal with is a loss to your business property while it is in transit on land or being stored at an off-site location.
If your business ships or transports products, equipment, or materials on land by truck or train, then an inland marine policy can help pay to repair or replace your property in the event of a loss. Our professionals can provide a commercial inland marine insurance quote and coordinate coverage with your other business policies.
Inland marine coverage protects:
- Business property in transit
- Landscaping equipment and tools
- Construction equipment and tools
- Computers, laptops, and other technology
- Communication and networking equipment
- Video and photography equipment
- Fine art and collectibles
- Medical and scientific equipment
- Sales samples
- Company trade show exhibits
- Your products shipped to customers, especially high-value products
Inland marine coverage protects you from:
- Theft or loss
- Mysterious disappearance
- Accidental drop and damage
- Damage due to a vehicle collision
- Water or fire damage
- Wind and hail damage
What is inland marine insurance and what does inland marine insurance cover?
Whenever equipment, inventory, or products are being transported between two locations, they’re exposed to potential risks. Whether construction equipment is being towed across town or products are being sent from New Jersey to California, items large and small are susceptible to being lost, damaged, or stolen while in transit. Commercial inland marine insurance helps protect shipments until they reach their destination. Inland marine coverage is a specialized form of property insurance that's used to protect items being transported over land. An inland marine policy may be used to insure small items, such as product samples, or large equipment, like construction equipment.
Who can benefit from inland marine coverage?
An inland marine policy is one of the few insurance policies that may be beneficial to both businesses and individuals. Many different businesses frequently use this coverage to protect goods and equipment when they’re in transit. A few examples of businesses that might benefit from an inland marine policy include: Landscapers who tow lawnmowers and other equipment to client sites, swimming pool contractors who tow heavy equipment to job sites, videographers or photographers who bring expensive cameras and equipment to shoots, and even pharmaceutical companies that mail samples to their representatives. Residents who might benefit from inland marine coverage are usually people who do a lot of online shopping. An inland marine policy can help ensure that products are properly protected from the time they’re sent by a merchant until they’re safely delivered.
How do ocean marine insurance and inland marine insurance differ?
Ocean marine and inland marine insurance are similar in that both types of insurance protect items while they’re in transit. These two forms of coverage provide coverage for different situations. Ocean marine insurance typically covers items that are sent across the ocean, hence the term “ocean marine.” Most ocean marine policies provide protection from the time items are loaded onto a ship until they’re unloaded at another port. Inland marine insurance picks up where ocean marine insurance leaves off. Inland marine policies generally cover items once they’re loaded onto a land-based vehicle (e.g., truck or train) or stored in a third-party warehouse for loading onto a vehicle at a later time. The phrase “inland marine” can be traced back to days when boats were the primary way to ship goods inland. Items were loaded off of ocean-going ships and onto smaller vessels that could navigate inland waterways. While the term has remained, policy coverages have been updated to include more modern and efficient modes of transportation.
Don’t carriers provide insurance for shipments?
While many carriers do offer insurance for shipments, the amount of coverage that’s automatically included when sending items doesn’t meet the needs of all businesses and individuals. High-value and high-volume shipments may exceed carriers’ standard insurance protections. In these situations, purchasing an inland marine policy is sometimes more affordable than paying a carrier for additional coverage.
How can businesses and residents get an inland marine policy?
Businesses and residents can get assistance with finding inland marine insurance by contacting an independent insurance agent in their area. While inland marine policies aren’t as widely advertised as some other types of insurance, many insurance brokers offer this type of coverage. An independent insurance agent can help compare policies from different insurers and identify the one that provides the best coverage for a particular business.
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