Your business does not have to be on the high seas to need inland marine insurance. Yes, it’s true that inland insurance was originally devised to cover transportation of high value goods over bodies of water. But, that definition has expanded over the years to include the movement of any goods or property by land or sea.
Inland marine insurance additionally covers projects under construction, such as a large office building. It can even cover intangible items like accounts receivable or computer data. A property insurance policy may limit or exclude coverage on items being transported by land, sea, or air. Inland marine insurance can help protect your investments whenever they are in transit, in a temporary location, on a work site, or of such unique monetary value that they need coverage outside of normal coverage circumstances.
If your business typically ships or works with high-value items (like jewelry or fine art), or requires extensive transportation of goods, conventional insurance policies won’t provide coverage. So inland marine insurance may be essential to the protection of your business. Your Snyder agent can write coverage on an all-risk, open-perils, or named-perils policy.
How Does Inland Marine Insurance Work On Land?
Inland Marine Insurance has its origins in ocean marine insurance. At one time, this type of insurance covered transportation of cargo via waterways. Now, however, Inland Marine Insurance includes coverage of cargo being hauled across land as well. It also protects the property of third-parties while that property is on your premises or is transported to or from your place of business.
Inland Marine Insurance typically protects properties that are movable or transportable in nature. This category of insurance covers movable or dedicated types of property such as construction, solar or medical diagnostic equipment, wind turbines, works of art, and an extensive assortment of other properties.
When it comes to off-site work, a business owner’s policy may not cover particular tools, gear, equipment, or computer equipment. Commercial Inland Marine Insurance covers the majority of business properties, including contractor gear and equipment. If you’re a small business owner that transports goods or property, Inland Marine Coverage may be essential to guarding your business interests.
What Does Inland Marine Insurance Cover?
Inland Marine Coverage frequently protects properties that need greater security than what may be found in a more traditional policy. These properties may include computer systems, an artisan’s gear and utensils, fine art and equipment that may be used regarding that art, photography equipment, cargo being transported by a trucking firm, and more.
If You Transport, You Probably Need Inland Marine Insurance
Think about what is loaded into, and transported by, your company’s vehicles on a daily or weekly basis that is essential to your business. Whether this cargo is tools and construction gear, valuable data and information, vital construction plans, or high-value works of art, your standard property coverage might not be adequate to cover what is essential for your business. Very often, a property policy will limit transport coverage to a particular number of feet from the selected business location. That’s of little use when cargo or gear suffers damage ten miles from your business.
If your gear or cargo must be transported regularly, coverage is essential. The Snyder Insurance Team will help you find the best Inland Marine Coverage, whatever your company’s cargo transportation needs. You can rest assured that your equipment, tools, or goods will be protected, whether in active transit, while awaiting transport in a company vehicle, or at a job site.