In general, inland marine insurance covers the following:
- Property in transit: This is property that you transport over land from one location to another.
- Property stored off-site: This includes property that you keep at a warehouse or storage facility.
- Property on movable vehicles: For example, an inland marine policy would cover the cooking equipment and raw ingredients that are stored in a food truck.
What inland marine insurance coverages can I choose from?
Inland marine insurance is a type of marine insurance coverage that covers a wide range of specialized property. For example, an inland marine policy from The Hartford can cover items such as medical diagnostic equipment, fine art, solar energy equipment and even clothing left at a dry cleaner. Our inland marine coverage can also cover property designed to facilitate transportation or communication such as commuter rail systems and cell phone towers.
What is inland marine insurance and who needs it?
Inland marine insurance is a type of business insurance that helps cover products, materials and equipment while they are transported on land, such as by truck or train. This coverage is meant to help protect business property that is movable or used for transportation or communication purposes. The Insurance Information Institute (III) states that inland marine insurance may help cover high-value items or those excluded by the property coverage in a standard business owners policy.
What is covered by inland marine insurance?
Some of the most commonly covered perils include:
- Civil commotion
- Theft
- Vandalism
- Fire
- Damage from vehicles
- Damage from airplanes
- Windstorm
- Hail
- Smoke from an accidental fire
- Water damage
Who needs inland marine insurance?
Inland marine insurance protects your business property when it’s in transit or stored at a site other than your main business location. It also covers specialized high-value assets that property insurance typically doesn’t cover. Inland marine insurance closes the gaps in standard business property insurance.
What is not covered by inland marine?
Inland marine insurance does not cover: Stationary property at your main location. Your business vehicles. Damage from earthquakes and floods.
Does an inland marine policy cover liability?
Specific examples of inland marine insurance coverage: Rigger's liability coverage: This is a specific example of inland marine insurance that pertains to contractors. It can cover cargo and equipment while being transported by crane, such as lifting an air conditioning unit onto a roof.
Which item would be most likely to be covered by an inland marine policy?
Inland marine typically covers: Cargo being shipped by truck or train. Construction equipment. Computers and hardware.
What does a marine insurance policy cover?
Inland marine insurance is a type of business insurance that helps cover products, materials and equipment while they are transported on land, such as by truck or train. This coverage is meant to help protect business property that is movable or used for transportation or communication purposes.
Why is insurance called inland marine?
Why is it called "inland marine" insurance? This policy is called inland marine insurance because it's an offshoot of ocean marine insurance, which protects property transported over water. Marine insurance came first – hence the distinction "inland" marine for land transportation coverage.
Does inland marine cover equipment breakdown?
These inland marine coverage and cargo insurance plans are far more versatile. If your equipment and property need coverage for whatever reason, it can be covered under these policies. Equipment breakdowns, like HVAC or a walk-in freezer, are covered under equipment breakdown insurance.
Does inland marine cover flood?
Inland marine insurance generally does not cover: Vehicles. Earthquake and/or flood damage (water damage, however, is covered) Damage that occurs prior to shipping.
Does inland marine cover trailers?
A commercial auto insurance policy will cover your vehicle, but not the trailer and any equipment being transported. An Inland Marine Policy will cover the specialized equipment landscaping companies transport to the facilities they work.
Is inland marine the same as cargo insurance?
Essentially, Inland Marine Policies are property policies designed to protect cargo or any other property in transit, storage or holding. Cargo Insurance is a particular type of Inland Marine Insurance.
What are the 3 significant types of insurance that are involved in marine insurance?
Types of Marine InsuranceFreight Insurance.Liability Insurance.Hull Insurance.Marine Cargo Insurance.
What are the 5 principles of marine insurance?
The fundamental principles of Marine Insurance are drawn from the Marine Insurance Act, 1963* As in all contracts of insurance on property, the contract of Marine Insurance is based on the fundamental principles of Indemnity, Insurable Interest, Utmost Good Faith, Proximate Cause, Subrogation and Contribution.
What is covered by an ocean marine policy?
Ocean Marine Coverage — insurance covering the transportation of goods and/or merchandise by vessels crossing both foreign and domestic waters including any inland or aviation transit associated with the shipment.
What is the difference between inland marine and cargo insurance?
As a business owner, you want inland marine protection because the coverage applies to your items or products being transported. Cargo insurance is targeted at people like independent truckers who are temporarily responsible for their cargo.
What coverage is not included under the yacht policy?
All boat insurance policies have exclusions. The boat owner has the responsibility to maintain their boat, and so normal wear and tear is often excluded under a boat or yacht policy. Other exclusions can include gradual deterioration, weathering, insects, mold, animals, and other marine life.
Which of the following would not be covered under Valuable papers business insurance?
Valuable papers insurance covers the loss or damage of important papers such as medical records, contracts, property deeds, blueprints, or any other important documents. Valuable papers insurance generally does not cover the loss of money, securities certificates, or electronic records.
What is covered by an ocean marine policy?
Ocean Marine Coverage — insurance covering the transportation of goods and/or merchandise by vessels crossing both foreign and domestic waters including any inland or aviation transit associated with the shipment.
What Is Inland Marine Insurance?
Inland marine insurance is a type of insurance that you purchase for your business that will cover materials, products, and any equipment when it is being transported. This type of insurance will only cover you if you're transporting on land. The term "inland marine" is opposed to marine insurance, which insures items that are being moved on the water.
Why is inland marine insurance important?
While you may not be interested in shelling out any more money for your business, you probably don't understand the importance of an inland marine insurance policy. If your company stores property away from your business or you're regularly transporting property, investing in inland marine insurance is essential for your company's longevity.
Does inland marine insurance cover damage?
The property that your company owns will be protected, no matter where it's currently located. This is unlike commercial property insurance, which only covers damage or property loss when your property isn't on the premises of your company. Some of the items that are covered under inland marine insurance include:
What is covered under an inland marine insurance policy?
Property in transit: This is property that you transport over land from one location to another.
How to estimate inland marine insurance?
The best way to estimate the cost of your inland marine insurance is to get a quote from multiple insurance providers. Before committing to a policy, make sure you carefully review it to assure complete coverage, ideally with the help of an insurance broker or other insurance professional.
What is marine insurance?
Inland marine insurance covers business property that moves over land or that’s stored away from business premises. You can also use it to cover certain specialized items that traditional property insurance won’t cover.
Does inland marine insurance cover land?
In fact, if you transport products over water domestically or internationally, you actually need ocean marine insurance. Businesses that transport property by air would need air cargo insurance. Some insurers offer a comprehensive commercial cargo policy that insures against all three types of transit — land, sea and air. Inland marine insurance only protects property that is transported over land or stored on land away from your ordinary business premises.
Does commercial property insurance cover inventory?
If the truck bed malfunctions and your inventory falls out and gets damaged, standard commercial property insurance may not provide coverage. Similarly, if you have certain highly valuable or unique types of property, traditional property insurance might have an exclusion. That’s where you may need inland marine insurance.
Do small businesses need commercial property insurance?
However, in cases where the property is mobile or more specialized, you still want to ensure that it’s covered. Here’s where inland marine insurance comes into play.
Should businesses in earthquake zones purchase separate commercial flood insurance?
Earthquake and flood damage: Businesses in earthquake or flood zones should purchase separate commercial flood insurance or commercial earthquake insurance.
Who needs inland marine insurance?
Inland marine is a specialized form of property insurance. Not all small businesses need it. However, companies that fit the following profile should consider purchasing it:
What is marine insurance?
Inland marine insurance protects your business property when it’s in transit or stored at a site other than your main business location. It also covers specialized high-value assets that property insurance typically doesn’t cover.
How far away does property insurance cover?
Property insurance protects your tangible assets stored at your main business site and up to about 1,000 feet away. It doesn't protect property that is stored beyond that distance or property that is in transit between business sites.
Does marine insurance cover stationary property?
Property that is part of infrastructure (e.g., bridges, communication towers that an insured owns) High-value property stored at your fixed location (e.g., another person's artwork stored at an auction house) Inland marine insurance does not cover: Stationary property at your main location. Your business vehicles.
What Does Inland Marine Policy Mean?
In spite of the word “marine” in the phrase, an inland marine policy does not necessarily have anything to do with the sea; rather it is an insurance policy that covers moveable or specialized types of property. Most commonly, the property is one of the following:
Insuranceopedia Explains Inland Marine Policy
Many may wonder why the word “marine” is used if most often the insured property is not at sea. One of the earliest types of insurance provided coverage for goods being transported internationally by sea, usually on an “all risk” basis.
What is inland marine insurance?
Inland marine insurance is the term for specific coverage and policies that deal with these sorts of risks , but the category can be broad and somewhat difficult to understand. This guide will clear up your questions by explaining what inland marine insurance is and does, what it covers, the factors that affect the cost of policies, what to consider when shopping for coverage, and our favorite picks for inland marine insurance, including the three options listed below.
Why do businesses need inland marine insurance?
But for businesses that frequently ship or transport products or equipment, particularly specialty goods, additional coverage known as inland marine insurance is needed to protect against the risks to property that may occur while material is on the move.
What is the difference between inland marine and ocean marine insurance?
Both forms cover losses, theft, and other damage that occurs to cargo in transit or to the vessel being used to transport it.
What is property insurance?
Property insurance policies frequently include coverage for two types of property: “real property,” or structures and permanent fixtures, and “personal property,” which refers to any movable items like furniture, supplies, or equipment held within a covered structure.
Is cargo insurance required for inland shipping?
If your company is transporting goods for others, this form of inland marine insurance may even be required, whether by law or by your customers. Even if not, cargo insurance will give you financial protection from damage that happens while property is in your care.
Is inland marine insurance good for shipping?
But for businesses that frequently have property in transit, inland marine insurance is a useful coverage for minimizing financial risks associated with shipping and logistics.
Does inland marine insurance cover property damage?
With the right inland marine coverage, however, an insurer would cover the cost of the property damage as long as the incident qualified for coverage under your policy. For the insurer to do this, you must pay to retain a policy and likely need to cover some portion of the cost yourself.
Why was the term "inland marine" used?
As cargo began to be shipped on land versus water, the term ‘inland marine’ was adopted and has been in use ever since.
What is ocean marine insurance?
Ocean marine insurance was among the first types of insurance that companies made available. It was offered to ships that transport goods via the ocean and covered their cargo in case of theft by pirates or the ship sinking in a storm. As cargo began to be shipped on land versus water, the term ‘inland marine’ was adopted and has been in use ever since.
What Other Types of Coverage Should You Consider?
An inland marine insurance policy is typically considered alongside builders' risk insurance and property insurance . Motor Truck Cargo Coverage is something to consider in place of inland marine if it's a better fit for your small business.
What is a truck cargo policy?
Motor truck cargo is a more specialized type of inland marine insurance that will provide coverage for both the truck owner/operator and motor carrier if the cargo they're hauling is damaged or stolen. It can be offered as a stand-alone policy or an endorsement to a primary liability policy (such as general liability or a business owners' policy).
Why is commercial property insurance important?
Commercial Property Insurance : Property Insurance Coverage is important if you have a physical location and/or office and store equipment there. Using Property Insurance to protect your off-site equipment is important.
Is there marine insurance in the inland?
The term ‘inland marine’ can seem misleading—because it’s not marine insurance. Inland marine insurance is a type of ‘floater policy’ that covers tools, equipment, and other cargo when they are in transit over land —such as by truck or train—or while in storage off-site. Contrary to popular belief, the protection of equipment in transport is not ...
Is inland marine insurance considered general liability?
The term ‘inland marine’ can seem misleading—because it’s not marine insurance. Inland marine insurance is a type of business insurance that is an ‘installation floater policy’ that covers tools, equipment, and other cargo when they are in transit over land —such as by truck or train—or while in storage off-site. Contrary to popular belief, the protection of equipment in transport is not typically covered under general liability or commercial auto insurance. It can also be referred to as Contractor’s Tool & Equipment Insurance .
What is inland marine insurance?
Simply put, inland marine insurance covers products, materials and equipment when transported over land (commonly by truck) or while stored temporarily at a job site or warehouse. In the early days of insurance, when businesses used ships to transport items, ocean marine insurance was born.
What is covered by contracting equipment?
Contractors’ equipment – Damaged and stolen contracting equipment, including leased or rented equipment , is covered, along with employees’ tools. With this protection, you can be reimbursed for necessary rental equipment and get help paying for cleanup after an accident. So, if an incident occurs, you’ll have the support you need to stay on track (and on budget).
Is coverage affordable?
Several factors impact the cost of an inland marine policy, including the property value, coverage limits, industry risk and your past claims history. Considering the variety of exposure types and the costs of contractor materials and equipment, protecting these items from loss or damage often makes good business sense.
