You may be familiar with marine insurance, which is insurance that covers products that are transported via water, but less familiar with inland marine insurance. Inland marine insurance is the opposite of marine insurance, as it offers coverage for products transported via trucks or trains. In some cases, it may even offer coverage for items stored in a warehouse that your company uses or sells. The most common causes of inland marine losses include theft and collisions. You can count on the insurance brokers of Salt Lake Business Insurance to explain everything that is covered in an inland marine insurance policy.
Do You need Inland Marine Insurance?
Not every business requires this type of insurance. Some with a Business Owners Policy with property insurance will not need an additional policy. This type of insurance typically covers property that is housed in a certain area. Equipment and tools that an employee has to take with them to a job site; they might be covered. However, if you have a business that ships products and equipment often, you might want to consider inland marine insurance policy. It is even more important if you typically ship high-value materials or products. These are usually not included in basic property coverage.
How to Determine if You Need Inland Marine Insurance
If you are trying to figure out whether you need Inland Marine insurance, think seriously about the nature of your business and how it operates. Just because you have a business that ships products to customers and retailers, doesn’t mean that you can’t benefit from this type of insurance. If you participate in tradeshows, and you have to frequently ship the booth and other equipment then you can benefit from Inland Marine insurance. If you have someone else’s property, inland marine insurance can offer coverage against any losses that may occur.
Special Inland Marine coverage includes:
Motor Truck Cargo Coverage – This coverage protects the clients well while it is being transported
Installation Floater – This covers the goods when they are initially loaded onto a truck until its installation.
Exhibition and Fine Art – This coverage protects valuable items while they are on exhibit, during transit, and while they are on loan.
Builder’s Risk – Covers materials and structures during a construction project or renovations.
Bailee’s Customer Coverage – This covers and protects anyone’s property that has been left in your care, usually left in a warehouse or repair shop that you own.
What Is Covered?
Here is a list of some of the many things that an Inland Marine Insurance Covers: