Inland Marine insurance provides protection for a wide range of specialized property including a business’ property that is mobile in nature, or may require unique valuation. Basically, it’s property insurance that covers certain types of movable property, and specialized items that a standard property insurance policy doesn’t cover. An inland marine policy can also extend coverage to property that is in the possession of the insured business or premises. Businesses that work off-site, move goods or products, or are in the possession of property that belongs to others, need a commercial inland marine policy.
Who Needs Inland Marine Insurance Coverage?
Inland marine insurance offers financial protection for a business’s property while it’s being transported over land. This includes equipment, products, parts, and materials moved by trucks, automobiles, and trains. The coverage applies to property owned by or in the care of a business, particularly in industries such as construction, transportation, fine art, and renewable energy.
By focusing on specialized sectors, we have developed a deep understanding of their specific needs and the risks they face. In addition to inland marine insurance, we provide a broad range of other insurance options that can either stand alone or complement our industry-specific products. We also serve industries including communications, manufacturing, municipalities, and specialized equipment.
Does your business require inland marine insurance?
For many businesses, the property coverage included in your Business Owners Policy (BOP) or Commercial Package Policy (CPP) may be adequate. These types of insurance generally cover property at a specific location, but may also extend to tools and equipment that employees take to job sites.
However, if your business regularly ships products or equipment, inland marine insurance could be a valuable addition. This coverage is particularly important if you transport high-value items or materials, which may not be covered by basic property insurance. Inland marine insurance can protect a variety of specialty equipment and products, such as:
- Computers, including servers and laptops
- Communications and networking equipment
- Construction and contracting tools
- Medical and scientific devices
- Photography gear
When deciding whether inland marine insurance is necessary for your business, consider your operations and specific needs. This type of coverage is not just for businesses that ship products to customers or retailers. For example, if your company has a high-value tradeshow booth frequently shipped across the country and stored offsite by a vendor, inland marine insurance can provide essential protection. If you have questions about getting a quote for inland marine insurance, reach out to Hamilton Insurance Partners today.
