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Inland Marine Insurance 

Inland marine insurance is a specialized type of insurance that protects businesses from losses related to property that is in transit over land or stored off-site. This coverage is often misunderstood and mistakenly thought to only apply to marine cargo, but it actually pertains to a broad range of property types that can include tools, construction equipment, and other mobile assets that are used in the conduct of business.

Who Needs Inland Marine Insurance?

Inland marine insurance is important for businesses that transport or store valuable property that is not covered by standard commercial property insurance policies. Here are some examples of businesses that may require inland marine insurance:

– Contractors such as plumbers, electricians, carpenters, and HVAC technicians who transport their tools and equipment from site to site

– Companies that manufacture or distribute high-value products like medical equipment, electronic devices, or art pieces that must be transported between warehouses or distributors

– Retail businesses with mobile equipment like food trucks, mobile medical clinics, or any other vehicles used to transport inventory.

– Freight and shipping companies that transport goods or equipment across the country via land-based vehicles.

– Healthcare institutions that transport medical equipment and supplies.

In fact, any business that needs to transport valuable property that is essential to its daily operations would benefit from inland marine insurance.

Types of Insurance Needed by Inland Marine Companies

Inland marine insurance covers a wide range of risks and exposures associated with mobile and valuable property. Depending on the nature of your business, there are specific policies you may need. Here are some of them:

  1. Builder’s risk insurance: This policy is designed to protect construction projects until they are completed. It covers damage caused by theft, fire, and inclement weather.
  2. Transportation coverage: This policy provides coverage during the transit of goods or products. It includes both property insurance as well as liability insurance.
  3. Equipment coverage: This type of policy covers damage or loss of all types of mobile equipment used in a business, such as backhoes, bulldozers, or cranes.
  4. Fine arts coverage: This coverage provides specialized protection for art pieces during transportation or storage.
  5. Installation floater insurance: This policy offers protection in the event of damage during the installation or maintenance of equipment and machinery.

These policies can be customized to meet the needs of individual businesses and combined for ultimate protection.

How Much Does Inland Marine Insurance Cost?

The cost of inland marine insurance can vary depending on the specific type and amount of coverage needed, overall risk profile and other business considerations. The following factors are taken into consideration when you are quoted for insurance:

– The value and nature of the property being insured

– Where the equipment will be stored or transported

– The experience and past claims history of the company.

In some cases, businesses may only need a basic policy that covers a limited amount of equipment. Other companies with more expensive or extensive equipment may require more robust coverage. To find out what option would be best for your business, you can consult a professional agent from EKinsurance.

Inland Marine Risks and Exposures

Businesses that require inland marine insurance are subject to a variety of risks and exposures. Here are some common risks that they face:

  • Theft of equipment that is left unattended overnight 
  • Accidents or collisions while in transit causing damage to equipment and vehicles
  • Natural disasters like fires, floods, tornadoes or hurricanes destroying equipment and causing significant financial losses

It is essential for businesses that require inland marine insurance to have a comprehensive risk management plan in place. This includes taking appropriate measures like vehicle tracking, installing security systems, and creating policies regarding parking and equipment security.

Inland Marine Insurance – The Bottom Line

Inland marine insurance is a vital component of risk management for businesses that operate mobile and expensive equipment. It provides protection against several risks and exposures that other standard insurance policies do not cover. Whether you own a small construction company or manage a large transportation business, inland marine insurance can provide peace of mind as well as protection against any unexpected events.

To learn more about inland marine insurance, speak with an experienced insurance agent who can help customize your policy to fit the specific needs of your business. Our experts will compare quotes from different providers and let you know which option is the best for you. Contact us today!

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