What is Inland Marine Coverage?
Contrary to its name, inland marine coverage doesn’t apply to goods transported over water. Rather, any products, equipment or materials taken over land by truck, van or a similar freight vehicle frequently require this coverage to protect your business in the event of collisions and cargo theft.
Many business owners may wonder why their business owners’ policy (BOP) or general liability insurance doesn’t cover these instances. While they do to an extent, the coverage tends to be limited, excluding high-priced items, storage methods and locations.
Inland marine can be added as an extension to your commercial package policy or BOP but first, understand why your business may need it.
More Comprehensive Coverage
Your commercial policies frequently exclude certain storage and transit instances. Your inland marine coverage then acts as an extension for:
- Company property in transit, including high-dollar supplies moved from one location to another.
- Temporary property, including if your business stores, transports or holds onto certain items for a temporary but predetermined period.
- Property that stays in a fixed but still movable location, such as a food truck or bus route.
- Any property that assists with transferring information.
- Valuables or rare property, including artwork, electronics, musical instruments and other items not typically covered by standard commercial policies.
Keep in mind that, while inland marine covers the actual contents being moved, the vehicle holding these items needs a separate commercial auto policy.
With all these factors considered, an agent can work with you to write two possible policy types:
- An all-risk policy, designed to cover all types of disasters and emergencies, unless specifically excluded.
- Named-peril coverage, in which your policy only covers specific named disasters.
You Ship Specialty Items
Not everyone who ships products or transports items needs inland marine, but standard commercial policies typically exclude the following:
- All types of computer equipment
- Equipment used for networking and communications
- Construction equipment
- Anything used for medical or scientific purposes
- Photography supplies
- Expensive displays and trade show booths
For a policy tailored toward these risks, specialty types of inland marine include:
- Builder’s Risk – Geared toward materials and equipment for construction and renovations.
- Bailee’s Customer Coverage – For anything left in your business’ care.
- Exhibition and Fine Arts – Specifically for high-dollar items, whether they’re at an exhibit, in transit or held on a loan.
- Installation Floater and Motor Truck Cargo – For covering your own materials or clients’ supplies in transit.
Could your business benefit from inland marine coverage? To discuss your options, give us a call at 203.729.5261.