What Does Inland Marine Insurance Cover?

If you are in the business of transporting high dollar goods on land, either by car or truck, you will be wise to take out an inland marine insurance policy. An inland policy will cover those goods as they’re being transported. If something happens to your valuables during the shipment, your insurance policy will cover part or all of the shipment so that your business can function as typically once more.

It should be noted that inland marine policies don’t just cover things like expensive shipments and merchandise. You will find that most insurance providers list inland marine policies as also covering:

• Golf equipment
• Exhibitions
• Builder’s Risk
• Camera and photographic equipment
• Computer coverage
• Commercial floaters
• Contractor equipment
• Fine arts
• Museums
• Motor truck cargo
• Trip transit
• And much more…

Before you take out a policy to cover your business, make sure your provider’s definition of inland marine insurance fits with yours. After all, you would hate to be in a situation where you assume that your merchandise or character is covered only to find that it’s not covered at all.

The Origins of Inland Marine Policies

Inland marine insurance has been around since the 17th century. Back then, insurance companies would only cover the cargo on ships as they were transported across the ocean. Once the shipment was taken off the ships, however, the merchandise was no longer covered. You can imagine how angry policy holders would be if something happened to their shipment after transport when it was no longer covered. To help cure this, insurance providers began offering inland marine policies so that the shipments would be covered already while on dry land.

It Must be Cost-Effective

When you are shopping for inland marine insurance policies, you should always pay attention to the deductibles that your insurance company offers. If your merchandise is damaged or stolen while en route, your deductible should be an amount that’s cost-effective for you. That’s why you will want to sit down with your insurance provider to go over various scenarios to make sure you’re never in a position where your insurance policy isn’t sufficient enough to cover your losses in case an incident occurs.

The Perfect Policy

Your insurance provider should explain to you what is and what isn’t covered under an inland marine insurance policy. You may already find that your provider recommends this kind of policy to cover those things that your normal policy doesn’t. In situations like these, you would be using this policy to fill in the gaps of your other policies so that your business is fully protected against any unfortunate events. But the only way to be sure if an inland marine insurance policy will help your business is to discuss the matters with your provider to make sure you’re securing the perfect policy for your company’s needs.

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