Inland Insurance for Marine Crafts and Boats
While the name, Inland Marine Insurance, infers some sort of water related coverage, inland marine insurance actually covers all goods and property that your business transports both on land and on water. Whether you are driving home late at night with accounts receivable records in your truck or delivering goods via van to a customer, your business most likely needs the protection offered by this coverage.
Covering Goods in Transit
Inland marine insurance is a far-reaching coverage that may hedge against land transportation risks that you have yet to consider. It can cover:
- Computer Equipment: If you or an employee are taking computer equipment to be repaired or home to work over a long weekend, a car accident could cause the complete destruction of the equipment. This loss would be covered with inland marine insurance.
- Data: If you have back up disks or records that are damaged during transport, inland marine insurance can reimburse you for loss of business or the cost to restore the data.
- Art and Other Property: Assets of your business, either in the form of stock or for business use, may need to be transported to a new location or to a customer’s home. Damages encountered during the transport may be covered under inland marine insurance.
The Property of Others
If you have the property in your care that belongs to someone else, your inland marine insurance may cover the servicing, repair or cleaning of the property if it suffers from an insurable event while in your care. Your policy may have certain conditions regarding this coverage, and it is important that you understand them before taking on the property, since your business may be held liable if your policy does not pay.
Loss of Goods in Storage
While it may not be currently in storage, goods and property that you have in an offsite storage facility can be covered against loss or damage as a result of an insurable event.
Personal Inland Marine Insurance
It isn’t just business owners that can benefit from inland marine insurance. Individuals and families may purchase personal inland marine insurance to obtain coverage on jewelry, personal computers and other property that may go away from the home for cleaning or repair.
Perfect for Inland Transportation of Goods
It is important to remember that, although the word marine appears in the title, inland marine insurance is actually used by business owners and families who transport goods on land and have no need for transportation by ship—either on ocean, lake or pond. Because it mimics ocean marine insurance’s purpose, it retains part of the name.
Buying Inland Marine Insurance Coverage
This specialized form of transportation of goods insurance should be purchased with the assistance of your local insurance agent or financial advisor. He or she can help you decide whether personal or business coverage is more appropriate and can assist you in finding limits and deductibles that create an affordable premium while still offering a viable insurance benefit.