Inland Marine Insurance
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Inland marine insurance is a type of insurance that covers product, material, and equipment when they are being transported on land. It is not the same as ocean marine insurance.

Inland marine insurance covers such products that are transported either by train or truck. It is also known as property in transit insurance. Inland marine insurance covers such unforeseen occurrence as theft, water damage, fire damage, wind and hail damage.

Which businesses need Inland marine insurance?

Businesses which frequently move products and equipment may consider getting an inland marine insurance. If you deal on high value products, then the need for insurance is doubled.

Inland marine insurance can cover a wide range of equipment and products such as computers, communications and network equipment, medical and scientific equipment and photography equipment.

When deciding on the type of insurance to purchase for your business, it is good to put into consideration the nature of your business and equipment. The type of insurance you should get is determined by the type of products and machineries that you need to move around.

Some inland marine insurance also covers someone else’s property that is in your possession. These are the reasons why you may want to be careful when shopping for an insurance policy. Always take into consideration the items they can cover.

Special inland marine coverage includes

1) Exhibition And Fine Art Coverage: This provides cover for valuable items which are used for exhibition and usually in transit.

2) Builder’s Risk: This provides cover for materials and structures during construction projects or renovations.

3) Motor Truck Cargo Coverage:  These cover clients good and equipment while you transport and deliver them. It is advised to speak with an insurance professional who will help to determine the best inland marine insurance for you. It is pertinent to note however, that there are no standard forms.

Things That Are Not Covered By Inland Marine Insurance

1) Vehicles – You need to purchase a separate commercial auto insurance to cover vehicles you need for business purposes. But this insurance can cover the products transported with the vehicle.

2) Stationary Property: Things like houses, warehouses, big machineries that are not movable are covered by standard commercial property insurance.

3) Goods Transported Through Sea or Air: These transport routes have their separate insurance. For the sea, you need ocean marine insurance while for air, there is air cargo insurance. Inland marine insurance specifically covers goods transported on land.

4) The inland marine insurance does not also cover goods destroyed by natural disasters like earthquake and flood. Businesses located in such high risk zones should purchase commercial flood insurance or commercial earthquake insurance.

5) This insurance also does not cover damages which occurred before shipment. Such as factory error or production error. Inland marine insurance only covers goods damaged while on transit.

Factors That Affect The Cost Of Inland Marine Insurance

– Business size

– Type of business and property insured

– Coverage limits

How Much Coverage Do Your Business Needs?

It is not possible to predict the size or magnitude of a future loss and so, many businesses struggles to choose just how much coverage they need. In business, it is good to take out insurance to cover some losses that may come in the future.

To determine and predict the amount of insurance a business should take is cumbersome, but it is a necessity. The very first step in this process is to determine the actual value of the property. Knowing the actual value of the property to be insured will help you to know how much insurance you need.

How to Get Inland Marine Insurance

Insurance companies sell inland marine insurance. But you will need the services of an insurance agent who will be a middleman in the transaction. The agent is responsible for looking out for customers who want to purchase insurance covers for themselves.

They are paid a commission for every successful transaction. Even if you have purchased other insurance packages for your business, you need to ask your insurer if it incorporates inland marine insurance or whether you need to purchase a separate policy.

But Do I Really Need Inland Marine Insurance?

Yes, you do, especially if:

1)  You and your business frequently transport items from one place to another.

2) You and your company work with specific and specialized tools and heavy machineries which you need to carry around from site to site.

3) You and your company deal on shipment of valuables. If your business dealings cut across these things, you will need to purchase inland marine insurance.

Inland Marine Insurance VS Cargo Insurance

These two insurance cases often times appear similar; however, they are not the same thing. Inland marine insurance is usually purchased by businesses and companies to cover their own items and products being transported.

Cargo insurance is usually purchased by independent drivers and truck owners to cover products and items which are temporarily placed in their care. This policy is maintained by a cargo worker rather than the company they work for.

Conclusively, Insurance is very important in every business or investment. It provides businesses and companies with a safe landing in case of unexpected emergencies which may occur and bring about looses to the business. These unexpected occurrences includes fire incidents, flood, hurricane, theft etc. 

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