INLAND MARINE INSURANCE

 

Inland marine insurance provides coverage for property while in transit, along with high-value moveable material goods, such as computer equipment, fine artwork, tools, etc. Businesses that have people who travel for work or people that work with high-value items are recommended to purchase this type of insurance. It was originally created to cover the transportation of goods over water and now includes coverage for goods in transit on land.

Does your business need Inland Marine Insurance?

This type of insurance is usually purchased by businesses that want to ensure they have a comprehensive business insurance plan. It can be essential to protect your business property. For example, it can protect items you have in transit such as a shipment of your sellable business product. Perhaps you have in transit data such as accounts receivable in transit. Whatever high-value movable objects you own or are responsible for can be covered. Some property policies may limit or exclude coverage for these items. If your company is a construction company, this coverage can protect your tools and building materials. It can even cover losses to goods that occur at your premises, while being transported to or from your premises or in storage

Industry Examples of Inland Marine Insurance

Construction

Contractor's equipment and contractor's installations are the most typical forms of inland marine in the construction industry. This would include all of the tools, the building supplies, and even the items being installed including HVAC units. This is especially improtant if you are leaving any equipment at job sites overnight. If this is the case, then your risk management plan should include securing your tools and movable equipment at the end of the day to prevent loss.

Manufacturing

If your manufacturing company has large machinery, you may want to insure it seperate from your contents coverage on an inland marine policy. This is especially true, if the equipment is at all mobile. In Florida, this coverage can sometimes be less expensive and provide better coverage than a typical business property policy, and it is insuring the one item, which a lot of times is the most mission critical to your company's surviival. Other inland marine coverage can be placed on samples which sales personnel may travel with, and displays and booths for tradeshowcommercial property insurances.

Medical and Health Care

If you are a medical facility with large medical devices such as MRI or CAT Scan machines, or a Dentist office with X-ray machines, you will want to consider insuring those machines on an inland marine insurance policy. These items are large, mobile, and mission critical, and are appropriate to have their own limits and to have those limits reevaluate on a regular basis to make sure that they are properly insured.

Technology

For technology companies they should look into getting inland marine insurance placed on their large servers, and any other large, high-tech machines they may need for their business. In telecommunications, satellite dishes and communication poles need to be insured on an inland marine policy.

Construction

Contractor's equipment and contractor's installations are the most typical forms of inland marine in the construction industry. This would include all of the tools, the building supplies, and even the items being installed including HVAC units. This is especially improtant if you are leaving any equipment at job sites overnight. If this is the case, then your risk management plan should include securing your tools and movable equipment at the end of the day to prevent loss.

Many other industries can benefit from having inland marine insurance. Contact an agent at ALC Risk Solutions today to find out how.

Do you have questions about Inland Marine Insurance? Protect your business speak with an agent at ALC Risk Solutions, call 786-644-RISK (7475) or email acohn@alcrisk.com today.

 

The above is meant as general information. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.