Understanding Inland Marine Coverage

Don’t confuse the term “inland marine” coverage with “marine insurance”. Marine insurance covers items transported on the water. While inland marine insurance covers products, materials and equipment when transported over land. Think tractors, dozers, tools, etc. Learn more about inland marine coverage to round out your business insurance portfolio.

Does my business need inland marine insurance?

Every business is different and therefore requires an individual review of their necessary insurance coverages. For those businesses with a Business Owners Policy (BOP) or Commercial Package Policy (CPP) your current policy coverage may be sufficient for tools and equipment as this type of coverage includes property that is housed at a specific location. Some policies may also cover tools and equipment that travel with employees to a nearby job site.

Inland Marine insurance is for businesses that frequently ship products or equipment. Don’t just consider ship as a boat, ship also means “shipping”. For example, does your business attend trade shows or work in various areas across the country?

Maybe you have an expensive trade show booth that is sent from show to show, or you are contractor that is building a chain of supermarkets and are transporting equipment and tools via freightliner, or you are a wildland fire contractor with mobile water tending and you are having several trucks transported to the job area via train. These businesses would benefit from the protection provided by inland marine insurance.

Anytime someone else is going to be responsible for transporting your tools, equipment or expensive assets, inland marine insurance can provide coverage should a loss occur.

Examples of Special Inland Marine Coverage:

Bailee’s Customer Coverage – Protects clients’ property that is left in the care of your business. For example, if you are a contractor working in someone’s home or are temporarily storing their items in your warehouse while you complete a job.Builder’s Risk – Protects structures and materials during new construction projects or renovations.Exhibition and Fine Art Coverage – Keeps valuable items protected while on exhibit, in transit or on loan.Installation Floater – Covers materials from the moment they are loaded onto a truck until they are put to use or installed.Motor Truck Cargo Coverage – Keeps clients’ goods protected while your business transports and delivers them.

The agents at Bancorp Insurance can help evaluate your business and determine whether inland marine coverage makes sense for your business.

Bancorp’s insurance experts are available to provide you with a free review and consultation.  Contact Us – Bancorp Insurance Call 800-452-6826

Disclaimer: This content is provided for general information purposes and is not intended to be used in place of consultation with our agents.