Don’t let the name fool you. Unlike Ocean Marine insurance, Inland Marine insurance has little to do with water and everything to do with protecting your business’s property.
The term Inland Marine insurance harkens back to the pre-industrialized era when most property and goods were transported by ships to port cities and businesses need protection in the event of ship sinking or being overtaken by pirates. Things have changed but the name stuck and today, Inland Marine insurance covers a wide range of property and goods— those transported over land and those that remain onsite—that may not be covered by a typical Business Owners Policy (BOP).
Who Needs Inland Marine Insurance?
If your business often ships equipment or products, especially if they are high value goods such as computers, construction equipment, communication and medical diagnostic equipment, or film/production equipment, then Inland Marine insurance may be a good choice for you. Also consider Inland Marine insurance if your business works off-site, such as a construction company, or if you temporarily store or are in possession of items that belong to others. For example, many bars and restaurants exhibit valuable artwork or other valuable decorations or objects. Does your business own such things as bridges, piers, or radio towers? Inland Marine insurance will cover these, too.
Industries/businesses involved in the following often purchase Inland Marine insurance:
- Construction-Often work off-site so Inland Marine insurance is key.
- Technology-Need to protect towers, installation and equipment.
- Transportation-Primary industry to use this type of coverage.
- Equipment-Used to cover all types of equipment on and off premises.
- Miscellaneous-Collectibles, musical instruments, signs, vending machines.
In addition to the protection Inland Marine insurance extends to your property, it will also cover a wide variety of events (or perils) that put your property at risk. This includes:
All-Risk Policy—This coverage protects your business from all types of perils (usually natural disasters, theft and collisions) unless otherwise noted (a list of these exclusions should be included with the policy).
Named-Peril Policy—Only covers specific events listed in the policy.
Keep in mind that Inland Marine policies protect property in coverage, not the vehicle(s) used to transport the property. Automobile insurance would protect those vehicles and is something you may want to consider. A Colstan & Associates agent will work with you to tailor coverage specific to your particular needs.