What is inland marine insurance?

Inland marine insurance is coverage meant to protect business property while it is being transported on land, either by train, truck, or another similar mode of transportation. This property could include equipment, materials, high-value items, and other items that aren’t included in the company’s business owners policy. Some companies purchase inland marine insurance as an add-on to their business insurance policy. Others purchase the insurance coverage as a separate policy. Some of the perils that could be included in an inland marine insurance policy are fire, hail, theft, water damage, and wind. It’s also possible this type of insurance will provide protection against accidental damages and mysterious disappearances.

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When do I need to be aware of inland marine insurance?

You may want to become familiar with inland marine insurance if you are the business owner of a company that frequently transports equipment or other goods. If your shipments aren’t particularly frequent, but they are highly valued, that would still be a good reason to invest in inland marine insurance.

What is important to know about inland marine insurance?

Any business property that moves or is used for communication or transportation reasons should be considered in this type of policy. There are some other important items you should know about inland marine insurance:

There’s a wide array of items commonly covered by inland marine insurance, such as trade show exhibits, cargo items, sales samples, communication equipment, medical equipment, computer systems, photography equipment, and more.
Most inland marine insurance coverage has a deductible listed on the policy, so you would be required to pay out of pocket as a portion of the claim against you.
In most cases, this type of insurance has a coverage limit for which the insurance company would reimburse you.
Sometimes there’s a penalty for claiming a loss that goes beyond the coverage limit, so it’s important your coverage limits fully reflect your property value.