Commercial property insurance is important, but in some circumstances, it can fall short. In these situations, you will need inland marine insurance to pick up where your commercial property coverage leaves off.
Why Is It Called Inland Marine Insurance?
Many years ago, ships were the main mode of transportation for valuable goods. When cars became commonplace and highways were built, goods were shipped by land more often than by sea. Thus, the term “inland marine” was coined. Essentially, it protects your valuables against theft, vandalism or damage while in transit.
Inland marine insurance is ideal for protecting:
- Fine art
- Sales or trade show displays that are commonly shipped
- Equipment and tools
Additionally, inland marine insurance can provide coverage that is specific to certain industries. For example, if you are in the construction industry, you know how valuable your equipment and tools are. Inland marine insurance provides coverage for those valuable assets while you’re moving from one job site to another. If you are in the technology industry, inland marine insurance protects shipments of telephones, computers, fax machines and copiers. It is designed to fill in any coverage gaps that may exist in your other policies.
Inland marine insurance comes in the form of “floater policies.” Floater policies include:
- Motor truck cargo insurance: Safeguards your clients’ goods while they’re being delivered or moved
- Transit insurance: Provides protection for your own goods while they’re being delivered or moved
- Exhibition and fine arts insurance: Protects art and sculptures while on display or in transit
- Bailee’s customers insurance: Safeguards your client’s property when it is in your care
- Electronic Data Processing insurance: Protects laptops, PCs and servers as well as software
- Builder’s risk insurance: Protects materials during construction projects and renovations
- Contractors equipment insurance: Safeguards tools, machinery and equipment
If you are unsure where your commercial property coverage ends, contact All Things Comp for a full policy audit and for more information about the inland marine insurance that you may need. Don’t wait to find out the hard way that that your goods or equipment aren’t protected. Call us at (731) 300-2210, or fill out the form on this page.