If you’re unfamiliar with inland marine insurance, it’s a type of insurance policy that covers property and goods transported or stored within a country’s borders. This type of insurance is separate from global marine insurance. It provides coverage for goods that are in transit, as well as items that are stored in warehouses, factories, and other locations. One important thing to consider is that inland marine insurance does not cover damage caused by ocean-going vessels.
The Benefits of Inland Marine Insurance
So now that you have a basic understanding of Inland marine insurance let’s break down why this insurance is important. First, it offers a variety of benefits to businesses and individuals who need to transport or store their goods. This type of insurance protects against loss or damage due to theft, fire, weather-related events, and other perils. Additionally, it can provide coverage for items such as tools and equipment used during business operations. Furthermore, inland marine insurance can help protect businesses from financial losses if their goods are damaged while in transit or storage.
What Does Inland Marine Insurance Cover?
If you’re curious about Inland Marine Insurance for your business, you can always contact us about the specifics. Our talented staff is prepared to answer any questions you may have. To cover it broadly, Inland marine insurance typically covers a variety of items, including:
- Goods in Transit include items transported by land, air, or rail within the country’s borders.
- Goods Stored in Warehouses: This includes items stored in warehouses for short-term or long-term use.
- Tools and Equipment: This includes equipment used for business operations, such as construction tools and machinery.
- Valuable Papers: This includes documents such as deeds, contracts, bonds, stocks, and other important papers related to business operations.
- Electronic Data Processing Equipment includes computers and other electronic devices used for data processing.
- Miscellaneous articles: This includes various articles such as artwork, antiques, jewelry, musical instruments, cameras, etc.
How Much Does Inland Marine Insurance Cost?
The cost of inland marine insurance depends on several factors, including the type of goods being insured, the value of the goods being insured, the location where the goods will be stored or transported to/from, and any additional coverage needed beyond what is provided by the basic policy. Generally speaking, inland marine policies tend to be more affordable than standard property policies due to their specialized nature. Additionally, many insurers offer discounts for customers who purchase multiple policies with them.
In closing, inland marine insurance is a valuable protection for businesses and individuals who need to transport or store their goods within a country’s borders. If you think this might be a valuable addition to your commercial policy, or if you own a commercial business you need to insure in Maine, contact us today. Or click here to request a quote. The cost of an inland marine policy will vary depending on several factors, but the professionals at Cole Harrison will act with your best interest in mind.