Inland Marine Coverage: The Basics

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Imagine you own a business that transports hardwood flooring across the country. You could easily have your cargo stolen or damaged in an accident. If your small business didn't have Inland Marine Insurance, you may have to pay out of pocket. Let’s break down what this coverage entails.

What Is Inland Marine Insurance?

 

Inland Marine Insurance covers products, equipment and materials when they are being transported by land or temporarily warehoused by a third party. The word “marine” may seem confusing, but inland marine insurance is for products on land. Marine insurance is for products moving across water. Property that is temporarily in the care of your business is also covered. One of the most common coverages included in inland marine insurance is motor truck cargo coverage, which covers your liability for cargo that is lost or damaged while you are transporting it.

 

Do I Need It?

 

If you regularly move any sort of equipment from place to place, inland marine insurance may be a good choice for your small business. This is especially true if what you ship is very valuable. These specialty products may not be covered under any other type of policy.

 

You may need inland marine insurance for reasons other than shipping products. If you have an expensive farmer’s market stand that you ship around the country and store with third parties, an inland marine insurance policy will cover you. The same goes for you storing another person’s equipment.

 

What Type of Things Does It Cover?

 

Some commonly covered special equipment is computers, construction equipment and photography equipment. Anything that you are shipping, storing or having stored can be covered.

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