What Is Inland Marine Insurance?

Inland marine insurance is often misunderstood. In fact, most business owners don’t know what inland marine insurance is, despite the fact that this type of coverage could be vital in protecting some of the owner’s most valuable property.

Most of the confusion comes from the name.  Inland marine insurance was originally conceived to protect goods as they were shipped overseas. Today, however, the reach of inland marine insurance has increased to cover goods in transit over land, and even those that aren’t in transit at all.

More specifically, inland marine insurance covers a couple of different areas. One of the primary coverage that it offers is for valuable items in transit (over the water or on dry land). This could include anything that needs to move from one site to the other, such as equipment, rare art, high-priced merchandise, etc. … It can also include tools, both expensive and inexpensive, that your crew takes with them when they perform a job.

Many accidents happen during transit. A vehicle transporting the item could get into an accident, workers could drop or bump fragile items while moving it, or it could just be damaged from general rough handling. If any of this happens, inland marine insurance can cover the damage.

Beyond transit, there are other areas where inland marine insurance provides coverage that other types of insurance might not. For example, inland marine insurance also covers buildings that are under construction (builders’ risk/course of construction), computer data and accounts receivable.

Many business owners are surprised to learn that their business’s data and accounts receivables can be covered by insurance. Consider how valuable your data is, including all of your accounting software, lead tracking data, policies, procedures, and other electronic assets. If that data is lost or corrupted, it could drastically affect your profits, at least in the short term.

Finally, construction companies and contractors often overlook or decide not to purchase, inland marine insurance.  Thus, if tools or equipment are stolen, whether it be from a work truck, job site, or storage location, other more commonly purchased policies will NOT cover this type of loss.  Inland marine insurance must be placed to protect against stolen tools and equipment.

As you can see, inland marine insurance is a relatively complicated type of insurance, but that doesn’t mean it should be ignored or overlooked. It’s best to speak to a knowledgeable insurance broker to determine if inland marine insurance is a good idea for your business.

At Fusco & Orsini Services, we’d be happy to provide you with a free consultation to more thoroughly explain all the features of inland marine insurance and to help you determine if your business needs the protection of an inland marine insurance policy. Call us at (858) 384-1506 or contact us through our website.

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