Although the idea for Inland Marine Insurance was inspired by Ocean Marine Insurance, which protects cargo and equipment while in transit on the ocean, it doesn't actually have anything to do with the sea. Inland Marine Insurance is a specialized coverage that can cover equipment, tools, project materials and other items while they are being transported on land, or while they are off your property. This type of insurance can benefit a wide variety of business and provide protection in some common situations that wouldn't normally be covered by insurance. So does your business need Inland Marine Insurance?
Consider Inland Marine Insurance if:
Your business involves regular shipping of materials or products: Your regular property or business policy might not cover damages to products or materials in transit. The Insurance Information Institute suggests Inland Marine Insurance especially for companies that regularly ship high-value items, such as medical equipment or computers.
Your company uses its own equipment off-site: If you're in construction, landscaping, or any other profession that requires you to regularly transport expensive tools or equipment, you should consider adding Inland Marine Insurance to your policy. This type of policy can cover the equipment both in transit and while it is left on the building site.
You deal in fine art: If you transport, loan, or exhibit high-value fine art as part of your business.
Your business requires travel: If you travel frequently for business, it doesn't necessarily mean you need Inland Marine Insurance. But if you regularly set up a booth at conferences or trade shows; or bring equipment or materials with you (for example, a traveling theatre company), talk to your insurance agent to make sure those items are protected from loss, theft, or damages.
Your business handles other people's property: Inland Marine Insurance can also cover property that is transported to your business and temporarily left under your supervision. This could apply to auto-repair shops, dry cleaners, and a variety of other businesses.
Your business handles installations: If you're in the business of delivering and installing furniture, art, equipment--like a large appliance--or other property that belongs to someone else, Inland Marine Insurance will cover those goods while they are in transit up to the point that they are installed or no longer under your care.
You do a lot of business electronically: Electronic Data Processing Equipment (EDP) Coverage is considered a type of Inland Marine Insurance, and can provide protection for hardware, software, and other electronics while off-site or in transit.
You handle musical instruments: Whether you're a performance group or just in the business of loaning or selling musical instruments, Inland Marine Insurance can protect your precious cargo during travel or when it's not in your possession.
For all of your insurance questions, call or contact Wilson, Timmons & Wallerstein, Inc. today.