Inland Marine Insurance
Inland marine insurance is generally designed to provide coverage for your property while it is in transit. This may include high-value items such as works of art, silverware and tools. Inland Marine insurance is viewed as an extremely useful type of protection, and is most commonly used by business owners, especially by people who have to travel for work, or indeed people who work with various high-value items. The vast majority of insurance companies will offer Inland Marine insurance, and it is usually purchased as a supplement to an existing insurance policy.
Inland marine insurance owes its origins to Lloyd's of London, who have provided insurance for many, many centuries. They initially started to insure the cargo ships, although the insurance policyholders were left responsible for ever happened to the cargo while it was on land. Eventually, this type of cover was expanded to ensure that their cargo was still protected after being offloaded. This form of Inland Marine insurance would cover cargo while it was in transit, storage, or in holding. Therefore, it would provide a far more comprehensive and complete insurance package to the policyholders. However, Inland Marine insurance is now offered to people who have no intention of carrying anything by sea or on a ship.
If you were to take a business as an example, they will generally have commercial insurance to cover their specific premises. In addition to this inland marine insurance would then provide coverage for the goods and property that are associated with someone's job, no matter where they are. A prime example of this is if a contractor's tools are stolen from a work site or from their vehicle, they would be covered under an inland marine insurance policy. This type of coverage also protects any goods that are damaged while in transit across dry land. You are even able to cover individual buildings, and indeed any other types of property with an inland marine insurance policy.
Inland marine insurance is most commonly recommended by insurance agents to fill the gaps in coverage in an insurance policy. This would then ensure that the policyholder is fully covered in the event of a problem arising. You will typically find that an inland marine insurance policy will cover many items that have been specifically excluded from a conventional insurance policy. Therefore, you can protect yourself from any type of loss. It is also important to realize that inland marine insurance is not purely restricted to commercial customers, and is available to anyone who believes they need it.
Just as with any other type of insurance policy inland marine insurance will have a deductible, and indeed certain exclusions on the policy. You can choose a policy that has named perils which will then cover you for everything that is specifically cited by name. The other type of policy is all risks insurance which will simply state anything that is excluded from the policy. An example of an all risk policy is that it may indicate that it will not cover any losses due to negligence. This would then suggest that literally everything else is covered.
Inland marine insurance will also cover equipment or a piece of infrastructure that may be involved in transporting insured goods. A great example of this is that if a van and a bridge that it passes over both become damaged, an inland marine insurance policy will cover both. This type of insurance policy will also cover the value of the items and any legal costs that may result in damage to these items. The policy will remain in force throughout the entire journey that the cargo has to take, and this is irrespective of whether it is moving at the time. You will also find that inland marine insurance will provide the exact same coverage regardless of the actual location.
There are numerous inland marine coverage options which may include valuable papers and records, commercial fine art, transportation, data processing equipment, media and data, contractor’s equipment coverage, builder's risk and many others. This type of insurance policy is mostly used by commercial and industrial operations such as servicing, processing, manufacturing, distributing and wholesaling and importing and exporting.
There are various misconceptions made about Inland Marine insurance, and above all many people find the name extremely confusing. As previously mentioned, this type of insurance does not need to involve ocean or boat transport. As a business owner, you should not be fooled into thinking that your present property or general liability insurance will protect goods while they are in transit. Therefore, as soon as your property leaves your business location, there is a far greater exposure to loss. Imagine as a business owner if a serious accident or disaster were to occur while your goods in transit this is likely to do irreparable harm to your business.