Inland Marine Insurance Protects Property While Being Transported

Inland marine offers diverse commercial goods and properties coverage for commercial enterprises that have a lot of goods and valuables in transit most times of the year. The insurance coverage is based on insurance coverage first issued by Lloyds of London hundreds of years ago to insurance the contents of commercial shipping vessels during the 1600s. Just at that type of “marine” insurance protected cargo and valuables while on the high seas, the modern age of transportation has created an even greater need for such insurance coverage on highways and railroad systems.

Lloyd’s of London long ago expanded its marine insurance for cargo to provide coverage while it was on land and in transit instead of leaving it vulnerable to loss on land from theft or other perils. That same kind of insurance protection now is known as inland marine insurance and can apply to a great deal of cargo types, whether being transported on land or by sea. While commercial insurance products normally apply to commercial buildings and the operations within them, the protection offered by inland types of marine insurance policies apply to products and other property owned by an insured operation wherever those products or properties might be located.

If something is stolen off a delivery vehicle or from a job site, they would be protected with the proper inland type of marine insurance. Even goods that are damages while being transported would be covered by the right type of insurance coverage. Also covered are specified buildings and other kinds of property with the right inland type of marine insurance coverage. A good insurance plan can keep the products of a commercial interest protected no matter where they are located, and that can keep a business going in the event of a disaster.

Inland marine insurance also can be used to cover gaps in other types of insurance coverages and can be written for individuals as well as commercial operations. Sometimes, insurance agents and brokers will advise individuals to purchase such coverage to help protect their highly valuable personal belongings, such as artwork, jewelry or other high dollar belongings that might be damaged, lost or stolen. Such items often times are excluded or protected only to a very small degree. But a floater policy with the right inland type of marine insurance can provide the protection needed to keep them safeguarded.

While such insurance plans provide a great deal of coverage for goods and other property while in transit or otherwise located away from the insured party’s premises, they can have very steep deductibles in order to keep the cost of coverage down so more firms can afford it. And there are two types of coverages from which to choose. One type offers coverage against specified perils and nothing else, which helps keep the cost of coverage relatively low but can leave a business vulnerable if an unlikely event occurs. Broad coverage is available with an all-risks plan, which only has specified exclusions rather than specified perils against which property is insured. By Mike Heuer