Inland marine insurance is a type of insurance that provides coverage for property that is in transit or not otherwise covered by standard commercial property insurance policies. This type of insurance can cover a variety of items, including equipment, supplies, and goods in transit. In this post, we’ll dive into what inland marine insurance is, what it covers, and some of the best companies offering this type of insurance.
What is Inland Marine Insurance?
Inland marine insurance is designed to provide coverage for property that is not typically covered by standard commercial property insurance policies. This type of insurance was initially created to protect goods transported over water, but it has since expanded to cover a wide range of property.
What does Inland Marine Insurance Cover?
Inland marine insurance can cover a variety of property, including but not limited to:
- Property in transit: This includes items that are being transported by truck, rail, or air.
- Property held by a bailee: This includes items that are in the possession of a third party, such as a warehouse operator or a repair shop.
- Electronic data processing equipment: This includes computers and related equipment used to store or process data.
- Construction equipment: This includes machinery and tools used in construction or other types of projects.
- Fine arts and collectibles: This includes paintings, sculptures, and other valuable items.
- Mobile property: This includes property that is frequently moved from one location to another, such as equipment used in film production or medical equipment used in mobile clinics.
What are the benefits of Inland Marine Insurance?
The benefits of inland marine insurance are numerous. Here are some of the key advantages:
- Expanded coverage: Inland marine insurance can provide coverage for property that is not covered by standard commercial property insurance policies.
- Flexibility: Inland marine insurance can be tailored to meet the needs of a wide range of businesses.
- Affordable: Inland marine insurance can be more affordable than other types of insurance.
- Peace of mind: Inland marine insurance can give business owners peace of mind, knowing that their property is protected in case of loss or damage.
Best Companies Offering Inland Marine Insurance
If you’re looking for inland marine insurance, there are several companies that offer this type of insurance. Here are some of the best companies to consider:
- Chubb: Chubb is a global insurance company that offers a wide range of insurance products, including inland marine insurance. Their inland marine insurance policies are designed to protect a variety of property, including contractors’ equipment, fine art, and more.
- Nationwide: Nationwide is a leading insurance company that offers inland marine insurance for businesses of all sizes. They offer coverage for a variety of property, including medical equipment, construction equipment, and more.
- The Hartford: The Hartford is a well-known insurance company that offers a variety of insurance products, including inland marine insurance. Their inland marine insurance policies can be customized to meet the needs of a wide range of businesses.
- Travelers: Travelers is a leading insurance company that offers inland marine insurance for businesses in a variety of industries. Their policies are designed to protect property that is in transit, property held by a bailee, and more.
- Liberty Mutual: Liberty Mutual is a well-known insurance company that offers inland marine insurance for businesses. Their policies can cover a variety of property, including mobile medical equipment, film production equipment, and more.
FAQs
Q: Who needs inland marine insurance? A: Inland marine insurance can be beneficial for any business that has property that is not covered by standard commercial property insurance policies.
Q: How much does inland marine insurance cost? A: The cost of inland marine insurance can vary depending on a variety of factors, including the type