Is your business protected by Inland Marine Insurance? Does it need to be? The answer depends primarily on the nature of your business and your operations. Before you contemplate whether you need this coverage, you need to understand what it is.
Understanding Inland Marine Insurance
Arguably, inland marine insurance is one of the most misunderstood insurance products among laypeople. The reason involves the word “marine.” Anyone who is unfamiliar with inland marine insurance probably assumes this coverage protects goods being transported via ship. Actually, marine insurance covers good being transported over water. Inland marine insurance covers goods being transported over land on a truck or train or being stored in a third-party warehouse. Inland marine insurance is an offshoot of ocean marine insurance. As the nation’s transportation infrastructure matured and railways and highways made transit over land easier, insurers created “inland” marine insurance to protect truck and train cargo.
When Inland Marine Insurance Makes Sense
If your business regularly ships products to customers, ships your own equipment across the country (to use at trade shows or in exhibits for instance), or stores or warehouses products for a third party, you should consider an inland marine insurance policy. If there is a collision involving the vehicle transporting your property, and your property is damaged, this coverage will protect you. If your cargo is stolen – or if you operate a warehouse or storage site and your customers’ property is stolen, this coverage will protect you. Whether you are a dry cleaner responsible for customers’ clothes, a gallery that ships expensive artwork, or a consulting firm that routinely ships your trade show booth and signage from city to city, you should consider inland marine insurance.
About Newman Crane & Associates Insurance
Deciding what coverages you need and what limits and deductibles make the most sense can be tricky. Since 1965, Newman Crane & Associates Insurance has been helping Central Floridians make sense of their options and make the smartest choices for their circumstances. We encourage you to contact our friendly, experienced, and capable team today. Call us at (407) 859-3691 for a consultation.