What Makes Up a Good Inland Marine Policy?

The term “inland marine” may make you think of something related to water. This is a common misconception as inland marine is often confused with marine insurance, a coverage that protects products when transported over water. Inland Marine Insurance, however, covers products, materials and equipment when transported over land.

Inland Marine coverage, which can be provided by Orlando Business Insurance operators, is mostly used when protecting against collisions and cargo theft. But it has many other uses and protects against a number of risks. From art theft to display windows, traveling cargo to property damage, there are plenty of uses for Inland Marine Insurance.

When It’s Needed

Inland marine policies are usually referred to as floater policies. They provide coverage regardless of the location of a property and are available to those who need to transport goods or property. Inland marine insurance is usually purchased by commercial property owners who want to ensure they have the right protection in the event of loss or damage.

Specific Types of Coverage

Inland Marine Insurance can provide tailor-fit coverage depending on the industry so protection is extended over a number of different exposures depending on the industry itself.

  • Construction: In construction, there’s coverage for builder’s risk, which provides protection for damage to buildings or structures under construction, renovation or repair. Also, contractors equipment coverage safeguards equipment and tools that are usually excluded under a normal builder’s risk insurance plan. When it comes to other parts of construction, coverage can be added for machinery and equipment during transit, installation or testing at job sites.
  • Technology and Communication: This is a broad kind of coverage that protects everything from cable television systems to semiconductors and microprocessors. Medical imaging equipment can be covered as well when it comes to protection needed at hospitals and clinics.
  • Transportation: Trucking transportation companies can invest in this kind of inland marine insurance that protects merchandise in transit. For railroads, rolling stock coverage can be added to protect against losses or damages to railroad companies or other businesses.
  • Tank Storage: This kind of coverage offers protection for tanks, pipelines, and appurtenances and the contents inside during time in the insured’s care, custody and control.

It’s important to go over the specifics of what kind of add-ons your business needs. Dive into the details with an Orlando Business Insurance specialist who can help provide the right kind of personalized Inland Marine Insurance plan for your business.

 

About Newman Crane & Associates Insurance

Deciding what coverage 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. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (407) 859-3691 for a consultation.