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Inland Marine Insurance
- 1. Inland Marine Insurance Secure Your Assets While On The Move
- 2. What is Inland Marine Insurance? • Inland marine insurance provides necessary protection for a wide range of specialized property. • It is a floater policy, which means that the coverage it provides accompanies wherever the insured property is transported. • It protects your valuable business property when they are transported via vans, trucks, trains, and such. • It is useful as it would help mitigate any damage or loss related expenses while your property is in transit. • The policy is also beneficial for businesses that ship and store client property.
- 3. What Does Inland Marine Insurance Cover? • Personal belongings in temporary care • Inventory frequently utilized in different locations • Goods and equipment in transport • Priceless and unique valuables • Moveable property and equipment
- 4. Additional Coverage • Fire • Lightning • Windstorms • Hail • Sinkholes • Civil riots • Theft and vandalism • Smoke damage • Water damage (burst pipes, sprinkler leakage, etc.)
- 5. Exclusions For Inland Marine Insurance • Marine shipping • Unshipped Items • Transportation vehicles • Natural wear & tear • War-related activities • Nuclear hazards • Government Actions • Negligence & fraud • Flood damage • Unlisted Items • Loss due to disappearance • Properties covered by special insurance • Damage & loss due to fault materials • Loss due to inadequate planning
- 6. Do Businesses Need Inland Marine Insurance? • Oh yes. Inland marine insurance is vital for a business because: • Commercial property insurance might exclude your business property that is not fixed on your premises. • Existing insurance policy might limit or exclude coverage for any damage to your property if it is in transit, outside your business premises. • It helps pay for expenses of repair and replacement when business assets are damaged in transit.
- 7. How Much Does Inland Marine Insurance Cost? The cost of inland marine insurance is dependent on the following factors: • Business size • Type of business • Chosen coverage limits • Property Value As per Insureon, The average cost of inland marine insurance for small businesses is $169 per year or $14 per month.
- 8. Best Insurance Companies for Inland Marine Insurance • The Hartford (Overall value) • Chubb (Contractor’s choice) • Jewelers Mutual (Perfect for jewelry) • Allstate (Best choice for photographers) • Food Liability Insurance Program (Great for food truck businesses)
- 9. Facts About Inland Marine Insurance • Inland marine made up around 2.4% of net premiums written in the U.S. in 2019.- Statista • 11.432 million tons of shipment were moved domestically via truck in 2020. - Bureau of Transportation • An estimated 11% of transported goods arrive damaged at a distribution center. - Packaging Digest
- 10. In Conclusion... • As a business owner, you should look into the scope of the coverage, such as what coverage types are offered, which industries are covered, and what specific items or risks were included or excluded. • Consider the available policy rates and your financial standing. • Always consult with an industry expert in case of any confusion.
- 11. Feel free to reach out to us if you're looking for reliable inland marine insurance for your business