By Chad Olinger
When safeguarding your business assets, understanding the nuances of property insurance is a must. While many businesses rely on standard property insurance provided by their business owner's policy or commercial package policy, there's a crucial consideration to remember, especially if your business involves frequent transportation of goods or equipment: inland marine insurance. This is not to be confused with marine insurance which covers products when transporting over water.
Purpose of Inland Marine Insurance:
Designed to protect products, materials, and equipment during transportation over land or while temporarily warehoused by a third party.
Scope of Coverage:
Covers a wide range of specialty equipment and products, including construction and contracting equipment, communications and networking gear, medical and scientific devices, and more.
Key Considerations:
- Particularly necessary for businesses shipping high-value products or materials, which may be excluded from basic property coverage.
- Essential for businesses involved in frequent product shipments or equipment movement between job sites.
Inland marine insurance isn't limited to businesses shipping products to retailers or customers. For instance, if your business regularly transports a valuable trade show booth across the country or stores it off-site, inland marine insurance offers crucial protection.
Moreover, if your business temporarily stores someone else's property while in your possession, inland marine insurance can provide coverage against potential losses.
Specialized inland marine coverage includes Bailee’s customer coverage, builder’s risk, installation floaters, and motor truck cargo coverage forms, among many others.
At Hummel Group, we specialize in assessing the unique needs of businesses and providing customized insurance solutions. Whether it's determining the necessity of inland marine insurance for your operations or advising on best practices, we're here to guide you every step of the way.
