What is inland marine coverage?

What is Inland Marine Coverage?

As businesses and individuals increasingly invest in valuable assets, protecting them from damage or loss has become a top priority. Inland marine coverage is a specialized type of insurance designed to provide financial protection against various risks associated with business-owned or personal assets when they are transported, stored, or used on land.

What is Included Under Inland Marine Coverage?

Inland marine coverage is a broad term that encompasses a wide range of insurable assets, including but not limited to:

• Valuable property: Jewelry, art, musical instruments, antiques, and other valuable personal belongings
• Electronics: Computers, mobile phones, cameras, and other electronic devices
• Business equipment: Office equipment, machinery, tools, and other business assets
• Goods-in-transit: Products and materials being transported by truck, rail, or sea
• Construction materials: Building materials, lumber, and other materials being transported or stored for a construction project
• Floats and storage containers: Containers used to transport goods or store valuable assets
• Aerial lifts and equipment: Aerial platforms, cranes, and other heavy equipment

Types of Inland Marine Coverage

There are two primary types of inland marine coverage:

1. All-Risk: Covers damage or loss caused by any risk or cause (except those specifically excluded by the policy), unless otherwise stated.
2. Named Peril: Covers damage or loss caused by specific perils listed in the policy, such as fire, theft, and vandalism.

Types of Inland Marine Coverage Riders

Inland marine coverage can be customized with riders, which provide additional protection against specific risks or events:

• Water Damage: Covers damage caused by flood, storm surge, or seepage
• Earthquake: Covers damage caused by earthquakes, mudslides, and earthquakes-related events
• Valuable Papers and Records: Covers loss or damage of important documents, blueprints, and records
• Business Interruption: Covers lost profits and business expenses due to physical damage or destruction
• Cyber Theft: Covers loss or damage caused by cyber attacks or online theft

Advantages of Inland Marine Coverage

Inland marine coverage offers numerous benefits to individuals and businesses, including:

• Financial protection: Provides financial security and reimbursement for losses or damage to valuable assets
• Comprehensive coverage: Protects against a wide range of risks and events
• Customizable: Can be tailored to fit specific business or personal needs
• Global coverage: Can provide protection against losses or damage when goods are transported or stored in multiple locations

Premiums and Deductibles

Inland marine coverage premiums vary depending on the type of coverage, valuation of assets, location, and other factors. The following table provides an estimated range of premiums:

Inland marine coverage deductibles typically range from $1,000 to $50,000, depending on the policy and specific assets being insured.

Inland Marine Coverage versus Property Insurance

While both inland marine coverage and property insurance provide protection against physical loss or damage, they serve different purposes:

• Property insurance typically covers dwelling and building structures, fixtures, and equipment.
• Inland marine coverage provides specific protection for business-owned or personal assets when they are transported, stored, or used on land.

Conclusion

Inland marine coverage is a crucial form of insurance that offers protection against a wide range of risks and events for businesses and individuals. With customized coverage options and various types of riders, individuals can tailor their policies to suit their specific needs and vulnerabilities. By understanding what inland marine coverage is, who it is for, and how it works, businesses and individuals can enjoy the peace of mind knowing they are protected against losses and damage to their valuable assets.