Understanding Inland Marine Insurance
Inland marine insurance first started being used as early as the 17th century. At one time, the insurance only covered items that were loaded onto ships; however, as time progressed, it eventually began to cover items in transit no matter if they were near an ocean or not. Most times, the insurance will provide coverage to property that is:
- In transit
- In holding
- In storage
Commercial insurance is not the same as inland marine insurance. A commercial plan tends to only cover a specific premises, and sometimes the goods inside of it. On the other hand, inland marine insurance covers the property when it is on the move. Construction companies majorly benefit from inland marine insurance in that they can protect their equipment, tools and more while traveling back and forth to job sites.
Many insurance agents recommend this type of insurance as a way to fill certain gaps in coverage on other policies. In doing this, a client can rest assured total coverage will be provided in the event that something goes wrong. For example, many insurance policies won’t protect jewelry from theft or damage, but an inland marine insurance policy will. Having this type of coverage fully protects people and businesses from major losses. It should be noted that an inland marine plan is not limited to commercial businesses only.
When searching for an inland marine insurance policy, it is first important to look at the deductible and any restrictions associated with a particular plan. There are two types of inland marine policies: those that specifically state what is included and those that specifically state what is excluded. Many times, it is best to stick with an all-risks policy in which everything that is to be excluded is stated. This way, if something happens and it is not specifically stated that it is excluded, the insurance company would then be responsible for providing coverage.