Inland Marine Insurance – Protect Your Goods on the Move

Inland marine insurance is a type of property insurance that covers goods in transit over land, including by rail, truck, and other means of transportation. It provides protection for goods that are in transit from one location to another and the equipment and machinery used to transport them. Inland marine insurance is also known as “floater” insurance, as it covers movable property.

What Does Inland Marine Insurance Cover?

Inland marine insurance covers goods in transit, mobile equipment, and other movable property. This type of insurance is especially useful for businesses that transport products and equipment over land, such as trucking companies, construction contractors, and freight forwarders. Inland marine policies can also cover goods that are being stored off-site, such as in a warehouse or storage facility.

Some examples of goods that may be covered by inland marine insurance include:

In addition to covering goods in transit and mobile equipment, inland marine insurance can also cover losses caused by theft, damage, or other perils, such as fire, flood, or earthquake. This coverage can provide peace of mind for businesses that rely on the transportation and storage of valuable goods and equipment.

Benefits of Inland Marine Insurance

There are several benefits to purchasing inland marine insurance for your business:

1. Protection for goods in transit: Inland marine insurance provides coverage for your goods while they are in transit, protecting them from damage or loss.
2. Added protection for mobile equipment: Inland marine policies can also cover mobile equipment, such as bulldozers, cranes, and other heavy machinery.
3. Flexibility: Inland marine insurance can be tailored to your specific needs, providing coverage for a wide range of goods and equipment.
4. Peace of mind: Knowing that your goods and equipment are protected can provide peace of mind for business owners and operators.

Inland Marine Insurance vs. Property Insurance

Inland marine insurance is often misunderstood as being the same as property insurance. While they both provide coverage for property, there are some key differences between the two.

Property insurance typically covers property that is stationary or fixed, such as a building or a piece of land. Inland marine insurance, on the other hand, covers movable property, such as goods in transit or mobile equipment. Inland marine insurance also provides coverage for a wider range of perils, such as theft, damage, and loss, than property insurance.

FAQs about Inland Marine Insurance

Q: Who needs inland marine insurance?

A: Any business that transports or stores valuable goods or equipment can benefit from inland marine insurance. This includes trucking companies, construction contractors, and freight forwarders.

Q: What types of losses does inland marine insurance cover?

A: Inland marine insurance can cover losses caused by theft, damage, or other perils, such as fire, flood, or earthquake.

Q: How is inland marine insurance different from cargo insurance?

A: Cargo insurance specifically covers goods that are being transported by a carrier, such as a truck or a ship. Inland marine insurance, on the other hand, covers goods in transit as well as mobile equipment and other movable property.

Q: How much does inland marine insurance cost?

A: The cost of inland marine insurance will depend on several factors, such as the type of goods or equipment being insured, the value of the property, and the level of coverage needed. It is best to consult with an insurance agent to determine the cost of your policy.

Q: How do I purchase inland marine insurance?

A: You can purchase inland marine insurance through an insurance agent or broker. They can help you find the best policy for your business needs and provide guidance on how to properly insure your property.