Inland Marine Insurance

Although it may seem counterintuitive, Inland Marine Insurance has little to do with the sea. It is related to marine insurance in a sense, however, because it involves coverage for goods at risk while they are transported from one location to another, in this case over land rather than by ship. Additionally, it pertains to the warehousing and storage of such cargo, and the specific means of transport. Although it is a vital segment of business insurance coverage, it is often misunderstood.

Some Specifics of Inland Marine Insurance Coverage

Other types of business insurance often protect business assets adequately, but if your company is suited for inland marine coverage, specialty policies and customized coverage are available. They include:

  • Builders Risk Coverage: A primary category of inland marine insurance, this is coverage that is virtually a requirement for anyone involved in construction, and it is appropriate in some cases even for individuals contemplating a building or renovation project. It covers loss of materials that are to be incorporated into a building before, during and, sometimes, after installation 
  • An Installation Floater: Protection against loss of material until it is permanently installed for use
  • Specific Customer Coverage: This protects against damage or loss to third-party property while it is in your care
  • Motor Truck Cargo Coverage: If you transport goods to another firm or individual buyer, this is valuable coverage

Do You Need Inland Marine Insurance?

Broad coverage specifications differ greatly between insurance suppliers. GMM Insurance, with a long history of independent insurance expertise and advocacy, stands ready to help local business firms assess their risk and select coverage that will protect their business interests. Contingencies include:

  • Products, Goods, and Materials in Transit and also those goods that are stored and awaiting delivery or installation
  • Personal Property: Clothes and personal effects left for service or repair, including computers, jewelry, or clothes left for cleaning
  • Exhibition Elements: Including trade show booths, fine art loaned for temporary display, or warehoused samples

Inland marine insurance is umbrella coverage designed to protect business owners from loss. In some cases, however, this coverage might be appropriate for private parties on a short-term basis, such as an individual building a new home.  Specifics vary greatly, and professional advice is imperative.

As you assess your risks and requirements for insurance, be sure to ask GMM Insurance about specialty inland marine coverage. We will ensure that your interests are protected. Contact us today to find out more.