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Inland Marine Insurance
- Very Affordable Policies
- Contractor Hand Tools, Power Tools, and Equipment
- Property While Being Transported
- Other People’s Property While In Your Possession
First, let’s clear something up – this insurance has nothing to do with boats and oceans. It is an outgrowth of Marine insurance, which offered coverage to ships and their cargos starting in the late 1600s. As time went by, people wanted insurance for property traveling “inland”, but somehow the word “marine” stuck.
Inland Marine Insurance includes coverage for many things and situations, but we’ll concentrate on three main types.
Contractor Tools and Equipment
Many contractors bring tools and construction equipment from job site to job site. This includes anything from hand tools to welding equipment, to bulldozers and cranes. An Inland Marine policy provides coverage for these tools at the home or office, the job site, or while moving between those places. Add up the total value of your tools and equipment—it might surprise you. The cost of an Inland Marine policy is much cheaper than replacing everything out-of-pocket.
Property in Transport
Do you ship items you’ve sold to other businesses or direct to consumers? Inland Marine insurance protects you if something happens to those items between you and the purchaser, either while in transit or while being warehoused on its way to the final destination. Don’t assume that the shipper or warehouse has insurance to cover your packages; chances are that you are on the hook for most if not all the value.
Other People’s Property in Your Custody
If your business involves servicing or repairing other people’s property, you probably have temporary custody of their items in your shop. If you repair watches, and a theft occurs on your premises, your regular property insurance will cover the loss of your own items but will not offer insurance protection for those items that don’t belong to you. Inland Marine insurance would cover those watches that belong to your customers.
There are many variations of Inland Marine policies. We’ll help you get the one you need.