Types of Property Covered by Inland Marine Insurance: Beyond Just Shipping

Inland marine insurance is a specialized form of insurance designed to financially protect property in transit or temporarily stored away from a fixed location. Although the concept of this type of coverage was originally to cover goods transported over waterways, it has evolved to include many types of property and scenarios on land.

One of the distinctive features of inland marine insurance is its adaptability. Unlike traditional property insurance, which typically focuses on stationary assets, inland marine insurance covers movable property that may be exposed to unique risks during transportation or temporary storage.

How Can Inland Marine Insurance Protect a Business’s Assets?

Whether transported or stored between steps in their journeys, goods in transit are susceptible to a myriad of risks, including theft, accidental damage and fires. With this in mind, inland marine insurance can provide financial security for businesses involved in the transportation of goods, ensuring that their valuable cargo is covered throughout its journey.

• Construction equipment—Construction sites are dynamic environments where expensive machinery and equipment are constantly moving. Inland marine coverage can be tailored to safeguard construction equipment against damage, theft or vandalism, whether these assets are in transit to a job site or temporarily stored during project downtime.
• Computers and electronics—In today’s digital age, businesses heavily depend on computer equipment and servers. Inland marine policies can be extended to cover the transportation and temporary storage of these valuable assets, offering financial protection against damages caused by accidents or environmental factors.
• Fine art and exhibits—Museums, galleries and collectors often rely on inland marine coverage to protect valuable artworks during transportation to exhibitions or while on loan. This specialized coverage can ensure that these pieces are financially safeguarded in the event of unforeseen incidents.
• Mobile medical equipment—Inland marine coverage is also often utilized in the health care sector to protect mobile medical equipment, such as diagnostic tools and portable devices. Whether these assets are on the move between medical facilities or temporarily stored, this insurance coverage ensures that health care providers are financially shielded against potential losses.
• Sales and trade show goods—If a business regularly transports samples of their goods and products or attends trade shows to display their offerings, inland marine insurance can help financially protect these assets as they travel between business opportunities.

Get the Right Coverage

Inland marine insurance can provide critical financial security for businesses and their assets. Its flexibility and adaptability may make it a vital resource for businesses dealing with the movement or temporary storage of valuable property.

Contact the agents at J.A. Faccibene & Associates, Inc. today to learn more about available inland marine coverage options and secure an ideal policy.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.