Introduction
Inland Marine Insurance Policy is a category of insurance that covers a broad range of items, goods, equipment and transports that are often excluded from standard commercial property policies. It’s an essential coverage for businesses that transport or store goods, either their own or those of others. This blog post will explore what Inland Marine Insurance Policy is, its types, and why it is important for businesses.
What is Inland Marine Insurance Policy?
Inland Marine Insurance Policy is designed to cover products, equipment and other forms of personal property that aren’t stationary and are thus not covered by a standard property insurance policy. The name ‘Inland Marine’ can be misleading as it has little to do with marine activities. Originally, it was created to cover the transportation of goods over water but has since evolved to cover goods in transit on land.
Types of Inland Marine Insurance Policies
There are several types of Inland Marine Insurance Policies, each designed to offer protection for different types of property and risks. These include Motor Truck Cargo Policy, which covers the goods being transported by a truck; Contractor’s Equipment Policy, which protects contractor’s equipment such as bulldozers, backhoes, and forklifts; and Installation Floater, which covers materials from the moment they are loaded onto the transport until they are installed and the job is complete.
Importance of Inland Marine Insurance Policy for Businesses
Inland Marine Insurance Policy is crucial for businesses that deal with high-value equipment, products, or materials that move around or are stored off-site. The policy provides protection against risks such as theft, accidental damage, and natural disasters during transit or storage. It also offers the flexibility to cover a wide range of items, which may not be covered under a standard property insurance policy, making it a vital part of risk management for many businesses.
Conclusion
Inland Marine Insurance Policy is an essential coverage for many businesses, providing protection for goods, equipment, and materials that are in transit or stored off-site. Understanding what it is, the different types available, and its importance can help businesses make informed decisions and ensure they have the right protection in place. Regardless of the industry or size of the business, if the company deals with movable property, considering an Inland Marine Insurance Policy should be a priority.