Beyond Property Insurance: Inland Marine
Non-traditional (or inland marine insurance, as some policies are called) coverage is a custom-made sector of insurance coverage dealing with homes and items that would not typically fall under a typical residential, commercial property, or car insurance policy. Such items are: boats, snowmobiles, ATV’s and personal watercraft. You might discover that your existing insurance company does not even write policies for these types of goods, in which case you will have to check out a specialized insurance company.
Never Heard of Inland Marine Insurance?
Questions to ask yourself: does your business transports goods and products, work off-site, or you’re in possession of a customer’s property? You could need inland marine insurance. Are you in construction and usually work off-site? You need liability protection for your contractor’s equipment, installation, builder’s risk, and cranes and riggers. According to the Insurance Information Institute, collisions and cargo theft are the two most frequent causes of inland marine losses.
Interesting fact: an inland marine insurance policy from The Hartford could even cover clothing left at a dry cleaner.
The majority of people purchase an insurance product – whether it is home owners insurance or business insurance – without reflecting much over what they are actually buying. But, one thing that’s not overlooked is the price or the premium you pay for it. This is the main focus or part of the insurance purchase that appears to concern many people. When it comes to other components of the insurance coverage product they buy, they tend to not worry so much. Many people seem to consider that the insurance coverage you purchase is the same, no matter which insurance carrier you purchase it from. This mindset is based on an essential misunderstanding of what an insurance coverage product is and how the insurance market is operating.
Inland marine insurance covers a wide range of property and can protect company assets. An inland marine policy can cover items such as medical equipment, solar energy, fine art, and even clothing. This type of insurance can even cover transportation and communication via cell phone towers and commuter rail systems. Inland marine began as the means to insure transportation over ocean marine. In modern times, it’s used across water and over land.
So… What Is Covered?
Examples: tools and equipment for contractors, computers, truck cargo, even animals in cases of theft, escape, death. At the veterinarian: inland marine covers animals belonging to you while in the custody of a vet. Your vending machine (but not what is included inside).
More examples include:
Equipment: consider inland marine insurance if your company has many kinds of equipment like computers, electronics, sales and special events, agriculture and landscaping, medical, flooring, entertainment.
Miscellaneous inland marine: this can cover items not in a typical property insurance policy such as, exhibitions, fine arts, instruments, bailees (coverage for a clients property when left in the care of someone), signs, and vending machines.
Naturally it is very important not to pay more for an insurance product than needed, as it is for any purchase. However, in some cases we are unaware of what protections we have with our homeowners or business insurance coverage until we file a claim and learn too late that we weren’t covered for a particular loss. Owners of motorhomes, boats and motorcycles might be shocked to discover that neither their property owners insurance coverage nor their auto insurance covers them for any loss connected with special items.
Accidents happen no matter if we remain in our home, vehicle, riding our ATV, or even in our business. By ensuring we are covered we can prevent a small mishap from ending up being a monetary problem by making certain we have the proper insurance coverage no matter what we may own. Make sure you’re covered; you never know when you’ll need it.