Inland Marine Insurance
Falvey Insurance Group is pleased to announce the launch of our inland marine insurance coverage. But what exactly is inland marine insurance, and is it something your business needs? Follow along to find out more.
What is Inland Marine Insurance?
While its name might be a little misleading, inland marine insurance is an insurance policy that covers land (not waterway!) transportation. It’s actually an offshoot of ocean marine insurance covering property and assets as they’re being transported on land—via highways or railways—or stowed away from a business’s main location.
For example, your business might regularly transport goods to different locations and store some at an off-site warehouse. If you already have commercial property insurance, it likely covers your business locations and personal property, but it might not cover incidents that happen on the road or mishaps at your off-site warehouse. Typically, commercial property insurance only oversees stationary property at your main location.
And that’s where inland marine insurance comes into play. It fills in the gaps, providing coverage when your property and assets aren’t physically with you, whether that means they’re in transit or off-site storage.
What Does Inland Marine Insurance Cover?
The beauty of this kind of insurance is that it offers broad terms and conditions for even the most complex and tricky risks, from fine art to contractor equipment. It oversees the cost to replace or repair high-value property in the case of theft or wind, hail, fire, or water damage.
That said, inland marine insurance usually doesn’t cover your business vehicles, property you ship by air or sea, or property that was damaged before transit.
Who Needs Inland Marine Insurance?
If your business moves around assets, works offsite, or handles another business’s property, getting inland marine insurance may be a good idea.
The following are some of the most common industries that purchase inland marine coverage:
Construction
Builders' Risk
Contractors' Equipment
Contractor’s Combination
Civil Works Projects
Transportation
Transit & Location
Warehouse Storage
Rolling Stock
Tank Storage
Cash in Transit
Commercial Transit
Technology
Electronic Equipment
Broadcast Equipment
Medical Equipment
Scientific Equipment
Telecommunications
Specialty
Oil & Gas
Fine Arts
Entertainment
Theatrical
Infrastructure
Equipment Dealers
General Floaters
Interested in learning whether inland marine insurance is the right solution for your business? Contact us today to find out more.