What is Inland Marine Insurance?

Equipment and goods that are transported between two locations are exposed to a variety of risks while they’re in transit. Damage, theft and loss are all real possibilities that businesses should consider. Inland marine insurance policies help Massachusetts businesses protect their equipment and goods from covered perils while the items are being transported.

Inland marine insurance policies are specialized commercial property policies that have been specifically crafted to protect items in transit. Most policies provide extend their protections to situations when items are being moved by employees as well as situations where third-party carriers are handling the items.

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What Massachusetts Businesses is an Inland Marine Policy Right For?

Many Massachusetts businesses can benefit from the protections that inland marine policies offer, for there are lots of businesses that move equipment and products between locations. Some examples of businesses that might benefit from having a policy include:

  • Construction companies, which often move heavy equipment to construction sites
  • Landscapers, which often move lawn care equipment to customers’ locations
  • Wholesalers, which often send sales reps out with large quantities of samples
  • Wilderness tour groups, which often move outdoor equipment between tour spots
  • Multi-site businesses, which often have people bringing supplies between locations

A specialized agent who’s familiar with these policies can help businesses that are unsure if this coverage is appropriate determine whether they need a policy.

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Can Individuals Purchase Inland Marine Policies?

Most individuals don’t need inland marine coverage, but a few people who send or receive large numbers of packages might want a policy. Anyone who’s interested in a policy for themselves should speak with an agent to see whether any suitable policies are available. A knowledgeable agent will know what type of policy to look for and how to evaluate the available options.

Do Third-Party Carriers Protect Cargo When Its in Transit?

While most third-party carriers and delivery companies offer some form of insurance for the goods they transport, this coverage can be limited. Depending on the worth of goods that a business is having moved, it may make sense to purchase additional coverage. Additional coverage might be available through either the third-party carrier or an inland marine policy, with the latter option often being the more affordable and robust one.

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Do Commercial Property Policies Cover Items in Transit?

Commercial property policies normally protect equipment and goods while they’re on company property, but this protection often doesn’t extend beyond the borders of a company’s location. These policies frequently don’t cover equipment and goods while they’re in transit between location.

Inland marine policies are often designed to fill in this coverage gap, protecting items specifically while they’re being moved to or from a company’s place of business.

Are Inland Marine and Ocean Marine Policies the Same?

Inland marine and ocean marine policies usually both cover goods while they’re being transported, but the situations where they provide coverage tend to be different. Ocean marine policies generally cover items being sent overseas via ship, while inland marine policies typically cover items sent via other modes of transportation. Inland marine policies might cover transport by inland waterway, rail, road or air depending on their terms.

The difference in terminology stems from when items were primarily moved via waterways. One type of policy was normally used to insure goods sent by sea, and the other generally covered goods moving inland via rivers, lakes and other waterways.

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How Can Massachusetts Businesses Get Inland Marine Insurance?

For assistance with selecting an inland marine insurance policy, contact the independent insurance agents at Haberman Insurance Group. Our agents have helped many Massachusetts businesses with this insurance, and we’re ready to assist you.

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