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The goal behind inland marine insurance is to offer protection on a wide range of specialist assets. For example, an inland marine insurance policy can cover medical diagnostic equipment, fine art, solar power equipment, and even clothing to some extent. Especially clothes left in the laundry.
Other areas covered by inland marine insurance are properties designed to facilitate transportation or communication. This specialized coverage can be difficult to understand. Learn more now with Benzinga’s guide to inland marine insurance.
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According to Benzinga, the best inland marine insurance company is The Hartford. Chubb is best for contractors and construction, and Liberty Mutual is best for small businesses.
The Hartford has excellent financial strength and offers minimum premiums on some policies, which makes it less attractive to small businesses. It offers a variety of customizable coverages, reasonable rates, and a good claims process.
Chubb’s best inland marine insurance options are designed for contractors and construction professionals. This is a positive attribute for players in the construction industry, although Chubb’s offerings may not be suitable for all types of inland marine insurance.
On the other hand, Liberty Mutual offers a wide range of customizable protection options. This includes miscellaneous property with policy limits and premiums suitable for businesses of all sizes.
What is Inland Marine Insurance?
If you need to protect products, materials and equipment while transporting them overland, such as a train or truck, it may be important to consider investing in inland marine insurance. This form of insurance is used to protect movable property of the business or used for transportation or communication purposes.
Your high value items or those excluded by property coverage in a standard business owner policy may be eligible for inland marine insurance protection. Those who own a business involved in shipping or transporting products or equipment should consider purchasing a policy.
This type of policy can be purchased in addition to an existing commercial insurance policy or may even be available as a separate policy. You can always consult an insurance agent to see what options are available.
What does inland marine insurance cover?
In some cases, inland marine insurance helps pay for repairs or replace portable commercial property otherwise damaged during a covered peril listed in the policy. Some perils may include:
- Water damage
Inland Marine Insurance can also provide additional coverage for specific situations. It involves mysterious disappearance such as missing property where the cause of loss cannot be discovered or accidental fall and damage i.e. loss of property caused when objects are dropped or mishandled. Items may be in transit or being loaded or unloaded.
You can review your policy with an agent to understand what risks your insurance does not cover. The types of goods typically covered by inland marine insurance are part of a wide range of specialist equipment and materials used for business.
Expensive computers and electronics
With cyber insurance, users can rest assured that digital information is stored on computers and mobile devices. Depending, of course, on certain policy terms and conditions, there may be coverage for business computer hacks, ransomware attacks, data breaches as well as forgotten devices. Cyber protection will generally only cover non-physical information stored on computers.
However, protection is generally not offered for physical computers and the devices themselves. You don’t want to take any chances with expensive computers and electronic devices and the information stored on those devices. If the information falls into the wrong hands, it is unclear how serious the consequences can be. This protection is best suited for manufacturers, processors, wholesalers, retailers, financial institutions and educational institutions.
This involves radio, broadcasters and telecommunications companies which continue to grow at an exponential rate. Communications Protection is designed for owners or operators of infrastructure equipment and operations. Towers, antennas, satellite dishes or portable equipment responsible for transmitting information or intelligence of any kind.
Communications Equipment Insurance is perfect for radio and television broadcasters, broadband, cellular or wireless service providers, government entities such as law enforcement and recreation parks, religious organizations and educational institutions that broadcast.
Since medical technology is responsible for advancing and reshaping the field of healthcare with innovations such as 3D printing, surgical robots, artificial intelligence, nanotechnology and virtual reality training tools, it makes sense to invest in this form of hedging. This way you will be protected in case something goes wrong. Medical equipment protection is ideal for hospitals, pharmaceutical companies, ambulatory care facilities and medical equipment rental companies.
Scientific or research equipment and photographic equipment
If you want to protect equipment such as photography equipment, miscellaneous property coverage may be right for you. Under this policy, you have the option of dealing with a wide range of fixed or mobile properties. Organizations use this cover to protect hard-to-place items like specialized cameras and geo-mapping equipment. Miscellaneous property coverage is suitable for sports organizations, theme park companies and theater production companies.
Specialized inland marine coverage
Commercial flat-rate insurance is not intended to meet the notion of one size fits all. To better mitigate other types of risk, you’ll want to consider thinking outside the box. Specialty inland marine insurance focuses on particular risks that fall outside the scope of standard policies. Just because there are risks outside of traditional coverage doesn’t mean they aren’t important.
You can add a custom cover for things like:
- Construction materials: This includes supplies for cleaning, repairing, maintaining or performing work on the property for others. It can cover losses of goods that may occur on your premises during transport to or from your property or during storage.
- Fine arts: Traditional river insurance will cover you permanently as part of the site risk cover. Fine Art Protection pays you if your valuable works are damaged or destroyed.
- Installation floats: Inland marine insurance can cover a contractor’s materials from the time they leave the contractor’s business until they are installed, and the work is therefore signed for. The contractor or subcontractor usually purchases this form of insurance.
- Motor Truck Cargo Cover: Another type of inland marine insurance that insures cargo and goods while they are in transit by the motor carrier. The value of the customer’s property is protected as long as they have the freight carrier.
Find Inland Marine Insurance Today
Any company with movable property can benefit from river insurance. Before getting started, however, it is important to determine if any of your business transactions are not covered by the protection already provided by existing business insurance.
You and your business may be covered by your business owner’s policy. For example, however, cameras, lighting or other pieces of equipment may not be covered if transported to another location.
Suppose you want to take out insurance for inland navigation or have questions about it. In this case, an agent can better help you assess the risks and needs of your business to see if coverage makes sense.
Frequently Asked Questions
Why are we talking about inland maritime coverage?
It bears its name because the primary purpose of inland marine insurance is to protect property that:
- Is currently in transit
- Held by custodian
- At a fixed place which is an instrument of transport
- A type of movable asset that is often in a different location
This type of policy is an offshoot of ocean marine insurance which inversely protects goods transported on water. It’s important to remember that no matter what industry you’re currently in, accidents can happen at any time.
What does inland waterway insurance not cover?
A notable feature of inland marine insurance is that it does not cover vehicles and any items not listed in the policy, among other exclusions. Commercial auto insurance is a policy that covers company-owned vehicles, not inland marine insurance. Small businesses can protect personal, rented, or leased vehicles used strictly for business purposes with leased and non-owned auto insurance.
A named risks policy protects items not listed in the policy. This only covers the events listed in the policy and nothing else. As coverage is more limited, it will often cost less. The open risk policy is also known as the all risk policy. It covers peril types, unless otherwise stated.
Benzinga has developed a specific methodology to classify business insurance. We’ve prioritized carriers based on coverage options, types of businesses served, customer service experience, and how quickly and easily you can get insured, including using online tools . We’ve also included professional insurance quote aggregators in the listings to make it easier and better to compare quotes and policy options. To see a full breakdown of our methodology, please visit our Business Insurance Methodology page.
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