Commercial Inland Marine Insurance
Commercial inland marine insurance is a type of insurance that provides coverage for businesses for their transportation and storage of goods, as well as for the equipment and other property used in the operation of your business. This type of insurance is specifically designed to protect against losses that occur while goods are in transit or being stored, as well as losses to equipment and other property used in the operation of your business.
The name may be confusing since it contains "Marine". Many people assume it must have something to do with the ocean and other water ways. However, when you consider that marine insurance, which covers products being transported over water, originated first it is easy to see how the name evolved when coverage extended to over or “in land” transportation.
There are several different types of coverage included in a commercial inland marine policy, including coverage for:
- Transportation Floater: This covers losses that occur while goods are being transported by land, water, or air.
- Storage of goods: This covers losses that occur while goods are being stored.
- Equipment Floater: This covers losses to portable or movable equipment and machinery used in the operation of the business, such as construction tools. Note: This is different from Equipment Breakdown Coverage which covers equipment that is affixed to the building.
- Builders risk: This covers losses to buildings and other structures under construction, including losses due to fire, wind, or other perils.
- Bailee's (Porter of Others) coverage: This covers losses to goods that are in the care, custody, or control of the business, but are not owned by the business. This could include goods that are being repaired or serviced by the business, or goods that are being stored by the business for a customer.
- Jewelers Block: This coverage is specially designed for jewelry stores, pawn shops and other businesses that deal with jewelry and other valuable items.
- Installation Floater: This type of insurance protects against losses that occur during the installation process.
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There are many different industries that can benefit from commercial inland marine insurance, including transportation and logistics companies, construction firms, manufacturers, wholesalers, and retailers. This type of insurance is especially important for businesses that rely on the transportation and storage of goods as part of their operations, as these activities can be vulnerable to several risks and losses.
Inland marine insurance can be purchased as a standalone policy or as an endorsement to a business owner's policy (BOP) or commercial property insurance policy. The specific coverage and limits of an inland marine policy will depend on the specific needs and exposures of your business, which is why it is important for business owners to work with an experienced insurance professional to determine the appropriate coverage for their operations.
It is also important for businesses to understand the exclusions and limitations of their inland marine policy, as there may be certain types of losses that are not covered. For example, most inland marine policies exclude losses due to war, nuclear accidents, and intentional acts by the insured. It is important for businesses to carefully review their policy and discuss any potential coverage gaps with their insurance professional.
Concklin Insurance Agency is here to assist you with your coverage needs. Our knowledgeable insurance professionals can help you find the right coverage for your unique situation at a competitive price.
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Craig Concklin
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