You’ve probably heard the term “marine.” You’ve probably heard the term inland.” But “inland marine” seems contradictory.
There’s a reason for this unique name, and if you’re buying commercial insurance, there’s a possibility you might need an inland marine policy. Here’s what you need to know about this specialized insurance.
Why inland marine?
Marine insurance has been a shipping staple for centuries. Owners of shipping companies insured their goods for long ocean voyages against the threat of spoilage, pirates, and shipwreck.
As insurance became more common and more risks were available to be covered, shipping companies began asking for more coverage—for instance, protecting the goods they might have in dockside warehouses waiting for transport. Marine insurance agencies were already used to offering broad coverage and began expanding into other areas, leading to what we now call “inland marine insurance” being split off from “ocean marine insurance.”
What does inland marine insurance cover?
Inland marine is designed to cover goods that are in transit over land. Other niche cases are covered as well:
- Property held by one entity for another. This would include exhibitions and museums, among other things.
- Property at a fixed location that will be transported. This would consist of something like goods at a warehouse.
- Property that regularly moves locations. This could be mobile medical and construction equipment.
Several inland marine use cases don’t easily fit under these criteria, but an insurance agent will know what type of insurance applies to your specific business needs.
Who needs inland marine insurance?
Inland marine insurance is one of the broadest categories of coverage you can buy. There is a wide range of businesses that can use it.
- Construction companies
- Art dealers
- Mobile medical companies
- Transportation companies
Do you need this coverage? Find out today. Contact MVP Insurance and let us help you find the right policy to safeguard your business.