Navigating the Waters of Inland Marine Insurance: Protecting Your Assets

In the realm of insurance, certain types of coverage are designed to address specific needs that traditional property or liability policies may not fully encompass. One such specialized form of insurance is Inland Marine Insurance. Read on for detailed information on the nuances of Inland Marine Insurance, its coverage areas, benefits, and why businesses should consider buying coverage. 

What is Inland Marine Insurance? 

Designed to protect items in transit or temporarily stored at locations outside the insured’s primary premises, this versatile coverage provides a safeguard against various risks that traditional property insurance might not cover. 

Coverage Areas 

Property in Transit:

Inland Marine Insurance covers goods, equipment, and materials while they are being transported over land, air, or inland waterways. This can include shipments by truck, rail, air cargo, or even via courier services. 

Tools & Mobile Equipment:

Items such as construction equipment, tools, and machinery that are frequently moved between job sites or locations can be insured under Inland Marine coverage. This ensures protection against theft, damage, or loss during transport or while in use.  

Property at Temporary Locations:

Business equipment or inventory temporarily stored at off-site locations, such as customer job sites or warehouses, can be insured under Inland Marine coverage. This extends protection beyond the confines of the insured’s primary business premises. 

Scheduled vs. Unscheduled Equipment

Within an Inland Marine Insurance policy, distinguishing between scheduled and unscheduled equipment is crucial for determining coverage specifics. Scheduled equipment refers to items individually listed and described in the policy with their corresponding values. This allows for precise coverage tailored to each listed item, ensuring clarity in terms of insured value and protection against specified risks such as theft, damage, or loss. On the other hand, unscheduled equipment encompasses broader categories or types of property that are not individually listed but are covered under a blanket limit or based on a general description in the policy. This approach provides flexibility and coverage for a wider range of items without the need for detailed listing, accommodating businesses with diverse and changing inventories or equipment needs. 

Inland Marine Insurance stands as a vital component of a robust risk management strategy.  Security America has partnered with Impulse, a Balance Partners company, to offer Inland Marine coverage as a part of our available package. Call Crystal Jacobs & the team at 866-315-3838 for more information on the Security America Insurance programs.