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October 28, 2021

Commercial Insurance: Inland Marine

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What if your employees’ materials, tools, or equipment were to be lost or damaged while in transit? Without the necessary supplies or tools, employees wouldn’t be able to work, costing you time and money. Inland marine policies can help.

Originally ocean marine insurance covered damage to or the loss of goods transported on ships. 

Now inland marine policies protect property on the move, whether it’s in transit to work sites, client locations, or offices. These policies can cover property in transit, property that moves around, unique or valuable property, and property that transfers information. For example, inland marine policies can protect equipment on a mobile truck, construction equipment, mobile tools, computers, and communication equipment that is en route to a job site, client’s site, or your office. Commercial vehicle insurance does not provide this coverage.

Inland marine policies can vary in their structure. Some are open perils policies that cover all perils except those on a list of exclusions. These policies usually cover losses due to collisions, natural disasters, fire, windstorms, and theft. Other policies are named peril policies, which cover only the perils specified in the policy. Named peril policies are usually more limited and often cost less than open perils policies. Inland marine policies are available separately or as part of an endorsement to a business owner’s policy (BOP).

The insurance experts at Koch Insurance Group can help determine what your business needs in inland marine insurance coverage and then find the policy that best fits your circumstances.

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