TUESDAY, MAY 3, 2022
Although it may not be clear from its name, inland marine insurance may cover a wide range of items. For example, it may protect products that are transported over land, moveable property, or instruments utilized for transportation or communication. It may also cover property that is temporarily stored by a third party or if a third party’s property is temporarily left in your possession.
Inland marine insurance offers a broad range of coverages and could supplement your existing business insurance policies. Contact Cole Hixon Insurance Inc. today to find out more.
What Does Inland Marine Insurance Cover?
The term inland marine insurance has branched off from ocean marine insurance. At first, insurance policies protected business owners by covering products as they were being transported over water (i.e., ocean marine insurance). As the use of land transportation developed, business owners needed an insurance policy that protected their property beyond shipments over water. That led to the creation of inland marine insurance, which helps protect property that is being transported on land via trucks, trains and other automobiles. In modern usage, inland marine insurance has expanded even further and may cover items including:
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Equipment used in communication (e.g., radio towers)
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Property that facilitates transportation (e.g., bridges)
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Specialty Equipment (e.g., surgical and dental equipment)
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Property that is temporarily stored by a third party
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Property of another that is temporarily in your business’s possession
The above list is not exhaustive and inland marine insurance may cover a variety of equipment and material. Speak with your agent to learn more about the different protections it offers.
Do I Need Inland Marine Insurance?
Inland Marine Insurance may be useful for several types of businesses. For example, it may be beneficial if your company:
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Transports products
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Possesses other’s goods
By considering the nature of your operations and by working with an agent at Cole Hixson Insurance, you can determine if purchasing inland marine insurance is right for your business.
How Much Does Inland Marine Insurance Cost?
The cost of inland marine insurance depends on a variety of factors. The size of your business, the value of property being insured and your coverage limits could all play a role in determining its price.
Choosing a Plan
Cole Hixon Insurance provides several options for inland marine insurance coverage. Our agents can discuss specific coverages and help you find a policy that meets your needs.
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