Anytime goods are moved between locations, they’re exposed to a potential risk of damage, theft or other loss. Inland marine insurance may help Massachusetts businesses safeguard their goods while in transit.
Inland marine insurance can help protect inventory, supplies, equipment and other items while the goods are being moved. If it can be shipped, it likely can be covered.
Any business that regularly moves goods between stores/offices, worksites or customers may want inland marine coverage. Few other insurance coverages offer in-transit protection.
A few examples show how businesses in different industries could benefit from the coverage:
While inland marine coverage is sometimes available to individual people, most Massachusetts residents don’t need the coverage and will find premiums high for a personal insurance policy.
Nonetheless, residents who do think they could benefit from the coverage can speak to an insurance agent who specializes in inland marine about their situation.
Commercial property insurance generally includes protection for inventory, supplies and equipment through its contents coverage provision. Any contents coverage offered is often limited to only when the goods are physically located on the insured property, however. The insurance usually doesn’t provide contents coverage beyond the insured property’s boundaries.
Thus, inland marine coverage can help fill in this gap by protecting goods when they’re in transit. Inland marine and commercial property coverage frequently complement each another well.
Insurance companies can offer both inland marine and ocean marine policies. The two insurances are similar in their protections, but they offer protection in different situations.
Inland marine offers protection for when goods are transported, but the protection is usually limited to intracontinental transit. The coverage’s name originally stems from when canals, lakes and rivers were the most efficient modes of inland shipping. Policies have since been updated for roadways, railways and other intracontinental transportation.
Ocean marine likewise generally offers protection for when goods are transported, but the protection usually applies to intercontinental transit. The coverage’s name originally stems from when ships were literally the most efficient way to ship goods vast distances, but policies have since been updated for airplanes and some other long-distance transportation.
Many of the aforementioned businesses only need inland marine, but some international businesses, manufacturers and distributors might want both. An insurance agent who specializes in inland marine policies and ocean marine policies can help businesses determine which of these protections is appropriate for their situation.
Premiums for inland marine policies vary, with the value of goods being transported and how far they’re transported being two many factors that affect the price. In general, however, premiums for these policies tend to be affordable.
For help purchasing inland marine insurance, contact the independent insurance agents at Garrity Insurance. Our Massachusetts agents have the expertise necessary to help you find an inland marine policy that will protect your company’s goods well, and we’re able to recommend policies regardless of what insurance company offers them.