Inland Marine Insurance is a unique type of property insurance that offers protection for goods, equipment and other movable properties for a variety of businesses. Although it is often overlooked by business owners, inland marine coverage can be a valuable addition to a commercial insurance portfolio because of its unique characteristics. Here are some of the key components to inland marine coverage.
“All Risks” Coverage
One of the key components to inland marine insurance is that it generally provides “all risks” coverage, as opposed to the named perils coverage that is typically provided by most property insurance policies. Instead of only covering perils that are listed in the policy, inland marine covers nearly any type of loss, except those that are specifically excluded from the policy. Because inland marine coverage is often written to cover property that is usually excluded by other insurance policies, the exact exclusions vary depending on the type of coverage the policy offers.
First-Party and Third-Party Coverage
Inland marine coverage is technically categorized as property insurance, but it has the characteristics of both first-party property coverage and third-party liability coverage. This unique feature is an efficient way to fill in coverage gaps between general commercial property and liability policies. Commercial property policies typically do not cover the property that is moved off of the insured premises, and commercial general liability policies often specifically exclude liability coverage for someone else’s property that was lost or damaged while in the care, custody or control of the insured. However, inland marine insurance is designed to not only cover the movable property owned by the insured, but also non-owned property that is in the care, custody or control of the insured for a variety of reasons.
Fits a Wide Range of Industries
The property that is covered under an inland marine insurance policy can be nearly anything from construction equipment and other tools to computer data, paperwork, fine art and other collectibles, musical instruments, mobile medical equipment, cameras and other photography accessories, motor truck cargo, guns, jewelry, expensive clothing and more. The types of goods that are insured under inland marine coverage can be almost anything of value, but typically have to meet certain requirements, such as being one of the following:
- In transit, being moved from one location to another by the insured.
- Held by a bailee, such as a storage facility, repair shop or museum.
- A movable type of goods that is often at different locations, such as mobile cleaning equipment, kitchen equipment inside of a food truck, etc.
Formed in 2013, AmSuisse, Inc. has quickly distinguished itself as a wholesale operation that specializes in working very closely with our agents and broker partners to develop responsive, individualized service for each client. Our unparalleled writing support, industry-specific expertise, marketing support, responsive proposals and quotes, strong customer service, and strong relationships with our carrier partners have all helped us to provide the best possible coverage for our clients. To learn more about our available coverage, contact us today at (800) 485-0229 to speak with one of our representatives.