BUSINESS INSURANCE BY INDUSTRY
Inland Marine Insurance
Inland Marine Insurance Has Nothing To Do With Water
Inland Marine insurance may sound like a policy one might need if they are boaters or conducting business on the water. But in actuality, an inland marine policy is neither of these things and might actually be a policy that a lot of business owners need. Read on to learn more about this often-overlooked coverage!
What is an Inland Marine Policy?
Contact The Craven Agency today! Serving Shreveport, Bossier City, Minden, Ruston, Monroe and the surrounding communities in Louisiana and the Ark-La-Tex regions.
An inland marine policy provides coverage for products or equipment when they are in transit or held by a third party. Consider a business that ships its products, for example. If something were to happen to that product when it was in transit, an inland marine policy would typically cover that loss. This coverage can usually be purchased as an endorsement to an existing business policy but can also be purchased as a standalone policy, depending on the company.
What Does an Inland Marine Policy Cover?
Inland marine policies tend to be “named peril,” which means they provide coverage for certain events. An event that is not listed as specifically covered will be excluded. Some of the events that you can expect to be covered for on these policies are:
- Fire
- Theft
- Wind
- Hail
- Water Damage
Some policies may offer customers the option to add additional coverage for things such as:
- Mysterious disappearance
- Accidental damage
As with most insurance policies, a coverage limit is chosen for the items insured. This limit is where coverage is pulled from in a loss, so it’s important to accurately estimate the value of the items you’re looking to insure. Some companies settle the claims on a replacement cost basis, meaning depreciation is not considered. In contrast, some will factor depreciation and settle on an actual cash value basis. It’s best to check with your insurance company to determine which settlement type they use for these policies.
It is also important to note that a deductible would apply as well. The deductible is an insured’s out-of-pocket expense and the amount that would need to be paid before the insurance kicks in.
Do I Need an Inland Marine Policy?
Many business owners’ policies exclude high-value products, such as photography equipment, computers, or medical equipment. If you are a business owner transporting high-value items such as these, you may want to consider purchasing an inland marine policy.
Even if you don’t plan on shipping items or don’t anticipate ever having your items in transit, it may still be a good idea to purchase some inland marine coverage. Working with an independent agent who understands the intricacies of commercial insurance is the best way to ensure you are protected. Don’t leave anything up to chance. Contact us to discuss all your business needs!
Contact The Craven Agency today! Serving Shreveport, Bossier City, Minden, Ruston, Monroe and the surrounding communities in Louisiana and the Ark-La-Tex regions.
QUESTIONS?
We'd love to talk through any of your business or personal needs and build the right insurance policy for you.
