Inland Marine

You can view the Inland Marine insurance either as an outgrowth or a spinoff of marine insurance and ocean marine insurance. Inland Marine insurance was not introduced until the 1800s, some two hundred years later than its precedents. 

 

Inland marine insurance is designed to protect your high-risk, high-value, movable properties. This policy usually covers your items that are being transported via air, truck or rail. It is typically a supplement to your existing business insurance policy. In recent times, Inland Marine insurance expanded to cover more than just the transportation industry- it now also includes property and items in the technology and communication, miscellaneous floaters and construction industry.

 

If you are not sure if you need this coverage, think about the characteristics of your business. Pertaining to transportation, if your business involves a significant amount of property (can be your artwork, equipments and even data) being transported on a regular basis, you will want to take this coverage into serious consideration. One of the aspects you might want to take into account is the named “responsible party” during the transit of your items as stated in your bill of lading. The bill of lading will help determine who is responsible at a certain point or state of the transportation. This information is crucial should the need for claim of loss arise.

 

If you are still uncertain that your business needs this coverage or not, please feel free to contact us at (815) 459-3300 and our expert agents will be glad to assist you.