Inland Marine Insurance
Inland marine insurance is a type of insurance policy that covers property that is in transit, being held temporarily, or is otherwise mobile in nature. The purpose of inland marine insurance is to provide coverage for goods and equipment that are not covered by traditional property insurance policies, which typically only cover stationary property at a specific location.
Inland marine insurance can provide coverage for a wide range of goods and equipment, including:
- Construction equipment: Tools and equipment used by contractors and construction workers that are frequently moved from job site to job site.
- Transportation property: Cargo that is transported by trucks, ships, trains, or airplanes.
- Fine arts: Valuable art pieces that are being transported or temporarily held for display or restoration.
- Electronic equipment: Computer systems, communication equipment, and other electronic devices that are frequently transported.
- Other specialized property: Musical instruments, livestock, and other property that requires specialized coverage.
The purpose of inland marine insurance is to provide businesses with coverage for property that is in transit or mobile in nature, helping to protect them from financial losses that can occur as a result of damage, theft, or loss of the property. It is an important coverage for businesses that operate in industries such as construction, transportation, and art, where property is frequently on the move.