We are a world always in motion. Because things move so fast, not all commercial insurance policies protect your business. Depending upon the type of business you’re in, your business could have significant insurance gaps that could cripple your bottom line. The insurance experts at The Ephraim Group can help. Talk to us and let’s explore ways inland marine insurance could help protect your company.
What Is Inland Marine Insurance?
The concept of inland marine insurance is not new. In fact, the idea dates back to when our only choice of moving cargo was on wooden ships and wagons. As our means of transportation developed, ways we protect the loss of our cargo evolved. Inland marine insurance provides insurance coverage guidelines that extend the coverage for your products and goods in transit.
This type of insurance policy is designed to protect business owned assets and property like supply and equipment items. These items are transported away from the main company location and sent to other locations across the country or the world.
Most insurance agencies consider inland marine insurance to be a floating policy that is an addition to typical commercial insurance where the coverage fills the gaps that your commercial insurance policy has. It can cover the tools of a business owner from the business location, while in transport and on location. Your coverage goes wherever the insured property goes.
These policies are designed to cover various items such as building materials, workplace tools, movie production equipment, produce, and much, much more. If your business has items that can be transported and possibly lost or damaged, then the items can be covered with the right insurance policy.
Typical commercial property insurance covers items that are important to your business while these items are on your property, but inland marine insurance provides protection for your equipment or business possessions while in transit or located off-site.
Details About Inland Marine Coverage Insurance
It should be noted that most Inland Marine policies are “scheduled item” policies This means that the individual items are listed as covered items on the policy. There is typically a grace period for newly purchased items, but the insured always needs to double check their policy to make sure that all items they own are covered.
The Inland Marine policy is usually associated with a deductible per claim, not per item. The cost of these policies can be a little higher than coverage obtained through a commercial property policy because it is covering items that are away from the company’s location, sometimes out in the open, and more available for loss due to theft, weather, etc.
In the case of property insurance for any property in the process of transit going over, there are specific types of moveable property allocations, the use of advanced transportation systems, synced communications, and legal liability exposures during inland marine transportations.
The best inland marine insurance coverage policy will provide a range of protection in case of any liability incidents. With Ephraim Insurance Agency Group, inland marine insurance will generally be determined by the type of property that is being transported along with other factors such as the way of transporting the items, the length of the trip and the determined destination.
As opposed to marine insurance, inland marine insurance covers the property in transit while on land in transportation. Property materials such as products, materials, supplies or equipment are always in need of transport so if you are planning on far travel across land and water then this type of cover would help cover you the case of a lost, stolen, or damage claim during transit. Our policy will entail specifications based on the individual’s request. Whether you choose to transport your property via truck, train, boat or plane, we can offer an affordable rate. Call us for a free quote today.
Do You Need Inland Marine Insurance?
Every business needs a safety net to minimize risk and protect the company from loss. Some property insurance policies may already include inland marine insurance based on the selected policy. While it’s clear that your property insurance should be enough to cover any property housed in a specific location, it’s important to check to see if the company’s assets are covered while in transit or off-site.
If your company is frequently shipping property overseas or locally, it is an excellent idea to purchase inland marine insurance. This type of coverage is a great way to ship high-value merchandise or materials, which can often be excluded from basic liability coverage policies. Inland marine insurance will help you cover the value of a wide range of specialty property, assets, inventory and more. Items to consider covering with inland marine insurance can include:
- Computer Servers
- Desktop & Laptop Computers
- Communication Devices
- Construction Equipment
- Medical Devices
- Science Instruments
- Multi-media production equipment
- Vendor Machines
- Tradeshow equipment
- Event equipment
Since we started our agency, The Ephraim Group has guided hundreds of business owners in the right direction. We specialize in finding the right insurance for the nature of any business operation. Let us help you manage the risks of transporting the items you need for business.
Our Service Area
For more than 16 years, we’ve worked with business and homeowners all around our little house in Lawrenceville. We’re located right next to Brewster’s on Lawrenceville Suwanee Road. We have helped hundreds of customers enjoy boating on Lake Lanier and Hartwell who live around us in Lawrenceville, Dacula, Duluth, Suwanee, and Buford. But, if you live outside our service area, that’s no problem. We’re happy to help you with all your boat insurance needs.
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