Inland Marine Insurance Coverage

Protect Your Business With Inland Marine Insurance

If you currently own and operate a business, protecting your asset with the right kind of insurance coverage is a top priority. Inland marine insurance is a type of coverage that can help protect your company’s inventory while it is being transported or stored. If you have a company in the area of San Diego, California, and want to learn more about your insurance options to protect your business and valuable inventory, Windfall Insurance Services Inc. can help. Read on to learn more about financially protecting your business with inland marine coverage.

Inland Marine Insurance: Essential Information

The purpose of inland marine insurance is to provide supplemental insurance coverage to a conventional business insurance policy. It is common for most business insurance policies to protect a company’s inventory while it is being stored at the main business location, however, this coverage does not typically extend to any assets that are housed over 1,000 feet away from the property of the business or to any inventory that is in the process of being transported to the business site. Inland marine insurance will protect any business products, materials, and equipment being transferred across the land by truck or train, or that is being temporarily stored in a warehouse located offsite. Inland marine insurance is particularly important for a business that ships expensive items including medical equipment, electronics, or construction or contracting equipment that is not covered by a traditional business insurance policy. Basically any kind of business that has mobile property and can meet an insurance company’s underwriting requirements can become eligible for inland marine insurance. It is important to note that inland marine insurance typically will not cover property damages sustained from an earthquake, flood, vehicle collision, property that is transferred by air or the sea, or property that was damaged before the transfer.

What Else Does Inland Marine Insurance Cover?

In addition to protecting a business, inland marine insurance can also benefit covered individuals as well. For instance, if you own valuable property used in trade shows or shipped frequently, such as high-priced artwork, guns, jewelry, or collectibles, inland marine insurance can cover loss or damages to these items. Additionally, if you temporarily have possession of someone else’s valuable items, inland marine insurance can help pay for damages to these items while they are in your possession and under your care. If you are someone who often ships high value property, if you have invested in a commercial vehicle that is constantly moving, such as a food truck or repair vehicle, or you store assets at a location offsite from your business, you could benefit from having an inland marine insurance policy.

If you have questions about your insurance coverage options in San Diego, California, contact Windfall Insurance Services Inc. for a consultation.