There is a type of insurance coverage that the team at IPA Risk Management, LLC, can write for your business if it routinely transports products or equipment: inland marine coverage. Inland marine coverage removes a lot of the risk associated with shipping goods, equipment, and materials anywhere in the country.
The experienced and knowledgeable team at IPA Risk Management, LLC, can answer all of your questions about inland marine coverage and build a policy that best meets the needs of your company. Call our office in Rochelle Park, New Jersey, at 201.797.1084 today to schedule an appointment with a member of our team. Let us put our decades of experience to work for you so there’s less to worry about when dealing with the daily operations of your company.
Inland marine insurance
Inland marine insurance provides coverage for products, equipment, or materials that your company transports over the land anywhere in the country. This coverage also protects these items should they be temporarily kept in a warehouse or other storage location. The two most common types of inland marine losses are cargo theft and collisions.
Other hazards protected by this insurance include fire, wind, water damage, and hail. Inland marine insurance also protects against accidental drop and damage along with the mysterious disappearance of the items where the loss cannot be accounted for.
Does my company need inland marine insurance?
Not every company will require inland marine insurance, especially if your business owner’s policy or commercial package policy covers your operations sufficiently. If you aren’t sure about what is covered by these policies, it is best to have the policies reviewed by a member of the IPA Risk Management, LLC, team.
Marine inland insurance should be purchased when your company routinely ships equipment or products. It doesn’t matter if the items are shipped from one end of the state to the other or across the country, a marine inland insurance policy can cover this task. This policy should be purchased for your company if the products you move are of high-value. An inland marine policy can cover the following items:
- Computers, everything from servers to laptops
- Communications and networking equipment
- Construction and contracting equipment
- Medical and scientific equipment
- Photography equipment
It’s important to note that inland marine insurance isn’t just for companies that ship products, materials, or equipment regularly to clients. This type of insurance can also be used for shipping one specific piece of equipment routinely. For example, if you often ship a set for a television show that airs from a different location every weekend, you can use inland marine coverage to protect the equipment on its journey.
There are special coverage options available on an inland marine policy and they include the following:
- Bailee’s Customer Coverage—protects the property of a client that is left in your care (if you operate a warehouse or storage facility)
- Builder’s Risk—protects a structure during construction as well as the materials on the job site
- Exhibition and Fine Art Coverage—protects valuable items that are displayed at part of an exhibition or when they are loaned to another entity
- Installation Floater—protects materials that are loaded onto a truck until they are used or installed
- Motor Truck Cargo Coverage—protects the goods of your clients while you transport them to a different location
Limits and deductibles
There are deductibles associated with an inland marine policy. The deductible is the amount of money you will have to pay out-of-pocket before the coverage takes effect after a claim is filed for a loss. It’s possible that you’ll be able to choose the deductible amount that works best for your company’s budget when acquiring the inland marine policy. Be sure to ask about this when you have your consultation with IPA Risk Management, LLC.
Inland marine insurance policies come with coverage limits. This means that if you file a claim with the insurance company, you will only be compensated up to the coverage limit. So, if the loss is worth $400,000, but you have a coverage limit of $250,000, you will be responsible for the remaining $150,000. This is why it’s important that you choose a coverage limit that reflects the value of the items you are shipping. If you don’t, some insurance companies will penalize you for filing a claim that is a certain percentage over the coverage limit.
Call IPA Risk Management, LLC, to Schedule an Appointment Today
Protecting the products, equipment, and materials that your company ships or transports for clients are vital to the success of your business. This can be done by purchasing inland marine coverage. This type of insurance coverage protects your company from losses that occur due to an accident or theft. Call the trusted brokerage team at IPA Risk Management, LLC, at 201.797.1084 today to schedule an appointment.