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Your products and equipment are the backbone of your success as a company. From transported goods and hauled equipment to storage items and even construction tools, it’s important to keep your investments protected. With Inland Marine coverage, you can avoid damages sustained in the event of accidents, theft, vandalism, or total loss.
At Prince Insurance Group, we’re dedicated to providing the coverage your business needs for the asset protection it deserves. Our Inland Marine policy insures that when your business is on the move, we’ll protect certain items, such as:
- Transported Property
- Computer Equipment and Data
- Contractor’s Tools
- Artwork
- Buildings Under Construction
No matter what business you’re in, an accident can happen at any time. That’s why it’s important to have an Inland Marine policy from Prince Insurance Group to provide your business with the appropriate coverage it needs during transit.
Since Inland Marine covers items outside of your standard Business Property Insurance policy, having additional coverage to keep your equipment insured off-site is critical. This coverage can also extend to protect your business’s goods or equipment when transported by ocean and air, also known as Ocean Marine.
Contact an Inland Marine specialist at Prince Insurance Group today to find out how your business can insure its most valuable assets while working or traveling off-site.
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Common questions about Inland Marine Insurance
Get quick answers to some of the most asked questions about inland marine insurance. If you have additional questions, please contact us.
What is it?
Inland Marine insurance can be described as coverage for a variety of different specialized properties. For instance, a policy from a place like The Hartford may cover items like clothing at the local dry cleaners, solar energy machinery, fine art, or diagnostic medical equipment. The Inland Marine coverage we provide is capable of covering property developed to facilitate communication or transportation (like mobile device towers and transit rail systems).
The Hartford’s coverage sometimes offers protection for property and assets that can be relocated (or is in the midst of being transported) somewhere on land. It can also provide coverage for property that others own, which is currently in possession of a policyholder and/or on a policyholder’s premises.
Where did the name come from?
Don’t let the word “Marine” deceive you. A policy for this type of insurance generally covers property situated on land. This kind of insurance can be called an Ocean Marine insurance coverage offshoot. Initially, insurance companies provided “Ocean Marine” insurance in order to safeguard owners from any goods lost that were shipped by sea (perhaps the goods were seized by people with bad intentions, or the boat sunk). Over time, businesses and individuals started shipping cargo to places outside of the more popular port cities. Naturally, goods needed to be protected from losses while they are in transit. Inland Marine insurance offers protection for items shipped past popular port cities and water bodies. Nowadays, Inland Marine insurance offers coverage for all sorts of property types either on-site or in transit.
Does my company need a policy?
Companies that conduct business off-site, transport products and goods, or possess property that doesn’t belong to them are encouraged to get commercial Inland Marine insurance. The following industries are more inclined to buy Inland Marine insurance, as well as coverage options it provides:
Certain types of construction. Since companies in this sector generally perform work away from their main office, they are grateful for Inland Marine coverage. Construction companies usually buy these types of coverage options as part of their policy:
- Related property.
- Construction course.
- Renewable energy.
- Installation.
- Rigors and cranes liability.
- Contractors equipment.
Builder’s risk.