What Does Inland Marine Insurance Cover That Other Policies May Not?

inland marine insurance

Many business owners believe that their commercial property or general liability policy is all the protection they need. The reality, however, is that these policies have significant limitations, especially when it comes to covering property that is not on your business premises. The moment your tools, inventory, or equipment leave your fixed location, they are often no longer covered. Let’s shed light on why Inland Marine Insurance is a crucial, often overlooked policy that provides essential coverage for your most valuable assets on the move.

Protecting High-Value Mobile Equipment: Why Inland Marine Insurance Is Essential for Colorado Contractors and Small Businesses

Ship carrying freight across the ocean, representing goods protected under Inland marine insurance during transport.
Inland marine insurance helps safeguard freight shipments and valuable cargo while in transit by ship, truck, or other carriers.

In a state like Colorado, where many industries, from construction to photography, rely on equipment that is constantly on the move, Inland Marine Insurance is a non-negotiable part of a comprehensive insurance strategy. For contractors, their tools and heavy equipment are their livelihood. A standard policy might cover a bulldozer while it’s parked at the company yard, but what happens if it’s damaged or stolen while at a remote job site or being transported to a new location? Inland Marine Insurance is specifically designed to cover these scenarios, protecting everything from expensive machinery to power tools and building materials. Similarly, for small businesses like caterers, event planners, or musicians who transport their gear and inventory to different venues, this policy ensures their assets are protected wherever their work takes them. This is especially important given the diverse and often rugged terrain across Colorado, where risks on the road and at job sites are ever-present.

From Exhibits to Equipment in Transit: Unexpected Scenarios Where Insurance Fills the Gap

Inland Marine Insurance covers a wide range of property and scenarios that other policies typically don’t. For example, if a Colorado-based art gallery is transporting a valuable painting to a new exhibition, this policy would cover damage that occurs during transit. If a tech company’s servers are being moved to a new data center, this policy would protect the high-value equipment from damage during the move. The coverage isn’t limited to a moving vehicle; it also extends to property stored at a third-party location, such as a rented warehouse or a client’s site. This is particularly useful for businesses that keep a significant amount of their inventory or tools at various locations. A general property policy would not cover these assets, leaving a substantial gap in protection. Inland Marine Insurance is the flexible and comprehensive solution that ensures your business’s most valuable mobile assets are protected, no matter where they are.

Ensure your business’s mobile assets are protected no matter where they are in Colorado. Schedule a consultation with Prince Insurance today to find a policy that provides the essential coverage your business requires.

Inland Marine Insurance

truck transportation

The name is confusing, but the coverage is extremely important. Inland marine insurance has nothing to do with the sea. It got its name from the expansion of marine trade routes. It refers to coverage for inland business transportation routes and everything that makes it possible to move goods by land. If you run an import/export business or do any kind of storing or transporting of goods, then you need a strong inland marine insurance policy.

Coverage Plans and Plan Benefits

Inland marine insurance covers you against the two main types of threats to transported goods: collisions and cargo theft. If you use cars, trucks, or trains, then your goods are at high risk of being in a collision. If a vehicle were to crash, you could lose the goods on board. Equally risky is theft. In warehouses and along the transportation route, your items are vulnerable to being stolen. Many times, inland marine insurance is part of a larger comprehensive “Business Owners Policy”. But this specific type offers unique benefits in that it can cover high-value goods during transit, like construction materials, computers, medical and scientific equipment, or other essential business materials like a built-out trade show booth.

Protect your goods during transit in case of collision — get inland marine insurance.

Types of Businesses That Need Inland Marine Insurance

Still not sure if it’s right for you? If you transport items regularly via land that would be difficult to recover if lost, then you need this type of insurance. Even if you only transport them once or twice per year, it’s still smart to cover yourself if the loss would be incredibly damaging. You need it if transportation, import/export, or any type of shipping is involved in your business.

Protect your goods and your business with inland marine insurance. Contact us to get a quote for your specific business needs today.