Can Individual Residents Purchase Inland Marine Coverage?
Inland marine coverage isn’t often purchased by individuals, but sometimes individuals who receive or send lots of packages are interested in the protection. If individual residents want to explore inland marine coverage options, they should ask a specialized agent to see whether any insurance companies would extend an individual coverage option.
Does Commercial Property Insurance Extend Coverage to Equipment That’s in Transit?
Many businesses have commercial property insurance, and this insurance frequently covers equipment, supplies, inventory and other items. Many commercial property policies, however, limit coverage for when covered items are on a business’ primary premises. The insurance often doesn’t cover items when they’re in transit, thus creating a potential coverage gap for businesses that regularly relocate items. Inland marine coverage can usually help fill in this type of coverage gap if businesses need protection while items are being transported.
Do Third-Party Carriers Have Insurance for the Items They Transport?
Many logistics companies carry insurance for the items that they transport, but the amount of protection that these companies provide can be limited. In many cases, the value of items exceeds what standard insurance a logistics company will provide.
When a third-party carrier doesn’t offer enough coverage, inland marine can again usually fill in the coverage gap. As mentioned, inland marine policies typically cover goods regardless of whether they’re moved by in-house employees or an outside company.
How Does Inland Marine Coverage Differ From Ocean Marine Coverage?
The name “inland marine” stems from the days when items were most easily moved via water. Inland marine policies normally insured items as they were moved via inland waterways: lakes, rivers, canals, etc. Ocean marine policies would usually insure items as they were moved over oceans and seas.
Both inland marine and ocean marine policies have been updated to accommodate modern forms of transportation. The distinction between inland and cross-ocean has largely remained, though.
How Can Massachusetts Businesses Get an Inland Marine Insurance Policy?
For help finding an inland marine insurance policy from a Massachusetts insurer, contact the independent insurance agents at Paul T. Murphy. Our agents can help you compare policy options from many of the top insurers in the state since we’re an independent agency, and we have the professionals to help you determine which policy best meets your business’ coverage needs.
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