hen an Insurance Lansing MI agent offers you inland marine insurance, you may decline, thinking you don’t need this insurance as you don’t own a boat. Surprisingly, this type of insurance has nothing to do with boats and other types of watercraft. Marine insurance has been around for centuries, since merchants began using waterways as a main route of transportation. Inland marine insurance is the modern form of this type of insurance as it covers more than just boats. It protects goods when being transported over land, be it by plane, train, automobile or other motorized device.
Inland marine Insurance Lansing MIoffers protection against many different types of incidents. Often, business owners believe they are covered when transporting an item as they have property coverage in place. Property coverage, though, is designed to cover property when it is stationary and, for the most part, remains in one location. Inland marine coverage, in contrast, covers any property that is frequently moved from place to place. In addition, it covers property that is being used at a work or temporary location or one that may be subject to a ‘unique’ loss which wouldn’t be covered by traditional policies.
Four types of inland marine coverage are currently offered: property being transported, computer data and equipment, contractors equipment and buildings under construction. As these types of policies often don’t cover unusual situations, insurance companies offer a number of other coverages. Businesses may consider purchasing accounts receivable coverage, exhibition floater coverage, fine arts coverage and more. An insurance agent can sit down and work with the business to determine which types of coverage are needed to ensure items remain protected at all times.
How can a business go about determining if inland marine coverage is needed? If you transport items for your work on a daily basis, you likely need this type of coverage as your property policy doesn’t cover the items. If you are in the process of constructing something, materials and tools may not be covered by the standard policy and an inland marine policy needs to be purchased. These are just two examples of situations where an inland marine policy would be of benefit. There are many others. Speak to your insurance agent today to see if you need this type of coverage to fill in any gaps left by your current policies.