Inland marine insurance is a lesser-known commercial insurance coverage, but this type of insurance meets specific needs. The insurance helps businesses protect equipment, supplies, and assets that are being transported between two sites. Here are just a few companies that regularly move items and therefore, could benefit from having an inland marine policy.
1. Construction Companies
Construction companies, regardless of how small or large they are, frequently need inland marine insurance for the equipment and supplies that they move to building sites.
Commercial property insurance policies frequently cover machinery when it's at a business' headquarters, and both machinery and supplies are often covered by builder's risk insurance once they're at a building site. When being transported to (or from) a site, however, these items frequently aren't protected by either of these policies.
Furthermore, commercial auto insurance normally won't fully cover expensive machinery and supplies if there's an accident when driving to a site. While commercial auto policies will cover the insured vehicle and a trailer, coverage for whatever is being transported in a vehicle or on a trailer is usually purchased separately.
Even though equipment and supplies might only be transported a short distance, accidents and other incidents can occur no matter how far a trip is. An inland marine policy ensures that expensive machinery and supplies are protected so that a business won't need to replace costly items if something happens while driving.
2. Trade Professionals
Whether they perform work as subcontractors for construction companies or complete repairs for owners of existing properties, trade professionals regularly keep tools in their vehicles. Carpenters, plumbers, electricians, HVAC workers, and other trade professionals generally don't empty out their work vans or trucks at the end of the day.
As a result, trade professionals drive their tools around not only when they're going to job sites but also anytime they the work vehicle for personal reasons. For some professionals, personal driving may be limited to picking up groceries on the way home. For professionals who have only one vehicle, the work vehicle might always double as a personal one.
Whenever a work vehicle is being driven around, the tools in it need to be covered by an inland marine policy. Without these tools, professionals can't do their work.
3. Catering Companies
Catering companies can use inland marine insurance to protect items in two distinct ways.
First, an inland marine policy will treat the prep and service equipment that a catering company has similar to how the policy treats the tools that a trade professional uses. Just as a policy will cover a tradesperson's tools, it'll also cover a catering company's equipment.
Second, a policy will also cover food and drink items while they're being taken to event sites. Coverage for items like these isn't limited to just the cost of the ingredients, but it includes the full value of the assembled goods.
4. Sales Professionals
Sales professionals don't have many tools that are kept in their car, but sales professionals frequently freight around lots of samples for potential customers. Even if an individual sample isn't worth much, the cumulative value of all the samples kept in a salesperson's car can be substantial.
Inland marine insurance policies can be adapted to cover samples that salespeople carry around with them. While samples might be given away for free, they still have monetary value that ought to be protected.
5. Sports Teams
Professional and semi-professional sports teams have a lot of equipment in their vehicles. In certain sports, the equipment that just one player uses can be worth a four-figure sum. When this is multiplied by the number of people on a team, the value increases dramatically.
Inland marine insurance can also be adjusted to cover sports equipment. Equipment is treated like tools when policies are used for this purpose.
These are just a few examples of when this insurance can help. If your business needs inland marine insurance, contact Southern Harvest for help finding a policy.