Anything that’s transported between two locations is exposed to multiple risks while it’s in transit. Theft, damage and loss are all possibilities that must be safeguarded against. Inland marine insurance helps businesses in Massachusetts protect their goods while in transit.
Inland marine insurance is a specialized type of commercial property coverage that’s specifically designed to safeguard items while they’re being transported from one location to another. Many policies offer coverage while items are being transported by in-house employees as well as by third-party carriers.
There are many Massachusetts businesses that might benefit from having inland marine coverage. In short, any organization that regularly moves expensive loads of cargo ought to consider getting a policy. This includes (but isn’t limited to):
Businesses that are unsure whether their operational transit needs justify purchasing a policy should speak with an informed insurance agent. An agent who specializes in inland marine coverage will be able to assess a business’ situation and make an informed recommendation.
While most people don’t need inland marine coverage, this may be a useful protection for certain people to carry. Policies can sometimes be adapted to insure packages even before they’re delivered, and anyone who orders a lot of expensive items online might want a policy for this protection.
Most third-party carriers have at least some insurance for the goods they transport, but the amount of coverage they provide may be limited. Depending on what a business is shipping, a carrier’s coverage won’t necessarily cover the full value of the goods. Additional coverage is often available for purchase, but the price for supplemental coverage is frequently high.
An affordable way to make sure goods are properly protected throughout shipping is to purchase an inland marine policy that includes such coverage. While protections vary from policy to policy, many policies make the necessary coverage available.
Businesses that have commercial property policies still stand to benefit from the protections offered by inland marine policies. Lots of commercial property policies only cover goods while they’re on company property, which can lead to goods being uninsured while they’re transported. An inland marine policy might be able to fill in that gap if it exists.
In the early days of in-transit insurance coverage, many goods were shipped by waterway. They either went overseas by ship, or inland via canals, rivers and lakes. This division gave rise to two types of insurance.
Ocean marine coverage generally protected items that were sent overseas. Today, these policies are often still used to protect items sent on container ships.
Inland marine coverage generally protected items that were sent via inland, or non-ocean, waterway. These policies are still widely used to insure items being shipped inland now, but most policies’ terms and condition have been updated to include more modern modes of transportation.
For help finding inland marine insurance, contact the independent insurance agents at John P. Russell Insurance. Our agents have helped many Massachusetts businesses with this coverage, and they have the expertise necessary to assist you in finding a good policy.
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