What is Inland Maritime Insurance? For entrepreneurs, it is an indispensable cover. Simply put, internal marine insurance covers products, materials and equipment when transported overland (usually by truck) or when stored temporarily at a workplace or warehouse.
During the first days of insurance, when companies used ships to transport goods, Ocean Marine Insurance was born. As time passed and companies began to ship goods regularly by train, truck and bus, a new insurance product entered the market. To better reflect what this coverage would protect, it was named Inland Marine Insurance .
What does internal marine insurance cover?
At Frankenmuth Insurance, our internal marine insurance is designed with contractors in mind. With this policy, the coverage goes where the property goes. So if your products, tools and equipment pass over land or are stored in an off-site location, they are protected. (With standard commercial insurance, they are only covered at the location specified in your insurance.)
For example, domestic shipping insurance may include:
- Contractors & # 39; equipment ̵
- Building risk – Buildings and structures (including scaffolding and temporary fencing) are covered during new construction projects or renovations. And if a project is delayed, we also offer soft cost coverage to cover additional expenses for:
- Advertising, publicity and campaigns
- Architects, interior designers, consultants and engineers
- The cost of financing (such as interest payments and commissions)
- Renew or replace building permits or other licenses
- Even the cost of insurance premiums and more
- Installation floater – Materials (such as HVAC systems or kitchen cabinets) are covered from the time they were loaded on a truck to the time they were installed. Test coverage is also offered; so if a start-up, stress or performance test (as for a plumbing system) does not go as planned, the costs of helping it go right are covered.
Is the coverage affordable?
Several factors affect the cost of an internal maritime policy, including property value, coverage limits, industry risk and history of previous receivables. With regard to the different types of exposure and the costs of construction materials and equipment and to protect these objects from loss or damage, it is often good commercially.
Which policies fit well with internal maritime insurance?
Domestic insurance can supplement your standard commercial insurance, or it can be written on your own. In any case, it complements all programs that include commercial property, general liability, commercial car, workers' compensation or umbrella insurance.
Interested in building your policy? For more information, talk to an independent agent today.