Inland marine insurance covers different products, materials, and equipment that are transported across the land. The policy covers cargo theft or damage while it is in the warehouse as well as a collision during the transportation process. The cargo is normally shipped on a train or vehicle. You can also add inland marine insurance to your personal home insurance policy. This will cover you if you have a package delivered to your home and someone steals it. Here is a detailed look at inland marine insurance.
Understanding Inland Marine Insurance in North Carolina
Besides covering any items that your business transports and your personal items, inland marine insurance also ensures that you receive full value for your lost items. The process of hauling cargo from one place to another can be difficult. In most cases, there is a small disconnect between the shipper and the protection being provided by the shipping carrier. Many shippers have exclusions when they are shipping valuable items. This leaves a gap in coverage if something goes wrong.
Inland marine insurance helps ensure that the items are covered based on their true value. This also applies to personal items as well. Once the shipper delivers a package to your home, they are generally off the hook even if they put the package in a bad area. If someone steals your valuables, inland marine insurance would cover those items. The policy could potentially save you thousands of dollars.
The Differences Between Inland Marine and Ocean Marine Insurance
Ocean marine insurance covers items while they are transported on a vessel in the water. However, the coverage stops once the goods land onshore. You’ll need inland marine coverage from that point on to protect the items. Initially, inland coverage was designed to cover items as they moved across waterways. The policy evolved to include basic types of inland transportation, such as cars and trains. Finally, the policy was amended to offer protection while items are stored at warehouses. You can now use the policy to cover any items in transit.
What Does Inland Marine Insurance Cover?
Inland marine insurance in North Carolina covers your business property and personal items while they are in transit. Some of the most common personal items covered under the policy are expensive artwork, jewelry, furs, silverware, musical instruments, and stamp collections. Inland marine coverage also includes a low deductible, which alleviates stress as you figure out how to replace your stolen or damaged valuables.
Commercially, inland marine coverage protects your shipment as it moves between different places. Other common commercial items covered under the policy include contractor tools, construction equipment, vending machines, and amusement park rides.
How Inland Marine Insurance Can Help Your Business in North Carolina
Whether you have an emerging small business or an established large business, inland marine insurance is an asset. Accidents can happen at any time. Inland marine coverage ensures that your items have full coverage regardless of the situation. Many businesses do not have adequate coverage in their business owner’s policy or commercial package. This makes North Carolina inland marine insurance a requirement to function properly. If your business frequently ships items, you need the protection that inland marine insurance provides.
The coverage is beneficial regardless of the industry that you are operating in. Instead of offering products to retailers and customers, perhaps you organize a trade show. Inland marine coverage protects those items that are stored by a vendor. It also protects other people’s items that are in your possession. If you run a contracting business, you can add installation coverage so that the materials are protected if something happens to them before they are installed.
Other Things to Consider
As you are researching coverage, make sure that you thoroughly evaluate your business, including current and future risks. You also must analyze the local economy. Make sure that your business will fit in the local area. Learn about the regulations and limitations regarding commercial insurance in North Carolina.
Inland marine insurance can help your business minimize risks and prevent errors. The policy also benefits your personal life, as you can avoid stress over items being shipped to their destination. For more questions on inland marine insurance, contact our experts at Pittman Insurance Group, LLC. Our dedicated team is eager to help you with your questions.