Ocean marine insurance dates back to the early nineteenth century, making it the oldest form of insurance still used in America. The purpose from the beginning was to protect cargo being shipped overseas. Once goods crossed the water, it was necessary to carry additional coverage for inland transport. Here’s a look at the importance of inland marine insurance in NC. and how it protects cargo.
What Inland Marine Insurance in NC Covers
Inland marine insurance protects shipped goods from ports to warehouses or in other mobile ground situations. It fills the gaps traditional commercial property insurance doesn’t cover. When products are damaged during land transportation, inland marine insurance can pay for replacement inventory. It can either be a broad “all-risk policy” or a narrower “named-peril policy.”
The industries that benefit from inland marine insurance in NC include contractors who travel from one job site to another with supplies. It is also used by food truck companies and caterers. The coverage is further useful for transporting trade show exhibits, especially for expensive booth materials. Other types of specialized businesses that use this policy are art show dealers and veterinarians.
Traditional commercial property coverage tends to only cover transported items within 1,000 feet of a warehouse. It does not cover damage caused within this distance at a trade show. Inland marine coverage pays for such damage. However, it doesn’t cover stationery items or vehicle damage. It also won’t cover damages incurred when a truck gets caught in an earthquake or flood.
Physical Damage Coverage for Bucket Trucks
Cargo insurance is a subset of inland marine insurance and is different from bucket truck insurance. Inland marine insurance is divided into three essential components: liability, hull, and freight. Bucket trucks are covered under commercial auto insurance policies.
Bucket trucks are used for many purposes, such as hauling a large volume of debris. They feature hydraulic aerial lifts that carry workers, collect tree branches, and clean up road work sites. Commercial auto insurance by itself is not enough to cover damage to mobile equipment that’s part of the truck. You’ll need an all-risk inland marine insurance policy as well to cover any damage to the equipment while it’s transported.
Other Types of Bucket Truck Insurance
Trucking companies can benefit from different types of insurance, particularly comprehensive liability coverage, which covers all forms of risk. From there, you can add additional endorsements for specific types of insurance, such as Exhibition and Fine Art coverage.
Some smaller trucking companies rely on commercial general liability coverage. You won’t need a separate commercial auto policy if a crane is permanently mounted to a truck. If you run a bucket truck service, you may want to explore coverage for short-term rental trucks, towing, and coverage for accessories such as specialized equipment.
Ways to Save on Bucket Truck Insurance
One simple way to lower costs on bucket truck insurance is to bundle various types of coverage under one commercial auto insurance policy. The driving records of truckers and the number of claims you’ve filed can affect rates. You can lower monthly premiums by raising your deductible, which is the amount you pay before your policy pays the balance.
The term “marine” can be confusing to small businesses that need inland marine insurance since it has nothing to do with water. It’s simply an old term that extended coverage beyond marine shipping. Once you understand how it works, it can help protect inventory and other assets transported from one place to another over land. For more information regarding inland marine insurance, contact our experts at Pittman Insurance Group, LLC today!