What is Inland Marine Insurance?
Out of all the various types of insurance we sell, there is probably more misunderstanding regarding
Inland Marine Insurance Policies (IM) than any other type of insurance. The reason for this is that what
can be covered by an Inland Marine Insurance Policy is so broad.
It’s interesting to note that the very first insurance policy ever sold was basically a type of inland marine
policy. Shippers who were sending goods from Europe to the Americas in the early days of the United
States wanted to make sure that they were compensated if their goods didn’t make it. This began
insurance as we know it.
Today, almost anything you can imagine can be insured by an Inland Marine Policy. This includes
building, stock, and other business personal property. Generally, these types of policies are issued for
one of three primary reasons. First, if the property is in transit or being used away from a typical
covered location, it is insured via an IM Policy. Second, if the property is going to be moving or located
over water, it is covered by an IM Policy. Finally, most property policies limit coverage in one way or
another. Sometimes, if a coverage is excluded on a property policy, it can be covered by an IM Policy.
We typically call these policies “Difference in Condition” Policies or DIC coverage for short. Examples
today include coverage for earthquake and windstorm.
Why is Inland Marine Insurance Important?
There are several reasons this coverage is important.
- First, many businesses own goods that do not stay at one location. This could be because the
property is used to service multiple locations or because they simply buy and sell things that are
shipped. Typically, the only way to get these items covered is through an IM Policy. - Next, sometimes a business or individual wants specific coverage and/or broader coverage for
certain owned property. This is provided by an IM Policy. - In addition, as the Property Insurance marketplace has hardened over the last several years,
many insurers have begun reducing or eliminating coverage. This includes adding much higher
deductibles for certain types of claims such as windstorm and hail. A DIC policy could be
acquired to pick up missing coverage or limit large deductibles. - Finally, control is always important to every person and business. Often, business owners are
dependent on others for insurance protection with little understanding of how that coverage
will work and virtually no control over how the coverage will respond. For example, most
common carriers that provide coverage for goods in transit provide VERY limited coverage by
their insurance policies. Often, it’s pennies on the dollar for customers goods. By a business
purchasing they need, they will know what they have covered and select in advance the right
coverage to meet business needs.
- First, many businesses own goods that do not stay at one location. This could be because the
How Our Team Can Help:
Our experienced team of insurance professionals is here to guide you in determining your needs and finding the appropriate solution. We do this in several ways:
- Tailored Solutions: We understand that every client/situation is unique. Our team will work
closely with you to customize an insurance plan that meets your specific needs and budget. - Risk Assessment: We will conduct a thorough risk assessment of your operations or ownership
interests to identify potential hazards and recommend appropriate coverage options. - Claims Assistance: In the event of a claim, our dedicated claims specialists will assist you
throughout the claims process, ensuring a smooth and hassle-free experience. - Expert Advice: With our in-depth knowledge of the insurance market, we can provide expert
advice and guidance to help you make informed decisions about your insurance coverage.
- Tailored Solutions: We understand that every client/situation is unique. Our team will work
Get Started Today!
Protect your investment and minimize financial risks with Inland Marine Insurance. Contact our team
today to learn more about our insurance solutions and how we can help safeguard your ownership or
business interests.