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If you are a business owner that deals with frequent movement of goods and valuable property, then you must be aware of the risks that come along. Your valuable properties are exposed to significant risk factors in the course of movement from one location to another. Inland marine insurance is a commercial insurance policy that protects goods and other valuables during transit across the land. It provides coverage to goods, tools, equipment, and other property. These properties are usually do not have a fixed location. Companies that deal with the shipment of raw materials, equipment, or property overland need this policy. It is important for business owners to know what this policy entails to protect their assets. Click here to learn more about inland marine insurance. https://quotezebra.com/inland-marine-insurance/
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Inland Marine Insurance All You Need to Protect Your Property in Transit
What is inland marine insurance? • Inland marine insurance protects the property in transit over land, such as materials, goods, and equipment. It protects such properties from theft, vandalism, or losses due to collision. • It protects these properties while it is in transit, used, or stored in a place other than the business’s primary location. • Businesses must consider inland marine insurance if they deal with shipment or transportation of products or equipment on a usual basis. • Inland marine insurance helps cover high-value items or those excluded by the property coverage in a standard business owners policy.
What does inland marine insurance cover? • Moveable property • Property in a bailee’s custody • Property in domestic transit • Property that is used for transportation or communication • Unique or valuable property
Common exclusions of inland marine insurance policy • Fixed property • Items that are not in the shipment process • Shipped items that are damaged after they have arrived at the destination • Intentional damage to property and dishonest acts • Vehicles • Natural disasters • Property transported by sea or air • War • Natural wear and tear
Types of insurance that must include inland marine policy • Contractors insurance • Landscaping insurance • Handyman insurance • General contractor insurance • Farm insurance • Church insurance • Entertainment insurance • Truck insurance • Art insurance • Consultant insurance • Photography insurance
Factors that determine the cost of inland marine insurance • Size of the business • The type of business • Limits of the coverage • State and federal requirements • Nature of the property
