If the nature of the business you own requires you to go on the road or transport goods and equipment from one place to another, there is a good chance you will benefit from inland marine insurance, even if your company does not operate near the ocean.
Inland marine insurance is not necessarily nautical. The name is derived from marine insurance coverage, which protects cargo that is transported over water. The losses covered by an inland marine policy are related to road traffic accidents, theft, spoilage, or temporary warehousing.
The Need for Inland Marine Insurance
Let’s say you operate a commercial art gallery that offers free shipping of paintings and sculptures to clients. One day, the owner of a small collection of Picasso originals chooses to exhibit in your gallery to sell his or her valuable possessions. You are bound to collect a handsome commission since Picasso originals command high prices. In this case, the owner of the collection has likely insured the pieces for his or her benefit, but you will still be at risk when the time comes to deliver the piece to the buyer. If the Picasso collection owner files a lawsuit claiming you are responsible for the loss as a shipper, inland marine coverage could offer protection.
Other Types of Inland Marine Insurance Coverage
Aside from the aforementioned example of valuable artwork, inland marine insurance may also cover you in the following situations:
- Animals – If you operate a pet shop or veterinary service, this type of coverage is important
- Vending machines and arcade games – If your machines are transported or temporarily placed at a business location other than your office or warehouse, you can benefit from inland marine insurance
- Photographic equipment – If you are a freelance photojournalist or nature photographer, commercial insurance in San Diego may cover your equipment while you are in the field, but it may not cover you if you need to ship it for repairs or transport it to another region
- Trade show booths – If your business travels around the country with a custom booth, equipment, and products, inland marine insurance is definitely for you
Specialty Coverage Clauses
Within the realm of inland marine insurance, you can find specialty coverage that protects you when materials, goods, or equipment are in your possession for a short time. The art gallery example above is one of these situations, but others may include:
- Builders – When you are a contractor who takes delivery of materials or rents equipment
- Cargo delivery – When you are in charge of transporting items that belong to someone else
- Installers – When you have to load items on a truck or aircraft for the purpose of completing an installation
The Bottom Line of Inland Marine Insurance
The best way to determine if inland marine coverage is right for you is to consult with an insurance agent. The combination of commercial insurance and general liability insurance in San Diego may be sufficient in some cases, but inland marine coverage tends to be broader and may not apply to all business owners.
There are many options for commercial insurance, and every company’s needs are different. Tri-Star Insurance is a leading provider of commercial insurance, and we also offer reliable health, home, bond, and car insurance. San Diego residents can count on American Tri-Star to provide the high-quality insurance they need. Call 619-272-2100 today to speak with a friendly agent and receive a complimentary quote.