A Guide to Inland Marine Insurance for Louisiana Companies

While browsing various insurance offerings, you may have come across Inland Marine Insurance. What is it and how does it differ from Ocean Marine Insurance? That’s what we’ll be answering in this post.

The idea behind Inland Marine Insurance was inspired by Ocean Marine Insurance which is how it earned its name. Ocean Marine Insurance protects a company’s cargo and equipment while being transported on the ocean, while Inland Marine Insurance covers a company’s equipment, tools, or other materials while they are in transit on land or off a company’s property.

While some Louisiana based businesses may need Ocean Marine Insurance, most will only need to consider Inland Marine Insurance for certain equipment or items that are excluded from a typical commercial property insurance policy.

Which Businesses Should Consider Inland Marine Insurance?

Companies that frequently use their equipment off-site

Companies such as landscaping and construction companies typically need to regularly transport equipment and tools to their job sites. With Inland Marine Insurance, you can make sure your equipment and tools are covered while being transported and on the job site.

Companies that handle other people’s property

If your company transports other people’s property, you’ll want to consider Inland Marine Insurance. For example, if your business delivers and installs home appliances, furniture, or other property, Inland Marine Insurance will help cover these items from when they are in transit to when they are installed or no longer under your supervision.

Companies that travel with their equipment

Companies that frequently travel with expensive equipment or materials should also consider Inland Marine Insurance. For example, if you frequent conferences or trade shows, and bring a big expensive booth, you may need to consider Inland Marine Insurance since those items are not always covered by your commercial property insurance.

Companies that deal in fine arts

If your company deals with high value fine arts, an Inland Marine Insurance policy can cover the transportation, loan, or exhibit of your company’s fine art pieces.

Companies that regularly ship materials or products

Typical property or business insurance policies do not always cover damage to products or materials in transit. That is why Inland Marine Insurance is worth considering for companies that ship high-value items like medical equipment. Consult your insurance agent to make sure you have the right coverages in place.

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As you can see, Inland Marine Insurance is a specialized insurance policy that is essential to many businesses. And if a company doesn’t have a coverage like this in place, thinking their property is covered under their commercial property insurance policy, it can lead to major unexpected costs. If you have questions about Inland Marine Insurance or don’t know if it is right for your Louisiana based business, please contact us to speak with one of our business insurance experts.