Inland marine insurance, despite its name, is not boating insurance.
Inland marine insurance is property insurance that is designed to provide coverage for goods or property that is in transit. Inland marine insurance has a long history behind it, going back to the early days when merchants relied solely on bodies of water to transport their goods. Now, this insurance can be written to provide coverage for situations in which goods, electricity, or data is in transit -no matter the mode of transportation.
While most insurance policies provide protection for property or goods that are in designated locations, inland marine insurance offers protection for items while in transit. This versatile coverage can be designed to protect goods that are constantly on the move, such as oil and gas. It can also offers protection for items that are being stored in temporary places, and provide coverage for buildings that are under construction.
Here are four common types of inland marine insurance that are available today:
Property in Transport – Inland marine provides coverage for products that are in transport, from one place to another. Transit coverage generally applies once the product leaves the warehouse, and terminates when it arrives at its destination.
Construction – Buildings that are being constructed are usually insured under an inland marine insurance policy. Coverage for properties that are under construction is also known as “Builders Risk.” It covers the owner’s exposure during construction. Should the structure become damaged or destroyed, builder’s risk would cover this. This coverage usually applies to the property at the construction site, as well as property that is in an off-site storage location, or in transit.
Computer Systems – Inland marine insurance provides coverage for computer hardware, as well as software. This coverage can protect a company should its data become lost or corrupted.
Contractors Equipment – Inland marine can be designed to provide coverage for a contractor’s tools and equipment, providing protection should valuable tools become damaged or stolen.
Inland marine insurance is an important policy that can help to provide protection for your company. Policies can be designed around you needs, taking into account the amount of valuables you are shipping or transporting, or for construction projects that done off-site.
For more information on inland marine insurance, or builders insurance contact Texas Energy Insurance. Texas Energy Insurance provides insurance for Katy, Houston, Cypress, Sugar Land, The Woodlands, Fulshear, Richmond, Sealy, Fairfield, and Tomball, Texas.