Inland Marine Insurance in Massachusetts

What is Inland Marine Insurance?

When items are lost, damaged, or stolen in transit or temporary storage, they may not be covered by your commercial property insurance, leading to unexpected expenses for your business. Inland marine insurance provides coverage in these situations, for your protection.

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Why Do You Need Inland Marine Insurance?

Transporting goods has always been risky, and the need to provide coverage led to the marine insurance industry. When overland transport became more common, the industry had to expand to cover this new method of transportation, and inland marine insurance was created to fill this gap. This broad-based coverage can cover a wide range of items against damages and losses from many causes. If your Massachusetts business regularly ships or stores items off your business premises, an inland marine policy can provide the coverage you need for comprehensive protection.

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Who Needs Inland Marine Coverage?

This coverage can be useful for contractors, performers, art galleries, photographers, home health care agencies, mobile veterinary practices, dry cleaners, repair shops, and in many other industries.

What does inland marine insurance cover?

Inland marine coverage covers items while they are in transit or temporary storage. This definition is as broad as the coverage itself – items can be covered while being transported by your company vehicle or by a shipping company, in storage at a warehouse, or at a job site. It can also cover customer’s property while it is being stored on your property, if included on the policy.

Some commonly insured items include:

- Contractors tools and equipment
- Computers
- Photography equipment
- Musical instruments
- Art
- Animals
- Medical equipment
- Communication equipment

Is My Massachusettts Business Covered with Other Insurance Policies?

Without inland marine coverages, you probably have insurance gaps you may not be aware of. Property insurance is designed to primarily cover items that are on the physical premises of your business. While they provide limited coverage for items that you take off the site, the limits are often too low to be useful if you are transporting or storing specialized equipment or other valuable items, as is the case with businesses such as contracting companies. Auto insurance is similarly limiting in their coverage of belongings in your vehicle.Start The Conversation!

Inland marine coverage can either be “peril” or “all-risk.” With all-risk coverage, you can receive reimbursement up to your policy limits for virtually any situation that can arise, unless it is specifically excluded from your policy. Conversely, peril policies only cover named risks, such as fire or theft. Your insurance agent can help determine which coverage is right for your situation.

For many companies, shipping items is an essential component of conducting business. While many shipping carriers do offer insurance, it is both too expensive and not comprehensive enough for businesses that ship frequently, ship large items, or ship expensive items. If your company is regularly shipping goods, purchasing an inland marine policy can provide better coverage at a more affordable price.

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Roger Butler Insurance
5 Court Street
Westfield, MA 01085
413-562-2304

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This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.
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