Who Needs Marine Insurance?
If your business operation includes sending and receiving goods; part of your insurance need is probably being met by Marine Insurance.
What Does Ocean Marine Cover?
Ocean Marine coverage protects interested parties against the financial consequences of direct damage or loss as well as from their legal liability related to owning or operating a vessel. Ocean Marine policies protect (usually larger) craft of many types such as cruisers, barges, tankers and tugboats that are used on either “blue waters” (oceans) or “brown waters” (lakes, rivers). The policies are also used to insure cargo while shipped between their destination points.
What Does Inland Marine Cover?
Inland Marine coverage provides protection to fill gaps in commercial property protection or to reach specific limits of coverage. Here are some examples in which Inland Marine Insurance could potentially provide coverage for items typically excluded from a Commercial Property policy:
- Expensive musical instruments used at a school
- Camera equipment used by a government agency
- A neon sign not attached to a business’s building, but owned by the business
- Construction contractor’s mobile equipment that leaves the company’s property
- Antiques, paintings, statues and fine art
- Items that “float” from location to location
- Items used for sales presentations that are taken to prospective clients’ offices
- Regularly shipped and/or delivered goods