Inland Marine Insurance in New Hampshire
What is Inland Marine Insurance?
Business property coverage is designed to protect the property typically used at a business address, and is often included in many commercial package or business-owners policies. But what about commercial property and equipment that move around? Here is when inland marine insurance can help fill the coverage gap.
When inventory or equipment is transported between locations, the items in transit are exposed to multiple potential perils. Goods can be lost or damaged in an accident, or they may be stolen mid-trip. Inland marine insurance helps New Hampshire businesses protect transported items from covered risks.
What New Hampshire Businesses Need Inland Marine Policies?
Any New Hampshire business that transports inventory, equipment or other goods between locations may benefit from the protections offered by an inland marine policy. These policies can often cover a wide range of items, so they’re
A small sampling of businesses that might want this type of policy include:
Contractors, who transport construction equipment between job sites
Landscapers, who transport smaller equipment between customer locations
Multi-site businesses, which send supplies between locations
Distributors, which have salespeople distribute samples to customers
Back-country guides, who bring expensive gear to trail locations
Can Businesses Rely on Carriers’ Insurance Policies to Protect Shipped Items?
Third-party carriers may offer insurance for the goods they ship, but it’s not always wise for businesses to rely on another company’s insurance policy.
The amount of coverage that carriers offer as a standard feature is often limited, and it sometimes doesn't fully cover the value of items that are shipped. Additional coverage is normally available for an additional charge, but the fee can be quite high.
For businesses that ship lots of items, inland marine insurance may offer more affordable and robust protection.
Do Businesses Need Inland Marine Policies If They Have Commercial Property Coverage?
Businesses can often still benefit from the protections afforded by an inland marine policy even if they have a commercial property policy. Many commercial property policies only cover items while they’re on a business’ physical property, which sometimes leads to transported items not being covered. An inland marine policy can help fill this gap.
Because insurance policies can vary, businesses should consult an insurance agency, like HPM Insurance, that specializes in commercial policies when determining their commercial property and inland marine coverage needs. A knowledgeable agent will be able to review a business’ commercial property policy and confirm whether an inland marine policy could fill in gaps.
Are Inland Marine and Ocean Marine Insurance the Same?
Inland marine and ocean marine policies are both designed to protect items while they’re being transported. The two types of policies have historically provided coverage in different places, however, and that historic difference is still found in most policies today.
Ocean marine policies first arose when items were sent overseas by ship, hence the nomenclature “ocean marine.” Today, these policies still usually protect items that are shipped across oceans or seas. Their coverage generally extends from the time items are loaded onto an ocean-going vessel until those items are offloaded at a distant port.
Inland marine policies were initially devised to protect items once they’d left a ship and were being transported inland. The term “inland marine” arose because rivers, lakes and canals used to provide the most efficient mode of inland transportation. Since the days of riverboats and lock systems, these policies have largely been updated to include all modern modes of inland transportation.
How Can New Hampshire Businesses Get Inland Marine Insurance?
When choosing an inland marine policy, businesses should take into account the items that they ship, where their items are shipped, and the coverages that their other insurance policies provide and other factors.
For help sorting through all the variables and selecting the right policy, businesses in New Hampshire can contact the experienced, independent agents at HPM Insurance. Our agents are familiar with many forms of commercial insurance and can help you find the right inland marine insurance policy for your business.