Inland Marine Insurance California
Inland Marine Insurance California coverage is one of the few types of insurance that’s specifically designed for insuring items while it’s in transit over land. This coverage is used to fill a gap between when you have possession of a product and when it is in transit. It also covers expensive valuables that property insurance typically doesn’t cover. In general, Commercial Inland Marine insurance covers any property that is transportable or involved in transferring information.
What does Inland Marine Cover?
Some types of property that can be covered by inland marine insurance include:
- Property that is moving over land between locations (e.g., construction equipment)
- Property that you keep at an off-site warehouse or facility (e.g., vending machines stored at a customer’s site)
- High-value property stored at your fixed location (e.g., another person’s artwork stored at an auction house)
- Property that is stored in a moving vehicle (e.g., a food truck)
- Infrastructure is part of the property (e.g., bridges, communication towers that an insured owns)
Does your business need inland marine insurance?
Property insurance provided by your Business Owners Policy (BOP) or Commercial Package Policy (CPP) for many businesses may be sufficient. However, these types of insurance cover property housed at a specific location. For this reason, if your business frequently ships products or equipment, your business may benefit from inland marine insurance. Not all small businesses need it but if you have valuables that cannot be conveniently or reasonably confined to a fixed location or insured at a standard rate, you may want to consider inland marine insurance. You should consider purchasing inland marine insurance if your business fit the following profile:
- Frequently ship property by land
- Have assets that move between business locations
- Occasionally ship high-value property
- Have property stored at third-party-owned locations
- Have a property in a commercial vehicle that is constantly in motion (food truck, repair vehicle)