Inland Marine

If you have property or merchandise that is not always in a fixed location, then you need an inland marine insurance policy. Every business that transports merchandise and products knows that property damage is a regular occurrence. Inland marine insurance protects business owners from losses that happen during transportation and shipping. Standard commercial insurance policies do not cover goods in transit. Buffalo Insurance can find you an inland marine policy that will. 

What Is Inland Marine Insurance?

Do not let the name fool you. Inland marine insurance is not the same as boat insurance. In fact, it does not cover boats at all. In fact, it does not even have anything to do with water. Inland marine insurance is all about protection for goods in transit over land on trucks or trains, or that are being housed in a third-party warehouse. 

Who Needs Inland Marine Insurance? 

Those people out there on the coasts like to refer to Oklahoma as a flyover state. However, the truth is we are a transportation and logistics powerhouse that fuels our nation’s economy. Our role in taking the goods our nation needs to thrive from the heartland to every corner of the country is more important than ever. Global and domestic supply chains are facing unprecedented challenges. Our nation relies on the hardworking business in our state to transport important goods and services, and that includes the businesses here in Norman, Oklahoma. Inland marine insurance is an important tool that protects those goods and materials while in transit. 

If you store your products and materials on-site at your own building, then you probably do not need inland marine insurance. Those goods and materials are most likely covered by commercial property insurance. However, businesses that do a lot of traveling to different sites, those that ship goods and materials, or those that use third-party warehouses do need it. Additionally, construction businesses also need inland marine insurance because they store equipment and materials on job sites. Other businesses that need it are food trucks and caterers, as well as any business that attends conventions, trade shows, or exhibitions. While this might seem like a specialty insurance, there are more businesses than you realize that need protection while on the move or outside of their business premises. 

Special Inland Marine Insurance Coverages

Inland marine insurance policies vary greatly from insurer to insurer and from policy to policy. There is no single standard inland marine policy, which is why it is important to have access to many policies from many insurers. Buffalo Insurance gives you exactly that. We can even help you find inland marine insurance policies that provide some of the more niche coverages. Here are a few examples:

Bailee’s Customer Coverage

Some businesses hold onto materials and products from third-parties, such as warehouse businesses or repair shops. This coverage protects your clients’ property while it is under your care.

Builder’s Risk

This coverage is used for renovations or new construction projects and protects structures and materials while the projects are being completed.

Exhibition and Fine Art Coverage

If you need to cover valuable items while they are on display, on tour, on loan, or at an exhibit, this coverage will give you the protection you need. 

Installation Floater

Installation float protection provides coverage for materials once they are put on a truck all the way through to when they are installed or used. 

Motor Truck Cargo Coverage

If you are delivering or transporting goods or materials to your client, then this coverage will protect them while they are in transit. 

Common Exclusions in Inland Marine Insurance Policies

Again, there is no such thing as a standard inland marine insurance policy. However, there are some fairly common exclusions:

Earthquake and Flood Damage

If your business is located in a flood zone or an earthquake prone area, you should purchase separate policies that cover these events. 

Property Transported By Air or Sea

Inland marine insurance only covers property transported over land. Air cargo insurance and ocean marine insurance can be purchased to cover these business operations.

Property that is Damaged Before It Is Shipped

Typically, inland marine insurance policies only cover items while they are being transported. However, some specialty coverages do account for damages prior to transport. 

Vehicles

Vehicles that you are using for your business operation, including transporting goods and materials, are not covered by inland marine insurance. Commercial auto insurance would provide coverage in this instance. 

Buffalo Insurance Has the Inland Marine Insurance You Need

Inland marine insurance comes in all shapes and sizes depending on the insurer. Buffalo Insurance works with the best insurers in the nation to give you access to hundreds of policies, so that your needs are always met. We work hard to tailor an inland marine insurance policy to your exact needs that works within your budget. We are proud to be a staple of the business community in Norman, Oklahoma. Inland marine insurance is essential to protecting many of the other businesses that keep our community strong. That is why we work tirelessly to make sure you have the protection you need to operate your business. Contact the commercial insurance professionals at Buffalo Insurance today and see for yourself why everything is better when you are with the herd.