What is Inland Marine Insurance?
Every day, people send and receive packages without thinking twice about it. Unfortunately, there are many packages that get stolen or damaged along transit. Inland marine insurance can help both Massachusetts businesses and residents protect the packages they’re sending and receiving.
Inland marine insurance, despite its name, has nothing to do with insuring a boat or other watercraft. Instead, it provides coverage for packages that are sent over land. Specific coverages vary, but the insurance generally covers damage and theft that occur while a package is in transit. While most carriers offer a little insurance, inland marine coverage can provide much more protection.
Who May Want Inland Marine Coverage?
Both businesses and individuals in Massachusetts may want an inland marine policy, depending on their situation.
This type of coverage is primarily used to insure commercial goods that are shipped, and any business that regularly sends or receives goods may want coverage. It can be especially useful if a business ships high-value goods or lots of goods that cumulatively have a high value.
Individuals, however, can also benefit from this insurance. Because it provides coverage for packages when they’re in transit — and not in the policyholder’s house — inland marine coverage can be used to fill in gaps that homeowners, renters, and condo policies have.
For example, consider a package that was left on the front step of a house but stolen before the recipient arrived home. Homeowners insurance may not cover this theft. Even if it does, the value of the good may be below the homeowners policy’s deductible. An inland marine policy, however, might provide coverage for such an incident.