Marine Inland Insurance

Inland marine insurance is a type of insurance coverage that protects the business from damage and loss to goods such as machinery, equipment, cargo or goods, products, etc., transported via various inland transportation such as rail, road, etc.

Moreover, much like marine cargo insurance, this type of insurance provides coverage against a wide range of perils that can occur during transit. Not just this, the insurance policy may also offer "all-risk" coverage.

It means that businesses will get protection against perils that are listed explicitly in the clauses of the marine inland transit insurance policy. This flexibility allows businesses to tailor their plan based on risk exposures and requirements, giving them a sense of control over what can be financially secured.

• Construction business

• Food truck vendors and caterers

• Businesses that ship raw materials or finished goods over land.

• Businesses that have assets to move between different locations.

• A business that transports high-value property.

• A business that stores an asset in a location owned by a third party.

Marine Single Transit Inland Policy: This is a type of marine insurance coverage specifically designed to protect cargo or merchandise during a single transport operation or journey.

It ensures that the merchandise or cargo is covered throughout transit, i.e., from the point of origin to the designated destination. This insurance policy covers different modes of transportation, such as trains, trucks, etc.

Contractor's Equipment Floater: Another type of inland marine insurance is contractor's equipment floater, which offers protection to the contractor's equipment and tools against damage, loss and theft.

The insurance policy covers different locations, including the business's on-premise location, job sites and during transit.

Electronic Data Processing (EDP) Insurance: This type of insurance offers protection against loss and damage to various electronic equipment, such as desktops, tablets, mainframes, laptops, and other devices used for data storage and processing.

Under this plan, various types of perils are covered, such as theft, fire, flood, electrical disturbance, etc.

Bailee Insurance: It is another type of inland marine insurance policy that protects businesses from liabilities for loss and damage to customer's properties under their care of services, repairs, storage, etc.

This type of policy is suitable for businesses that act as custodians, such as computer repair services, dry cleaners, etc. It offers peace of mind to business owners against various unforeseen situations that could lead to legal liabilities and financial losses.

Accounts Receivable Insurance: Under this type of insurance policy, business gets protection against loss and damages caused to accounts receivable records or customers' non-payment of invoices by covered peril.

This insurance policy protects the business against outstanding debts. By safeguarding the potential revenue loss from unforeseen situations, business mitigates the risk of financial instability.

Installation Floater: This is a type of inland marine insurance policy that protects contractors against damage, theft and destruction of property. The policy covers equipment, supplies and materials during transit or awaiting installation at work sites.

It safeguards contractors against potential risks that could disturb their operations and cause substantial damage.

Property in Transit: The plan covers all such properties that have been transported from one location to another.

Property Stored Offsite: Further, the plan also covers that are stored in warehouses and other facilities.

Property on Movable Vehicles: It also protects property, such as raw ingredients, inside the food truck or vehicle.

Property that Provides Means of Transportation: The plan also offers coverage to businesses that own communication towers, roads and bridges.

• Damages and loss resulting from insects, general wear and tear, floods, mould and earthquakes.

• Besides this, the policy does not offer coverage to vehicles or stationary property that remain at business on-premises.

• Any damage to cargo or property occurred before the shipment/transit.

• Damages occurred to goods or property shipped via air or sea.

The cost and premium of inland marine insurance policy may vary from insurance provider to provider. There are various factors that contribute to deciding the premium amount. These factors include:

• Type of business

• Business size

• Coverage limits

• Business Location

• Property value

Past claim history

Before purchasing an inland marine insurance policy, it's essential for individuals to compare different plans based on both cost and coverage. This approach enables businesses to find the most suitable policy that aligns with their specific needs and risk profile.

• When considering inland marine insurance, businesses must understand the various types of coverage included in the plan. This coverage should encompass a wide range of assets, from construction equipment to artwork and electronic devices.

• Understanding these coverage options can empower businesses to make informed decisions and avoid potential financial losses.

• One key consideration is understanding the value of mobile property or assets, such as equipment, machinery and tools. These are typically not covered under standard property insurance.

• Recognising the potential risk and ensuring adequate coverage for these assets is crucial for businesses to protect their valuable resources.

• A common mistake made by most businesses is going with price over coverage. While selecting the inland marine insurance policy, businesses solely focus on premiums rather than coverage, which leaves their critical assets unprotected. It is suitable to choose an affordable plan that offers adequate coverage to businesses.

• Another common mistake when investing in an inland marine insurance policy is ignoring policy limitations and exclusions. Not knowing the policy exclusions can result in misunderstandings about the policy's scope of coverage.

• When choosing inland marine insurance, businesses need to properly value their assets. Failure to value property or equipment can lead to inadequate coverage, which can result in substantial loss at the time of claim.

Even in business, unfortunate incidents or situations can occur and cause substantial loss. This is why business owners should consider investing in business insurance in India to protect their finances against various unforeseen situations.

Inland marine insurance policies can help with this as they offer coverage to businesses that are engaged in the storage and movement of goods, such as equipment, materials, products, etc., over land.

Also, choosing the right marine insurance policy from insurers like Tata AIG can ensure that assets and property are adequately protected against various risks.

How much does inland marine insurance cost?

The cost of inland marine insurance depends on various factors, such as business type and size, location, asset value, and more.

Can inland marine insurance cover the damage to goods before shipment?

No, the inland marine insurance plan does not cover damage to property or goods before shipment. It only covers damage when goods are in transit, i.e., for the duration of the journey, not before or after it.