Inland Marine Vs. Ocean Marine Insurance

Successful business owners do everything they can to ensure their business operates efficiently and professionally. One way to do this is to safeguard all finances, assets, company goods, and equipment if a disaster occurs. Businesses that transport products over land and sea must ensure goods are protected from hazards. You can strengthen your coverage through understanding ocean and inland marine insurance. Ocean and inland marine insurance differ by what is explicitly covered in each policy. Ocean marine insurance, one of the first insurance policies to ever be created, protects cargo in transit overseas and waterways from loss or damage. Then, after the development of railroads and roadways, a need for a new type of protection came about, known as inland marine insurance. Inland marine insurance covers goods that are temporarily stored on a business property and goods traveling on land.

What Does Inland Marine Insurance Cover?

Inland marine insurance is a unique coverage offering broader protection to products than traditional property insurance policies. Even if your business doesn’t typically transport products on land, inland marine insurance could still benefit your business.

Property in Transit

Itemized cargo being transported by car, truck, or train will be protected from damage and losses due to a shipping accident or even theft.

Transportation Equipment

Equipment used to transport goods such as a food truck, a forklift, or any contractors’ equipment will be covered. (Especially important for those in the contracting field since it protects tools and machinery no matter where they are). 

Property in Your Temporary Care

This protection is extremely beneficial for businesses involved with any trading or those that may temporarily display expensive work. It will cover highly valued artwork for a specified time frame.

What Does Ocean Marine Insurance Cover?

Ocean Marine Insurance coverage is necessary for businesses working on the seaways or in support of vessels that traverse them. Business owners should utilize policies tailored for their specific risks, also covering property, crew, guests, and customers. Ocean marine insurance policies typically protect the following items:

The Vessel

Ocean marine insurance encompasses hull coverage. If the ship or any operating equipment are physically damaged, the policy will assist in the costs to fix or replace.

The Cargo

Certain items that become lost, damaged, or stolen throughout overseas travel will be protected by ocean marine insurance. Water damage, collisions, and pirate theft do occur.

Liability Coverage

Ocean marine liability covers a wide range of liabilities that vessel owners could be exposed to such as medical bills, legal expenses, or collision damage costs.

About Provident Protection Plus

At Provident Protection Plus, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 65 years. We are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.