Inland marine insurance, also known as property insurance in transit, gets its name from insuring the transport of goods by water. Over the years, inland marine coverage has been extended to also cover goods in transit by land. Inland maritime insurance, or commercial maritime insurance, covers goods and merchandise in transit. When your imported or exported products are covered by this type of policy, your insurance goes wherever they go.
Inland maritime insurance most commonly applies to goods that travel within the country by rail, plane and truck. Your insurance professional can help you determine if buying inland marine insurance makes sense for your business or not. The commercial property insurance portion of your commercial insurance covers your business property in case of problems such as damage, lost or stolen items. For example, if you're a contractor who moves tools and equipment to different work sites, inland marine insurance covers your company's property while you're in your work truck and being transported to construction sites.
Inland marine insurance is a type of insurance for small businesses that covers your business property, such as equipment, materials, products and tools, while they are temporarily stored outside or while in transit over land in cars, trucks and trains. So, if, for example, you expect to export 1 million pounds sterling worth of goods in the next 12 months, you can cover that value and the insurer doesn't need to know when or where the goods are being moved. If you're looking for insurance, you might not be sure of the difference between marine insurance and inland marine insurance. On the contrary, maritime maritime insurance is a specific type of insurance to protect goods and vessels that cross domestic and international waters by sea, land or plane.
Your business may need other policies, such as general liability insurance and professional liability insurance, to protect against other types of claims. However, commercial property insurance may be insufficient for some small businesses, especially if your business moves or stores its commercial property in different locations. Maritime maritime insurance is a specific type of insurance to protect goods and vessels that cross domestic and international waters by sea, land or plane.