Should individual residents purchase inland marine coverage?
Most individual residents don’t need inland marine coverage, as even an expensive package that’s stolen likely won’t exceed a policy’s deductible. Residents who still think this insurance might be beneficial to them should speak with a knowledgeable agent about their situation.
Does commercial property coverage extend to goods that are transported between locations?
Commercial property coverage often protects many of the same assets as inland marine coverage does. Both types of insurance may cover equipment, inventory and other goods.
The two insurances differ in when they extend protection to a business’s assets, however. Commercial property coverage normally limits protection to only when goods are at a business’s location. Inland marine converge typically covers goods as they’re moved between locations.
Thus, commercial property and inland marine are usually complementary to each other.
Are inland marine coverage and ocean marine coverage the same?
Inland marine coverage and ocean marine coverage are two distinct types of insurance, even though both generally insure goods while they’re in transit. Again, the insurances differ because they extend coverage in different situations (and not because they cover different goods).
Inland marine policies usually insure goods that are moved within a country or continent. The term “inland marine” stems from when goods were primarily shipped via canals, rivers and lakes. The coverage has been updated for more modern modes of transportation, but it still often limits coverage to inland transportation.
Ocean marine policies typically insure goods as they’re transported between continents, or across seas. The term “ocean marine” stems from when goods were shipped over major waterways, such as oceans and seas. The coverage frequently still includes goods sent by container ship, but it can include other modes of inter-continental transportation too.
How can Massachusetts businesses get quotes for inland marine insurance?
For assistance with inland marine insurance, contact the independent insurance agents at Northwood Insurance Agency. Our agents are well-versed in this coverage, and we can help you select the best policy from several quotes that Massachusetts insurance companies offer.