Running a small business takes coordination and preparation. Even with proper foresight and attention, however, the unexpected can arise — which is why having the right kind of insurance is critical. Some companies may need inland marine coverage to protect their operations. While a knowledgeable agent will help you decide what’s right for your needs, the following answers to common questions will acquaint you with the topic. 

Top Inland Marine Insurance FAQ 

Why is it called inland marine insurance? 

Historically, the primary method of transporting goods over long distances was waterborne shipping between major ports. These policies fell under marine or maritime insurance. However, over time, freight came to include portage by roads or via airplane. Coverage expanded to encompass these modes, but was still classified as an extension of marine insurance. This is how the term inland marine arose, though it seems like a contradiction in terms. 

What type of equipment is covered? 

The property covered may vary from plan to plan. However, most will help with the replacement or loss of any moveable property. Some will also provide compensation for logistical elements, such as the bridges or roads the enable transportation, or crucial communications components, such as radios and cell phone towers. It can also cover legal liabilities. 

Does my business need this coverage? 

Any business that transports goods more than a specified distance from its primary location stands to benefit from inland marine insurance. This can include businesses in the construction, logistics, manufacturing, technology, energy, and maritime sectors. Food service vendors and other delivery services will also find this coverage type beneficial. 

What optional endorsements are available? 

Many subcategories fall under the umbrella of inland marine insurance. Builders risk, for instance, can apply to properties under renovation or construction, including equipment and debris brought to and from the site. Bailee’s customer coverage can also shield you from claims should loss or damage occur to a client’s property on your watch. 

Craft the perfect plan for your business with Dunlap Agency. Since 1986, this insurance agency has provided top-notch service to residents and businesses across Fairbanks, AK. From small business and builders risk plans to shipper’s interest, this attentive and skilled team will find you the most comprehensive and useful coverage. Browse their options online. Receive a quote by calling (907) 456-5202.