Marine and Inland Marine Insurance – What Coverage Is Right for You? 

When it comes to protecting valuable goods and equipment while they’re on the move, understanding the differences between marine and inland marine insurance is essential. At Cormack-Routhier Agency, Inc., we can help businesses understand these types of policies and navigate their coverage needs, ensuring they’re covered whether crossing the ocean or traveling over land.

What Is Marine Insurance?

Marine insurance traditionally refers to ocean marine insurance, which can cover goods, products and cargo while they are transported over water. This type of policy is typically vital for businesses involved in importing, exporting or shipping goods by sea. Ocean marine insurance can financially protect against many common risks, such as storms, piracy and accidents that may occur during a nautical voyage.

What Is Inland Marine Insurance?

In contrast, inland marine insurance typically covers property and equipment being transported over land. Originally designed to fill gaps left by ocean marine policies, inland marine insurance is now a staple of many businesses’ coverage portfolios, potentially covering a wide range of items, including construction equipment, building materials, tools, fine art and electronics. This coverage is especially important for companies that frequently move goods or machinery between job sites or temporarily store tangible assets away from their place of business.

Key Differences Between Ocean and Inland Marine Insurance

Understanding the distinctions between these two policies can help you choose the right protection for your needs. Consider the following aspects of your operations:

• Coverage area:
• Marine insurance can cover goods and vessels on international and domestic waters, including harbors, lakes, rivers and oceans.
• Inland marine insurance can financially protect property in transit over land, such as by car, truck or train, as well as that left temporarily at an off-site location.
• Coverage needs:
• Ocean marine insurance is generally necessary for importers, exporters and businesses shipping goods over water.
• Inland marine insurance can often benefit contractors, trucking companies, traveling sales operations, entertainers and other businesses with mobile equipment or goods.

Choosing the Right Coverage in Rhode Island

Contact Cormack-Routhier Agency, Inc. today to discuss your options and secure the coverage that fits your needs.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.