5-Star Inland Marine Insurers

5-Star Awards 2021: Construction Insurance

Inland marine insurance is property insurance that covers property being transported over land, such as large manufacturing equipment or transportation or communications equipment. 

5-Star Excellence Awards

  • APRIL Canada 
  •  Burns & Wilcox 
  • Cansure 
  • CNA 
  • Coast Underwriting 
  • Intact Insurance 
  • Premier Group 
  • Totten Insurance Group 

What is covered under an inland marine policy? 

Inland marine insurance covers a wide range of specialized property, including, for instance, such items as fine art, medical diagnostic equipment, solar energy equipment, and clothing left at a dry cleaner. Some inland marine policies also cover property designed to facilitate communication or transportation, like cellphone towers and commuter rail systems. This type of policy is typically used to protect property and assets that may be movable or used in transit over land as well as property owned by other people that is in the care of the policyholder or on the policyholder’s premises.  


Here are some other examples of what an inland marine insurance policy might cover: transportation equipment like cargo vans or food trucks; contractor’s equipment; mobile equipment and tools for landscaping, construction, etc.; property in transit such as construction supplies and tools; computer equipment, including laptops and servers; scientific and medical equipment; and communication equipment and networking tools.  


Is inland marine the same as cargo insurance?  

What does inland marine insurance not cover? 

It is crucial to read your inland marine insurance policy thoroughly, so you are aware not only of what is covered, but what is excluded as well. Typically, the following is excluded from inland marine insurance policies: property transported by sea or air; earthquake and flood damage; stationary property; vehicles; and property damaged before shipment.  


Your inland marine insurance could be either a “named peril policy” or an “all risk policy.” Because only the specific types of losses listed are covered, a named peril policy offers narrower coverage. In an all risk policy, however, all types of losses are covered, unless specifically excluded.  


What does a marine policy cover? 

A marine insurance policy will cover losses or damage caused to cargo vessels, terminals, ships, or any transport during the transportation of goods. This voyage policy protects couriers and shipping companies potentially costly losses while transporting goods by water.  


Transporters cannot control natural occurrences that may disrupt the vessel or cargo, even with safety regulations and laws. Occurrences like encounters with pirates, weather hazards, and cross-border conflicts are common disruptions in water transportation, and the damages that result from these types of situations can cause significant financial losses for the ship owners – which is where a marine insurance policy comes in. This policy will protect the interests of transporters and shipping corporations by giving them the insurance coverage required to protect against potential losses.  


One convenient feature of marine policies is that transporters can select coverage options for their specific trade. While coverage requirements may differ, shipping companies can select a customized insurance plan, one that takes into account the routes taken and the size of the ship.  


What perils does a commercial inland marine policy cover?  

Perils, or causes of loss, insured against on most commercial inland marine policies include windstorm, lightning, fire, landslide, flood, derailment, collision, earthquake, theft, collapse of bridges, and overturn of transporting vehicle.  


Does inland marine cover earthquake? 

No. Companies that are in earthquake or flood zones should buy a separate commercial earthquake insurance or commercial flood insurance. Other instances excluded from inland marine cover include: stationary property at your main location; your business vehicle; property you ship by air or sea; and property damage that happens before shipment.  


Is inland marine property or casualty?  

With many unusual and unique exposures, inland marine is one of the more varied kinds of property and casualty insurance. It’s a type of property insurance, however the distinction between marine and property coverage can be complicated. Property coverage, as a general rule, usually covers stationary property, property that mostly remains at a scheduled premises, and not considered unique. Inland marine coverage, however, is designed for property that moves from one location to another, property off premises at new locations, work locations, or temporary locations, and are subject to “unique” causes of loss typically excluded from traditional property policies.  


What are the 5 principles of marine insurance?   

Marine insurance is vitally important to protect against any damage or loss incurred to the cargo and the ship during transportation. Here are the 5 principles of marine insurance: 


Principle of utmost good faith. This means that when filling out the marine insurance policy document, the holder should give the proper, accurate details, and not withhold any material details. The marine insurance company has a right to ignore a policy application if the applicant conceals essential information.  


Principle of insurable interest. It’s crucial for the policyholder to have insurable interest in the subject for which you want to buy insurance, meaning a policyholder has to gain advantage from the safe arrival of goods or suffer losses from the damage of those goods.  


Principle of indemnity. The marine insurance policyholder would be compensated to the extent of the loss, according to this principle, which means marine insurance shouldn’t be purchased for profit.  


Principle of cause proxima. The marine insurance policyholder, at the time of the loss, should consider the nearest or proximate cause to help analyze the cause of loss when there are a series of causes. In this case, a remote cause for a loss isn’t required to analyze liability, meaning the marine insurance company has to fix the claim if the proximate cause is insured. 


Principle of loss minimization. The policyholder must take all necessary steps to minimize and curtail the losses, and not behave irresponsibly during an accident simply because the property is covered under marine insurance.  


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