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Inland Marine Insurance
Inland marine insurance in the United States indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. This category of insurance includes property coverage for construction equipment, medical diagnostic equipment, fine arts, solar panels and wind turbines, cameras and movie equipment, musical instruments, and a wide variety of other types of property.
The inland marine insurance definition has evolved over time to cover a wide range of property and materials:
Property in transit
Property in the custody of a bailee
Property deemed to be an instrumentality of transportation or communication, such as bridges and radio towers
Mobile medical equipment
How much is inland marine insurance?
Some policies cost under $500, while others easily surpass $10,000. This depends on your business, what you ship, and other variables. However, the average cost ofInland Marine Insurance is $2,500 per year.
What is covered by marine insurance?
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. Cargo insurance is a sub-branch of marine insurance, though Marine also includes Onshore and Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability. When goods are transported by mail or courier, shipping insurance is used instead.
What is an equipment breakdown policy?
Equipment breakdown insurance. Coverage for loss due to mechanical or electrical breakdown of nearly any type of equipment, including photocopiers and computers. Coverage applies to the cost to repair or replace the equipment and any other property damaged by the equipment breakdown.
What type of insurance is ocean marine?
Ocean marine coverage. Insurance covering the transportation of goods and/or merchandise by vessels crossing both foreign and domestic waters including any inland or aviation transit associated with the shipment.