Despite its nautical name, Inland Marine Insurance actually protects equipment, products, materials, and other property from damage or loss while being transported over land. If you work off-site at all, Inland Marine is part of your Path to Protection.
Most businesses transport some kind of property by truck or train in the course of normal operations, whether that’s moving inventory, bringing equipment to a jobsite, or traveling to a tradeshow. If you assume that your Business Owner’s Policy, Commercial Property, or Commercial Auto Insurance will cover that property in the case of a theft or accident en route, you could be setting yourself up for a rude awaking. Nine times out of ten once goods are in transit, they are no longer covered by these policies.
Inland Marine Insurance was specifically created to fill this need because the road is a dangerous place. There are thousands of accidents each day in the United States. If a collision, car-jacking, or even a bad pothole that breaks fragile items, a Stratford Inland Marine policy would cover your cargo. Property stolen or damaged while being warehoused by a third party would also be protected by Inland Marine. Any business that moves high value items like construction equipment, computers, photography equipment, or fine is at risk of substantial loss.
27.8 million dollars worth of cargo was stolen nationwide, according to a 2015 FBI report. The average value of goods lost per theft was over $44,000. The national average of how much of that value was recovered after a theft was only 19.7%. In Utah in 2015, 0% of stolen goods were recovered.
The needs of your business aren’t going to be like anyone else’s. Our Stratford agents have years of experience working with transportation companies and will carefully walk you through the particular circumstances of your operation and tailor an Inland Marine policy specific to you. There are certain specialities that we can base your policy and use as a foundation to build a personalized policy to suit your business.
Cargo Insurance, also called Freight Insurance, focuses on property being transported by motor trucks for a third party. This is a common addition to Trucking Insurance as it creates a more complete shield by protecting both the truck and it’s cargo from damage or loss. It also covers the transportation company from liability for cleanup costs and any damages, environmental or otherwise, that result from cargo accidentally spilled on a roadway.
Contractor’s and construction businesses are constantly working with heavy machinery including extensive tools and equipment from their homebase to offsite locations for jobs. Your equipment is valuable, both financially and for the fact that it allows you to complete the job efficiently and up to your high-standards. For years we’ve been working with contractors to make sure all property going to and from jobsites is protected from any loss to you.
If you’re not sure if your business needs Inland Marine Insurance, ask us and one of our Stratford agents will be happy to go over your individual details to help you determine if your cargo is covered. We know insurance policies can seem complicated, so Stratford agents patiently take the time to explain how everything works so you’re informed and confident in your coverage. We’ll schedule a 6 Month Check Up with you so you can let us know how your coverage is working for you.
Workers’ Compensation Insurance is made up of two roads leading to security: one that benefits the workers and one that benefits the employer. Together, they provide a safeguard that covers everyone.
General Liability Insurance will be the perfect and complete Path to Protection and for others it will be one of the pivotal stepping stones that makes up the larger path to comprehensive coverage.