- Provides protection for equipment and machinery that is transported from one location to another, or that is in the possession of third parties for repair, storage, or temporary use. Covers damage or loss from accident, theft, fire, and other risks while the equipment is in transit or stored at a non-fixed location. It is crucial to provide specific details about the insured equipment, including its location and use to determine the appropriate scope of coverage.
Commercial Inland Marine Insurance
Protect assets in transit
Commercial inland marine insurance is a contract between a business and an insurance company, with the purpose of providing protection for assets and equipment in transit or in the possession of third parties. Unlike standard commercial property insurance, which generally covers assets at a fixed location, inland marine insurance focuses on protecting goods, equipment, and other assets in motion or stored away from the main business location. This coverage is essential for businesses that handle assets in transit, specialized equipment, or have properties in multiple locations.
The main coverages include:
Goods in transit - Inland marine cargo
- Covers the loss or damage of goods while in transit by road, rail or waterway, from the point of origin to the destination. Protects against risks such as traffic accidents, theft, fire, vandalism, and damage from adverse weather conditions during transport. This coverage can be for domestic and international shipments. It is important to ensure that the policy reflects the full value of the goods in transit and considers the routes and means of transportation used.
Equipment and machinery
Property in the care, custody, and control of others
- Protects a company's assets while they are in the custody of third parties, such as warehousemen, repairmen, or suppliers. Includes loss or damage to property or goods while on third party premises, which may result from fire, theft, accidental damage or mishandling. Verify the specific coverage offered by the insurer and the contractual responsibilities with third parties who manage the active assets.
Transportation of goods in process - Transit coverage
- Covers active goods while they are in motion within a commercial process, such as between factories, workshops, or during manufacturing and assembly processes. Includes damage or loss of goods in process, whether due to accidents, damage during transport, or during handling in the different phases of the process. It is important to clearly define the process and phases in which assets are covered to ensure adequate protection.
Business interruption due to transit loss
- Provides coverage for loss of income or additional costs resulting from business interruption due to loss or damage to goods in transit. Compensates for loss of net income and additional operating expenses incurred during the time the business is affected by the incident of loss or damage in transit.
Special property coverage
- Covers unique or specialized property that is not generally included in a standard commercial property policy, such as artwork, valuable collections, or specialized equipment. Protects against loss or damage from risks specified in the policy, including transportation and storage, and may include coverage for specific risk related to the type of active asset insured. It is advisable to obtain a professional evaluation of the value of the special assets and adjust the policy accordingly.
*It is important to keep in mind that the terms and conditions of the insurance companies may vary for each coverage. Therefore, it is essential to review carefully to fully understand the extension and any exclusions that may apply.
