Inland Marine Policy in Minnesota
If your company routinely uses land transport to get your products out to your stores and customers, then you may need to know where to find the answer to how to buy “inland marine insurance near me”, to cover your financial dealings.
For some strange reason, it is used to mean a type of insurance that covers products and equipment that is transported by a train or truck, etc. over land. It can also cover you if your company hires a third-party transportation company to bring you or your stores or customers the products, so you need to talk to an inland marine insurance broker Minnesota companies can trust to make sure you are covered for financial losses asap.
Minnesota Inland Marine policy, therefore, covers things like transiting materials and goods to their destination, any property held by a bailee, and items like mobile medical gear or bridges and radio towers to name just a few items it can help cover in case of loss or damage.
It has likely retained the water sounding name because, at the beginning of when this type of coverage was first invented, it was to protect property being transported via inland waterways, but today it includes all kinds of land operation as well, and even includes transportation by plane, even though that is by air.
Does Your Company Need to Buy Inland Marine Policy in Minnesota?
Every company needs to talk to an inland marine insurance broker Minnesota a business owner can trust to determine if you need to ask them where to find inland marine insurance near me. You can also find out if your regular property insurance covers you or covers part of your dealings in your field of work. Sometimes insurance through these such as that from a business owner’s policy or a commercial policy will cover you, but you may still need inland marine insurance in MN.
One of the things that determine if this type of insurance is needed is if your company has to transport things that cost a lot of money such as specialized gear or other valuable items. This could include things like computer gear of any kind (i.e. computers, laptops, servers, etc.), or some kind of network or communications gear, photography gear, medical gear or scientific gear.
Specialized Inland Marine Insurance
When you talk to the Minnesota inland marine insurance broker you can discuss if he thinks the type of products your company handles qualified for the extra insurance. It might even be that you only have to transport this type of stuff once or twice a year…. Or even just store it somewhere not at your own facility or do things like hold trade shows and maintain the items in a special location for those. All these things need coverage and that means finding the question answer to where is there inland marine insurance near me? – and find a local inland marine insurance broker.
These specialized insurances are for the following:
- Bailee’s Customer Coverage—This type of inland marine insurance covers listed losses or damages for any property that your business keeps in places like a warehouse or a repair facility, even if you are storing them for someone else. Bailees include places of business like dry cleaners, furriers, repair shops, storage places, etc.)
- Builder’s Risk—This type of inland marine insurance protects buildings and building material while your company handles things like construction of a new building or if you are renovating a building and need to protect the products for these things.
Exhibition and Fine Art —This type of coverage protects high priced items if they are being transported, stored, loaned, or exhibited.
- Installation Floater—This type of insurance coverage is for covering items starting when they are put into the transport vehicle, as they travel the route to their destination, and right up until they get used or otherwise installed at their final destination.
- Motor Truck Cargo —This type of coverage protects your customer’s products as you transport them and bring them to their final destination and deliver to clients.
The local Minnesota inland marine insurance broker can help you to figure out if your company needs any of the above-specialized coverage or if it can just buy regular Minnesota inland marine policy. As your inland marine insurance broker can explain, another reason this type of insurance is invaluable is that companies like UPS or Fedex don’t provide coverage for precious items like cash, coins or jewels. Plus, they have dollar limits on coverage and likely some of the items you ship are worth far more than their limits. Plus, you can add in things like peril or all risk, which means you won’t face financial loss if a listed peril and all risk is even better because it literally covers you from financial ruin from ANY kind of damage. What could be better and more reassuring than that?
What about protection for personal property?
Yes indeed, inland marine insurance can be used for transportation of personal goods, as it is meant to expand your homeowner’s policies. Since homeowner’s policies limit the amount of money you can get back if these items are lost, damaged or stolen, getting inland marine insurance Minnesota will give you peace of mind if a high-value item is involved.
Inland Marine Coverage for Multiple Commercial Uses
Minnesota Inland marine insurance is a good investment for small and large companies. No one wants to spend their own money to cover losses, so this kind of insurance is tremendous protection for your bottom line. One interesting use of this insurance is that it will cover odd things like if your business gear accidentally caused damage to some type of infrastructure, such as one of your truck drivers wasn’t paying attention and smashed up an overhang or bridge because the truck was too tall.
Additionally, it covers items other policies ignore, such as tradesmen’s tools and gear, repair person’s tools and gear, gear used for testing, things like vending machines, and fixed assets like pipes, docks, cranes, wharves, etc. plus even more. Let your insurance broker explain what and who it can cover from financial losses such as the ones mentioned in this article.