Inland Marine Insurance in Massachusetts

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

Inland marine insurance is a specialized commercial insurance that uniquely protects against risks associated with moving goods. In most cases, policies will protect against covered risks regardless of whether equipment is moved by in-house employees or a third-party company.

Construction companies, as they bring expensive equipment and tools to job sites
Landscapers, as they move mowers and other equipment between customer locations
Distributors, as they send large amounts of samples out with sales representatives

Inland marine coverage provided protection for goods and property that were transferred from ships to smaller vessels that took cargo along inland waterways. This is where the insurance coverage’s name comes from. As transportation has advanced, the coverage has come to include transportation by vehicles, trains, and planes, as well as when items are stored in a warehouse between shipping stages

What is Inland Marine Insurance?

Moving equipment between locations comes with certain risk, as the equipment could be damaged, destroyed or lost while in transit. Inland marine insurance helps Massachusetts businesses that regularly move equipment or other items protect their equipment while it’s in transit.

What Massachusetts Businesses Should Consider Inland Marine Coverage?

Any Massachusetts businesses that regularly move equipment or other items between locations may be interested in inland marine coverage. A few examples of such businesses are:

Construction companies, as they bring expensive equipment and tools to job sites
Landscapers, as they move mowers and other equipment between customer locations
Distributors, as they send large amounts of samples out with sales representatives
Outdoor adventure tours, as they move sports equipment between tour locations
Multi-location businesses, as they move supplies and inventory between location

There are still many more businesses that might benefit from the coverage. Any business that needs help evaluating whether purchasing inland marine coverage makes sense can speak with an insurance agent who specializes in the protection. A specialized agent will be able to make an informed recommendation for or against coverage, depending on a business’ specific situation.

TESTIMONIALS

Customers Love Us

When I called the staff at Paul T. Murphy Insurance, they explained how auto reform would allow me to increase coverage and save money at the same time. I moved my home and umbrella insurance to my current auto carrier and saved over $350. In July 2008 when my auto insurance renews with Safety Insurance, I will save another $300 just for having my auto and home insurance with the same company. The staff at Paul T Murphy Insurance Agency really understands the new Massachusetts reform and how to pass savings and additional coverage to their clients.

Frank

Winchester, MA
After many years of doing business with the Paul T. Murphy Insurance Agency, I am thrilled to learn of this relationship with Northrup to service the Lynnfield area. I have trusted both my personal and business policies with Paul and have never received less than the best of service. I like the face that they service as professionals but treat you like a friend. Recently during a complicated Workers Comp claim, Paul showed up to walk me through what I thought would be a mess of paperwork and confusion – the personalized service I receive spoke volumes. I have never gotten service like that from anyone else. I also like the fact that they are always ready to save me money without ever compromising my coverage.

Tony Bartolo

Lynnfield, MA
One of the best business and personal decisions I ever made was to collaborate with Paul Murphy Insurance Company for our families insurance needs. Starting with our business policies, then eventually all of our personal policies, we have slowly transitioned all to be managed by PMI. Many companies loosely tout that they treat you as one of the family; PMI proves it in their actions. We are glad we are part of their family.

Kelly Ilebode

Boston, MA

Can Individual Residents Purchase Inland Marine Coverage?

Inland marine coverage isn’t often purchased by individuals, but sometimes individuals who receive or send lots of packages are interested in the protection. If individual residents want to explore inland marine coverage options, they should ask a specialized agent to see whether any insurance companies would extend an individual coverage option.

Does Commercial Property Insurance Extend Coverage to Equipment That’s in Transit?

Many businesses have commercial property insurance, and this insurance frequently covers equipment, supplies, inventory and other items. Many commercial property policies, however, limit coverage for when covered items are on a business’ primary premises. The insurance often doesn’t cover items when they’re in transit, thus creating a potential coverage gap for businesses that regularly relocate items. Inland marine coverage can usually help fill in this type of coverage gap if businesses need protection while items are being transported.

Do Third-Party Carriers Have Insurance for the Items They Transport?

Many logistics companies carry insurance for the items that they transport, but the amount of protection that these companies provide can be limited. In many cases, the value of items exceeds what standard insurance a logistics company will provide.

When a third-party carrier doesn’t offer enough coverage, inland marine can again usually fill in the coverage gap. As mentioned, inland marine policies typically cover goods regardless of whether they’re moved by in-house employees or an outside company.

How Does Inland Marine Coverage Differ From Ocean Marine Coverage?

The name “inland marine” stems from the days when items were most easily moved via water. Inland marine policies normally insured items as they were moved via inland waterways: lakes, rivers, canals, etc. Ocean marine policies would usually insure items as they were moved over oceans and seas.

Both inland marine and ocean marine policies have been updated to accommodate modern forms of transportation. The distinction between inland and cross-ocean has largely remained, though.

How Can Massachusetts Businesses Get an Inland Marine Insurance Policy?

For help finding an inland marine insurance policy from a Massachusetts insurer, contact the independent insurance agents at Paul T. Murphy. Our agents can help you compare policy options from many of the top insurers in the state since we’re an independent agency, and we have the professionals to help you determine which policy best meets your business’ coverage needs.

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This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.

What is Inland Marine Insurance?

What Massachusetts Businesses Should Consider Inland Marine Coverage?

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TESTIMONIALS

Customers Love Us

Frank

Tony Bartolo

Kelly Ilebode

Can Individual Residents Purchase Inland Marine Coverage?

Does Commercial Property Insurance Extend Coverage to Equipment That’s in Transit?

Do Third-Party Carriers Have Insurance for the Items They Transport?

How Does Inland Marine Coverage Differ From Ocean Marine Coverage?

How Can Massachusetts Businesses Get an Inland Marine Insurance Policy?

Get Free Insurance Quotes!