Inland Marine Insurance in Massachusetts

What is Inland Marine Insurance?

Every day, people send and receive packages without thinking twice about it. Unfortunately, there are many packages that get stolen or damaged along transit. Inland marine insurance can help both Massachusetts businesses and residents protect the packages they’re sending and receiving.

Inland marine insurance, despite its name, has nothing to do with insuring a boat or other watercraft. Instead, it provides coverage for packages that are sent over land. Specific coverages vary, but the insurance generally covers damage and theft that occur while a package is in transit. While most carriers offer a little insurance, inland marine coverage can provide much more protection. 

Who May Want Inland Marine Coverage?

Both businesses and individuals in Massachusetts may want an inland marine policy, depending on their situation.

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Inland Marine Insurance Massachusetts

This type of coverage is primarily used to insure commercial goods that are shipped, and any business that regularly sends or receives goods may want coverage. It can be especially useful if a business ships high-value goods or lots of goods that cumulatively have a high value.

Individuals, however, can also benefit from this insurance. Because it provides coverage for packages when they’re in transit -- and not in the policyholder’s house -- inland marine coverage can be used to fill in gaps that homeowners, renters, and condo policies have.

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For example, consider a package that was left on the front step of a house but stolen before the recipient arrived home. Homeowners insurance may not cover this theft. Even if it does, the value of the good may be below the homeowners policy’s deductible. An inland marine policy, however, might provide coverage for such an incident.

What is the Difference Between Inland Marine and Ocean Marine Insurance?

Inland marine and ocean marine insurance both insure packages that are in transit, but the places they provide coverage differs.

Ocean marine insurance generally covers goods and property that’s being transported by a vessel on the ocean, but this type of insurance coverage ends when the goods or property leave the vessel.

Inland Marine Insurance Massachusetts

When it was originated, 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. (Exact coverages depend on a policy’s specific terms and conditions.)

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How Can Businesses and Individuals in Massachusetts Get Inland Marine Coverage?

To learn more about inland marine insurance and get a quote on a policy, both businesses and individuals should contact an independent insurance agent in Massachusetts who is familiar with this type of insurance. An independent agent will be able to explain the benefits that inland marine coverage provides and get multiple quotes on policies from different insurers.

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