What is Inland Marine Insurance?

Before we move on to how important inland marine insurance is for a business, let us first get through what Inland Marine Insurance is. Inland Marine Insurance in the USA covers losses to specialized property or movable property. Basically if the property is damaged as the result of some event, inland marine insurance pays for those losses to facilitate the owners.

How is it important?

Even though most exported goods arrive safely, some are particularly vulnerable and end up getting damaged during their journey. The reason inland marine insurance is so important for a business is because the goods are sent with a substantial cost from one place to another, and if they get destroyed during the delivery they end up useless. Even though this may not happen all the time, the time it actually ends up happening, could prove disastrous. This is the primary reason this type of insurance is so important.

It is extremely important to get inland marine insurance as it covers for a wide variety of risks because of the perils associated with the transportation of goods. Inland Marine insurance is an outgrowth of ocean marine insurance, which was used to cover transportation of goods only at sea. Only one of the parties needs to insure the goods being transported. This could be the seller of the goods, the buyer or the forwarding agent. However, usually forwarding agents have to be specifically informed to insure the goods beforehand.

If the parties don’t have the goods insured, they are susceptible to a variety of risks which can result in a lot of financial troubles for the company. In case of an accident or disaster, normally the companies would be required to address the damage rather than the movers. However, if the goods are insured, the wreckage will be taken care of by the insurance company, and this way the company won’t risk losing more than it can afford.

SOS insurance is an independent insurance agency in California, which allows you to choose from a variety of insurance providers and get instant quotations. SOS Insurance also makes a ‘live agent’ available for you to consult regarding the insurance options you need. So if you’re looking for reasonable insurance options, you can reach SOS Insurance at 888-885-7283.    

Keywords used: inland marine insurance, insurance providers