Commercial Marine Insurance a Good Idea for Companies on the Move

Long gone are the days when businesses simply sold their wares to members of the local community, and perhaps occasionally to their friends or family members passing through. Thanks in part to the proliferation of the Internet, firms both large and small have the ability to reach their customers whether they are around the corner or across the globe. Of course, getting those goods safely into the hands of the end customer, via one or more middlemen in one’s supply chain along the way, becomes more complex in keeping with the complexity and length of the transport to the final destination of the goods. That is why commercial marine insurance programs are available—to offer business owners protection for the risks of physical damage or loss that they face while their goods are in transit in a ship at sea, while in the air, or on land (via truck or railroad) on the way to their domestic or international destination points. Don’t be fooled by the word marine in the name; generally these policies are intended to provide protection for property on land; the name harkens back to the original policy called ocean marine, which hundreds of years ago was created to cover property transported via voyages at sea.

Where do these losses stem from?

Damage to property in transit can arise from many avenues from the mundane to the unusual, including:

  • Theft
  • Collision
  • Overturning
  • Rough handling
  • Jettison
  • Mis-delivery
  • Non-delivery
  • Natural disasters

Should these or other perils named in the policy happen to your property on the move or while it is in the custody of a bailee (the person who assumes care and control of the shipment on its way to you), the coverage will indemnify you for the loss.

Speak to a professional about it

Talk to your professional insurance agent about the difference between competing commercial marine insurance programs from the various insurers that offer this coverage. Your agent has the experience and knowledge to provide information that will allow you to compare and contrast the features that each company offers and balance them against the premiums to ensure you are getting the most coverage at the best price. Call your agent today to learn more.