The term “inland marine insurance” confuses plenty of people because they believe the insurance policy protects their marine vehicles while storing them on land. For example, you might mistakenly think that an inland marine insurance policy covers your cargo ship while it rests on land and receives repairs.
In reality, inland marine insurance covers products, equipment, and other items while they’re shipped or stored on land. You might even find that you need several types of insurance policies to protect your products and equipment.
GPS tracking makes it much easier for you to know where your items are and get compensated when they get damaged or lost. Combining GPS tracking with inland marine insurance should give you exceptional coverage that helps your business thrive. As you explore your options, ask how GPS for insurance inland marine coverage could lower your rate. Some insurers require GPS tracking before they will issue policies.
What Does Inland Marine Insurance Cover?
Most insurance companies offer flexible policies to cover the specific types of materials, merchandise, and equipment that you have on land. For example, a business that needs to ship medical equipment between states might get a policy that covers:
Medical equipment.
Computer systems used to log equipment when they reach checkpoints.
Sales samples that the business uses to market its medical equipment to service providers.
Tools that the business uses to load and unload equipment.
If you plan to transport consumer goods to retail stores, then you might still need coverage for computer systems, samples, and tools. Instead of a policy for medical equipment, though, you would specifically cover the merchandise that you want to transport.
What Instances Do Inland Marine Insurance Policies Cover?
More often than not, you can expect a standard inland marine insurance policy to cover damage caused by:
Vehicular accidents.
Weather events such as hail and wind.
Floods (including broken plumbing as well as floods by weather).
Attempted theft.
Most policies also cover theft or missing merchandise, equipment, and similar items.
Additional Inland Insurance Policies To Consider
The Insurance Information Institute (iii) lists five additional types of inland marine insurance that you might want to add to your standard policy, depending on your needs. Those special policies include:
Motor Truck Cargo Coverage– If a company hires you to transport their items, you can protect their goods with this insurance policy and absolve yourself of responsibility.
Installation Floater– This insurance covers items from the moment they get loaded onto a truck until they are installed or used at the destination.
Exhibition and Fine Art Coverage– If you have valuable art or other objects, this policy will protect them while they are in transit, on exhibit, or on loan to another party.
Builder’s Risk– A builder’s risk policy covers structures and materials during renovations or new construction projects.
Bailee’s Customer Coverage– When a client leaves items in your care (such as storing them in your warehouse), bailee’s customer coverage protects you from loss when the items get damaged or stolen.
How Does GPS Tracking Help?
GPS tracking devices can potentially help you qualify for lower insurance premiums and lower the risk of theft. When insurance companies know that you have improved your security by adding GPS tracking, they may charge you less because you represent a lower risk to them.
A device like LandAirSea 54 With ShareSpot Location Sharing and Tracking System includes several features that protect your assets on land. The app lets you see the device’s real-time location, so you will always know where specific crates, equipment, and other items are. You can also use the device to establish geofencing and speed alerts. If someone tries to remove your asset from a warehouse without your permission, the system will alert you. Similarly, you can get an alert when a truck driver exceeds the speed limit and puts your cargo in danger.
The more control you have over your assets, the easier it becomes for you to protect them and qualify for affordable insurance premiums.
GPS For Insurance Inland Marine Coverage
LandAirSea has a broad catalog of devices that you might find helpful when exploring GPS for insurance inland marine coverage. Some insurance providers might require you to have GPS tracking devices attached to your assets. Others might give you a discount for added security and lower risk.
Explore our list of GPS devices to find the right option for your company. We also have cable adapters, power sources, and other items that can make your GPS devices more useful.
Once you find the device or devices that meet your needs, we can help you activate and manage them. Our Contact Us page will direct you to the right person or department that you need to speak to about any of your concerns. We offer live customer services in English and Spanish.