In the modern globalized economy, international commerce has become increasingly common. As such, now more than ever businesses seek ways to protect their goods, materials and properties as they are transported between locations, but the transportation of business properties present “marine risk” exposures to a business. In general, “Marine” risks differ greatly from the exposures protected through standard property coverage. The insurance industry has a tendency to simplify Marine risk protection into two categories. Inland Marine insurance as protection for anything transported across land and Ocean Marine insurance as coverage for that which moves over open water. However, the truth is that these two types of cover are far more complicated.
Ocean Marine Insurance is one of the world’s oldest types of insurance. Originally designed to protect cargo owners from losses that occur primarily on international voyages, ocean marine coverage can also cover any losses suffered while goods are a mile offshore. Typically, Ocean Marine policies includes coverage for the vessel or hull of a ship, a ship’s cargo, the freight revenue to be received by the ship’s owner; and legal liability for any negligence by the shipper or the carrier.
Inland Marine Insurance on the other hand, offers a broader range of coverage inclusions. Essentially, this coverage is property coverage for business owned properties which are not fixed in one location. Inland marine insurance is one of the most adaptable coverage options available on the commercial market to help businesses protect all their assets. If the property can be moved, it can likely be protected under an inland marine insurance policy, from building materials to retail goods.
If you’re seeking business insurance in Sussex County New Jersey, look no further. At Tri-State Insurance Agency we specialize in helping Sussex businesses find comprehensive New Jersey business insurance solutions to protect their properties and assets. Our Sussex Marine insurance specialists can help you find complete commercial property, inland marine and ocean marine coverage to meet your needs. Give us a call today at (888) 990-0526 to learn more about all our offerings.