Does Inland Marine Insurance Protect Against REAL Pirates?

Posted on Tuesday, April 7, 2015
Does Inland Marine Insurance Protect Against REAL Pirates?
Well, that’s a trick question…

See, it all depends on how you define “real” with regards to these pirates. If a real pirate is just a criminal looking to steal the goods you’re shipping, you may be covered. If a real pirate is more of Captain Phillips “I am the captain now” type of pirate – well, probably not.

And if you were thinking about the sea bearing type of pirates poor Tom Hanks had to deal with, you may be a bit confused as to what inland marine insurance is. The issue is that inland and marine are a bit of a contradiction in nature.

The In’s & Out’s of Inland Marine Coverage

Inland marine insurance does not cover ocean-faring vessels. That is what ocean marine insurance is for. Now, inland marine insurance covers what you are shipping once it is transferred to a barge or train that moves the goods over land or river.

Inland marine insurance was created because companies started to ship things beyond major port cities. Goods still needed to be insured until they arrived at the final destination, not when they simply got to port. So insurance companies created inland marine insurance as an add-on to ocean marine coverage.

What Does Inland Marine Insurance Cover?

In layman’s terms, inland marine insurance covers or protects business assets that are movable or involved in transportation. The insurance can also cover the transfer of information.

Here are a few examples of property types that inland marine insurance covers:

•    Transportation equipment
•    Artwork
•    Valuable
•    Accounts receivable
•    Supplies
•    Property in transit
•    And more!

…And the REAL Pirates?

Well, if you are talking about someone who may steal your property while in transit over a river or by land – yes! Inland Marine insurance protects your assets against these types of pirates. Nowadays, we just prefer calling them criminals.

Your assets are fully covered while in transit with inland marine insurance. This is true no matter what happens to the goods. From “Pirates” to inclement weather to a disaster – your goods are covered and protected right as they leave the seaport with inland marine insurance.

How Coverage Works

If you are not sure if your business and assets could benefit from inland marine insurance or you want to find out exactly how inland marine insurance may work for you, you’ll want to reach out to your local insurance agent. Each policy will offer different levels of coverage, and this could also vary from state to state. Thus, each policy will work a bit differently.

It is best to do a bit of research to ensure you’re covered before disaster strikes. Whether the disaster is pirates or not - that one is not in our control…

Ahoy, mateys!
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