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With over 76 years of experience, The Jordan Insurance Group is an industry leader in Life Insurance strategies and Employee Benefits. We strive for excellence through our due diligence in selecting products to satisfy our clients’ needs with proven benefit designs and tax strategies. Our Team utilizes a diversified multi-level approach in preserving, protecting and growing wealth for our business and individual clients.
Do I Need Inland Marine Insurance?
Despite its misleading name, inland marine insurance is not reserved for companies that do business on or near the water. In fact, inland marine insurance can insure a variety of assets located or transported on land. Below are some facts about inland marine insurance to help you determine whether your business needs this type of coverage. Defining Inland Marine Insurance Inland marine insurance is not designed to insure common business assets that remain in one location and are easy to appraise, such as standard commercial buildings and their contents. Instead, this type of policy is typically used to protect any goods that are either subject to frequent changes in value, difficult to appraise because of unique valuation methods and/or moveable. Examples of property that may fall under the category of inland marine insurance include: - Property in transit over landCargo - Musical instruments - Movie equipment - Fine arts - Renewable energy equipment - Construction equipment - Bridges, piers and roads - Communication towers An inland marine insurance policy will typically insure the value of the property included against a number of events. If a covered event occurs, the insurer will pay to repair or replace damaged or lost items. Do You Need Inland Marine Insurance? You may need to purchase an inland marine insurance policy if your business owns, leases or handles: - Property in transit - Property that frequently moves from one location to another - Property that is subject to specialized valuation methods - Property that changes in value frequently. Property that falls under the protection of marine insurance policies is often expensive and/or difficult to replace. These items may also be essential to the operation of your business. Thus, it is important to make sure that you carry an adequate amount of insurance on this type of property in order to prevent unnecessary financial strain, operational delays and other issues that may occur if important property is damaged, destroyed or lost. Because of inland marine insurance's unique nature, determining whether you need this type of coverage to protect your investments can be challenging. To learn more about inland marine insurance or to discuss your business's insurance needs, consult a qualified inland marine insurance agent. Content provided by Transformer Marketing. Sources: http://www.masc.sc/programs/solutions/insurance/riskletter/Spring-2013/Pages/The-basics-of-inland-marine-coverage.aspx, http://en.wikipedia.org/wiki/Inland_marine_insurance, https://www.travelers.com/business-insurance/specialized-industries/inland-marine/index.aspx
William Jordan
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