Inland marine coverage in New York State (NYS) is a specialized insurance that protects movable or transportable property, providing coverage for goods, equipment, and materials in transit or held at various locations. Originally designed for shipping cargo by waterways, inland marine insurance has evolved to cover a wide range of assets transported overland or stored temporarily. This coverage is crucial for businesses that frequently move valuable property, as it fills gaps left by standard property insurance, which typically covers only stationary assets.
One of the key benefits of inland marine insurance is that it protects property on the move, safeguarding businesses from financial loss due to theft, damage, or loss during transit. For instance, contractors can cover tools and equipment moved between job sites, while retailers can protect goods shipped to different locations. Fine art dealers, photographers, and tech companies also use inland marine insurance to cover high-value items not usually included in general property policies.
NYS businesses can customize inland marine policies to fit their needs. Equipment floaters cover specific valuable equipment, while installation floaters protect materials and tools during installation at a worksite. Another option is the Builder’s Risk policy, which covers property under construction or renovation, making it essential for the construction industry.
With options like transportation insurance for goods en route and valuable papers coverage for sensitive documents, inland marine insurance provides NYS businesses with a flexible solution to protect assets. This coverage ensures that valuable, mobile property remains protected, promoting business continuity and resilience against unforeseen loss or damage.