Business

Instances Where You Ought to Buy Inland Marine Insurance

Punjab News Express | November 13, 2019 11:02 AM

In India, the logistics business has hugely expanded due to the significant growths in the Indian Economy. There are various types of logistics businesses available but these days, the transportation through roadways is on the rise in comparison to transportation through marine routes.

Even when it sounds convenient to use roadways for transportation, unexpected events can create errors such as vehicle breakdowns during goods transportation or vehicle accidents, resulting in delayed delivery. However, you can deal with such problems and save yourself from paying a hefty amount for such incidents by buying Inland marine Insurance. Insurance advisors like SecureNow provide you with customized marine insurance based on the kind of goods you transport, your sending limit for each transaction, and your transit frequency. Any claim made by you is covered with the declaration at the end of each month.

To get a better understanding, let’s look at the instances where you should buy inland marine insurance:

  1. 1.        When Your Business Equipment Requires Transportation

If you own a business in which you regularly transport your equipment from one site to another, there are chances that your vehicle might get lost or get damaged. In such cases, you are liable to pay a hefty amount for such damages. However, having an inland marine insurance covers for loss or damage caused to the vehicle transporting your equipment for various reasons, such as a lightning strike or derailment of the vehicle.

 

  1. 2.      When You Use Third-Party Equipment

Inland marine insurance comes in handy during instances when you use the equipment of third-party companies. Loss of or damage to their equipment under your care, custody, or control is also covered in this type of insurance. Thus, you can claim for the damage of the third party’s equipment that is temporarily under your control, such as tools, project materials, and other items.

  1. 3.      When You Deal in Product Installations

If you own a company that delivers and installs furniture, equipment, or any large appliance that is owned by others, you are responsible for that piece of property while in transit till the time it gets installed. Any damage caused to the products that you are delivering, be it losing them during the transit or causing damage while loading or unloading them makes you liable to pay for the damages. However, with the help of inland marine insurance, you can get  coverage for the damage caused.

 

  1. When You Deal with Expensive Artworks

Transporting an artwork is an easy job. An expensive artwork costs a fortune these days, and they are very delicate in nature. You need to be even more cautious while dealing with the transportation of such artworks since minor damage can cause you millions. However, under inland marine insurance, you can get the coverage for possible damage to the artwork during transportation. Likewise, it also works in the case if the damage is caused when you are loaning your artwork or giving it for an exhibit.

 

In a logistics business, timely delivery is of the essence and it can only happen when you have a streamlined process. One of the most crucial steps of having a simplified transportation process is to be insured against unexpected damage that is possible during transits. From mechanical failures to roadside accidents, you will be covered with the help of an inland marine insurance. Hence, you need to worry less when you have an inland marine insurance  andin place!

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