Inland Marine Insurance, where did this misleading name come from? There are a few unconfirmed stories of how the term was coined. One theory I enjoyed was that it first started in London with the gents of Lloyd’s. Lloyd’s was known for carrying “marine” insurance to cover the cargo that was coming in on the ports. When transporting this cargo from the docks to the places of use came into play, Lloyd and his crew decided they needed to broaden the cargo insurance horizon and include coverage for the cargo while it is being transported. Of course they could not use the term Marine Insurance because it no longer applied with the new element involved.
A few drinks later Inland Marine was adopted for this very purpose.
Who is in need of this strangely named insurance? The industry that is in most need of Inland Marine coverage are those who are transporting goods from one place to another. This coverage protects the goods if they are involved in an accident or incident in which the goods could be affected. Many people think that their general liability coverage should cover them in case this ever takes place but this is definitely not the case. General liability has restrictions that people are usually not aware of. Check up on your policies with Duncan Financial Group and see if you are clear with the restrictions and bounds of your policy.
|Duncan Financial Group|
|311 Main Street Irwin, PA|