Inland Marine Insurance Maine

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Inland Marine Insurance Maine Policy Information

ME Inland Marine Insurance

Inland Marine Insurance Maine. Most people have never heard the term "inland marine insurance," so if you're unsure what it is, you're not on your own. Although its name might suggest otherwise, inland marine insurance is not insurance for a boat. It is insurance that protects the inventory you transport from place to place over land. It covers personal property and valuables stored in your business. In some instances, it may also fill in any gaps that your homeowner's policy leaves behind.

In addition, inland marine coverage Maine also protects your valuables if you ship them and they become lost or if the value of your shipment exceeds the declared limit value that is provided by your shipper. This is usually a very small amount, sometimes as little as $50. Anytime you have valuables being shipped or in transit, this coverage can save you thousands of dollars if a loss occurs.

Inland marine insurance Maine protects your property from theft, damage or loss with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.

What is the Difference in Inland Marine and Ocean Marine?

If you have goods shipped or transported via a vessel on the open water, then ocean marine insurance is the coverage you need. For protection of your items and inventory when they are offloaded from a sea-faring vessel, inland marine coverage Maine is the protection to buy.

This type of insurance gets its name from its origin; it was originally meant to provide protection for goods that moved through inland waterways from a shipper to a receiver. However, the definition was later expanded to encompass other types of inland transportation, including the use of planes, trains, and autos to haul goods or for goods being housed in warehouses or docked in bays.

Some examples of materials that require inland marine coverage Maine coverage include property in transit, contractor's equipment, mobile medical equipment, and property that is held by a bailee.

Why Choose Inland Marine Coverage?

The most typical method of hauling goods from one point to another within the United States is via truck, followed by surface mail and rail. In most cases, a typical business policy never covers the shipping process for goods, and it's not in a shipper's best interest to trust the protection affording by the shipping carrier. This is particularly true of goods that are valuable or even irreplaceable.

Major shippers usually have many exclusions when shipping valuables. For instance, UPS does not provide protection for coins, precious stones, or cash. Fedex limits the declared value of packages to $1K. This can leave a wide gap in coverage; for example, if you sell a 4K TV that retails for $2,500, and the TV becomes subsequently damaged by Fedex in transit, then you're on the hook for $1,500.

Inland Marine for Insuring Personal Property

Inland marine coverage Maine coverage doesn't just protect business property; it also protects personal property while it is in transit. This can be a valuable addition to your homeowner's policy. This protection is available whether your goods are being transported or not. Some of the items that it can cover include jewelry, furs, silverware, cameras, golf clubs, computers and electronics, stamp collections, fine art, musical instruments, and other valuable merchandise.

Inland marine coverage Maine coverage usually features a low deductible or even no deductible, which makes it possible for you to easily replace lost, damaged, or stolen items.

Commercial Uses for Inland Marine Coverage

For both small and larger businesses, inland marine coverage Maine can be a valuable asset. It protects your goods in a variety of scenarios, such as when you send a shipment as a supplier that's going to an end user, when you ship a private shipment to another party, when a shipment moves from your warehouse to a retail store, or when you ship samples to your sales force. It covers the shipment of all sorts of off-site equipment and your customer's or client's property while you are in charge of it or in possession of it.

With inland marine coverage Maine coverage, protection is afforded on all movable property and business equipment as it moves between locations. Protection is usually afforded at a full level regardless of where the damage or loss occurs. This might include tools and equipment, lift trucks, pet grooming supplies, vending machines, carnival-type rides, and more.

Choosing Inland Marine Insurance

When you're ready to purchase your inland marine coverage Maine coverage, be sure to speak with an commercial agent to get the best possible rates. Your agent can compare rates with top companies and help you find the right level of protection for your needs. Your agent can also review your business' particular situation to find a policy that meets your requirements and your budget.

Maine Economic Data, Regulations And Limits On Commercial Insurance

Made In Maine

You have a great idea for a business and you have developed excellent products and services that you are certain people will benefit from. You've also developed a viable business plan. Now you need to choose a place to start your company.

In order for your company to be as successful as possible, you need to choose a location that offers a favorable market for your specific business. After all, if the area doesn't offer a job force to support your operation or a target market that will purchase your products and services, you likely aren't going to succeed.

With that said, if you are thinking about starting a business in Maine, having an understanding of the state's economic trends is essential. It's also important to know what type of commercial insurance you'll need to carry. Below, we offer an overview of this information so that you can determine if ME is right for your business.

Economic Trends For Business Owners In Maine

Unemployment rate is a good indicator of a state's economic climate. The lower the rate, the more opportunities exist for business owners, as it suggests that there are ample job opportunities, and the more job opportunities, the more successful businesses there are in the region.

As per the Bureau of Labor Statistics, the unemployment rate in the state of Maine was 2.9% in December, 2019; that's 0.6% lower than the national average, which was 3.5% at the same time.

Additionally, according to economists, more employment opportunities are expected in the coming years, which will further reduce the unemployment rate.

While locations throughout the state offer opportunities for business owners, there are certain locations that are ideal for entrepreneurs. These locations include:

  • Bangor
  • Bar Harbor
  • Portsmouth
  • Augusta

These cities are the largest in the Pine Tree State, so it's understandable why they offer the best opportunities for businesses. While Maine is home to multiple industries, there are specific sectors that do particularly well here, including:

  • Agriculture
  • Construction
  • Education
  • Entertainment
  • Finance and insurance
  • Healthcare
  • Hospitality and tourism
  • Information technology
  • Manufacturing
  • Professional services
  • Real estate
  • Retail
  • Transportation

Therefore, if you are considering launching a business in any of these industries, Maine is likely a good location for your company.

Commercial Insurance Requirements In Maine

The Maine Bureau of Insurance regulates insurance in ME. Maine mandates very few forms of insurance coverage by law. They enforce worker's compensation.

Maine requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. Independent contractors do not count as employees, but if those contractors employ subcontractors, the subcontractors must be covered by a workers compensation policy.

Maine also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.

Additional Resources For Commercial Property Insurance

Read up on small business commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.


Commercial Real Estate Insurance

Rental property owners, real estate developers and property managers should keep an accurate survey of each property they own or that is in their care. This survey should include inventories of furnishings and equipment at those properties. These documents establish the extent of their insurable interest, facilitate the arrangement and placement of insurance and minimize controversy and confusion if a loss occurs.

Insurance coverage on property, general liability and professional or errors and omissions liability should be arranged and placed for every real estate and rental property risk.

The main goal of any commercial property insurance program is to protect the insured's real and business personal property. Buildings and their contents property usually represents a significant portion of its total assets, regardless of the size of the business. A commercial property program can provide the coverage you need if a loss should occur.

The ISO Commercial Property Building and Personal Property Coverage Form is an insurance industry standard that provides this needed coverage. As a result, it should always be reviewed and used as a benchmark for comparison when evaluating any commercial property coverage form.

This policy treats business personal property as more than just the contents of a building. When there is a limit of insurance on the declarations, property can be covered if inside the building or structure or within 100 feet of the building or premises and either in the open, or even in or on a vehicle.

There are many endorsements available to tailor the ISO Commercial Property Coverage Forms. Some are mandatory for all policies while others are mandatory for specific classifications and types of business. Others are optional and permit a standard form to be customized to meet a specific risk's coverage needs. Endorsements broaden, restrict, delete, modify, or add coverage.

These policies can provide the following additional coverages for small specific limits of insurance: debris removal, preservation of property, fire department service charge, pollutant clean up and removal, increased cost of construction and electronic data.

Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Signs, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.

Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Contractors' Equipment, Fine Arts, Cyber Liability, Employment-related Practices, Automobile Liability and Physical Damage, and Stop Gap Liability.


Request a free Inland Marine Insurance Maine quote in Arundel, Auburn, Augusta, Bangor, Bar Harbor, Bath, Belfast, Berwick, Biddeford, Brewer, Bridgton, Brunswick, Bucksport, Buxton, Camden, Cape Elizabeth, Caribou, Casco, China, Cumberland, Dexter, Dover-Foxcroft, Durham, Eliot, Ellsworth, Fairfield, Falmouth, Fort Kent, Freeport, Fryeburg, Gardiner, Glenburn, Gorham, Gray, Greene, Hampden, Harpswell, Hermon, Hollis, Houlton, Jay, Kennebunk, Kennebunkport, Kittery, Lebanon, Lewiston, Limington, Lincoln town, Lisbon, Litchfield, Lyman, Madawaska and Wiscasset, Madison, Millinocket, Monmouth, Naples, New Gloucester, North Berwick, North Yarmouth, Norway, Oakland, Old Orchard Beach, Old Town, Orono, Orrington, Oxford, Paris, Pittsfield, Poland, Portland, Presque Isle, Raymond, Richmond, Rockland, Rumford, Sabattus, Saco, Sanford, Scarborough, Sidney, Skowhegan, South Berwick, South Portland, Standish, Topsham, Turner, Vassalboro, Waldoboro, Warren, Waterboro, Waterville, Wells, Westbrook, Wilton, Windham, Winslow and Farmington, Winterport, Winthrop, Yarmouth, York and all other cities near me in ME - The Pine Tree State.

Also learn about Maine small business insurance requirements for general liability, business property, commercial auto & workers compensation including ME business insurance costs. Call us (207) 401-4779.

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