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Shelter Insurance

What Does Inland Marine Insurance Have to Do with Diamonds?

Have you ever heard the term “inland marine insurance?” Perhaps your agent has even mentioned it a few times and you were too embarrassed to ask what it was – or maybe you just thought “She’s crazy! She knows I don’t own a boat.”

No worries, today we’re helping to clear up all the confusion. The term “inland marine insurance” dates back to the days when companies shipped large quantities of goods by wagon or steam ship. Owners needed insurance coverage for the risks those items faced along the way.

Now we use inland marine insurance, which is also now referred to as personal articles insurance, as a way to protect our customers’ personal property, especially their valuable collections or jewelry.

 

What Does an Inland Marine Insurance Policy Cover?


These are just a few of the most common types of items our policy helps to cover:

 

  • Antiques
  • Artwork
  • Gun collections
  • Jewelry
  • Musical instruments or collections
  • Special collectibles
  • Lawn tractors and mowers

Doesn’t My Homeowners Insurance Policy Cover My Valuable Personal Property?


That is true, but like other companies’ homeowners policies, there are limits to the coverage. For example, if you have a diamond engagement ring, it might be covered for theft under your home insurance coverage (subject to your policy limits and exclusions); however if the diamond falls out of the setting and is lost, only an inland marine policy would provide coverage to help you replace the stone.

This distinctive coverage was intended specifically for the more valuable items you own that may be exposed to a larger variety of risks and threats.

Note: All coverage is subject to your policy provisions. Some types of property are not covered at all, and some types of losses are not covered.  The policy purchased and the facts of each claim will control coverage. This article may not show all coverages that are available, or it may show discontinued coverages. In the event of a conflict between the policy purchased and this article, the policy’s provisions will prevail.