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Home » When Do Medical Professionals Need Inland Marine Insurance?
November 17, 2022

When Do Medical Professionals Need Inland Marine Insurance?

The importance of inland marine insurance for medical businesses cannot be overstated. But you might be wondering why it’s so important and when inland marine insurance even comes into play.  

Why Is Inland Marine Insurance Important? 

While healthcare buildings typically don’t transport their equipment as often as, say, construction workers, the equipment that is moved is incredibly expensive. If these items are damaged or stolen, your clinic or hospital can owe an immense amount of money. With inland marine insurance, you won’t have to worry about having to dig into your company’s savings just because of an accident. 

What is Covered with Inland Marine Insurance? 

Not only does inland marine insurance cover property in transport, but it can also cover certain electronics that transport information such as computer equipment. There are certain incidents inland marine insurance can also cover, including: 

  • Fire 

  • Hail/Water damage 

  • Windstorms 

  • Theft 

Talk to your agent today about whether your policy is an all-risk policy or a named-peril policy. In a named-peril policy, you will receive coverage only for a limited list of perils, while an all-risk policy covers listed and unlisted perils. There are exclusions and exceptions to both, so make sure you read closely about your policy to guarantee you have the best coverage. a laptop computer sitting on top of a table

Does Inland Marine Insurance Cover Ambulance Equipment? 

You can get inland marine insurance for your ambulance. However, this coverage only covers the equipment or items within the vehicle, not the vehicle itself. Inland marine insurance is not a replacement for auto or commercial auto insurance and won’t help pay for damages on the vehicle in case of an accident. 

When Do Medical Professionals Need Inland Marine Insurance? 

As a medical professional, you will need inland marine insurance if: 

  • Your practice travels. Doctors who perform house calls may want to invest in inland marine insurance. Even the smallest medical devices can cost hundreds of dollars, and your property insurance may not cover your equipment if you’re on the road. 

  • Your practice is forced to move. If something happens to your original office, or if you decide to move your practice to a new office, you will have to transport your equipment elsewhere. Your original property insurance typically won’t cover items once they’re off the property. That’s where inland marine insurance steps in. 

  • Your property protection doesn’t cover everything. Often, inland marine insurance can offer better tailored coverage, especially for medical equipment. Some policies even extend to cover items owned by other people, such as if you’re borrowing equipment. Inland marine insurance can cover items that your typical property insurance doesn’t. For expensive medical equipment, it’s important to double check that you’re covered in case of an accident. 

Inland Marine Insurance won’t cover you in the case of transportation wear, neglect, or intentional damage to your equipment. There are options for both commercial and personal inland marine insurance, so be sure to consider which policy suits your needs. 

What Affects the Cost of Inland Marine Insurance? 

The price of inland marine insurance depends on the amount of protection, the size of your business, and state requirements. New York has specific guidelines on what they consider personal or commercial in the case of inland marine insurance and have certain limits on risk coverage, so speak with an agent now about your insurance policy. 

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