We know how it goes- Valentine’s Day is over and every time you look in the mirror you can’t stop smiling as that beautiful diamond necklace glimmers in the reflection.Or maybe, in your case, it’s that gorgeous tennis bracelet hanging off your wrist… or if you were extra-lucky this Valentine’s Day, you may have been blessed with a diamond ring. Whatever the case, we bet you didn’t look in the mirror and think about Inland Marine Insurance! It’s time to start looking past these beautiful treasures and forward to the future. It’s time to begin thinking about how you plan to insure your jewelry.
Insuring Your Jewelry: Homeowner’s Insurance vs. Inland Marine Insurance
Are you declining Inland Marine Insurance because you thought your valuable treasures were covered by your Homeowner’s Insurance? Then, you might want to keep reading. While your Homeowner’s Insurance does state that it covers the loss of valuable items, it does have particular limitations and requirements that you may be unaware of. There is generally a $1,000 to $2,000 limit for theft of jewelry on a standard policy and most policies will not cover accidental loss. In the instance that your $10,000 ring gets stolen, you might get stuck paying $9,000 to replace it. At that point, you’ll probably wish you had Inland Marine Insurance. And, in the instance that you drop it down the drain, you’ll probably be stuck with absolutely no financial aid (as well as a very angry fiancé.) Here’s what we’re getting at: don’t wait until it’s too late to purchase Inland Marine Insurance.
What is Inland Marine Insurance?
So now that you are aware that Inland Marine Insurance could possibly be a big money-saver, you may be asking yourself what Inland Marine Insurance actually is. Well, contrary to popular belief, Inland Marine Insurance has nothing to do with boating or any type of aquatic insurance. The following article from wiseGeek.com provides a great explanation of Inland Marine Insurance and where the term ‘Inland Marine Insurance’ actually came from.
What Is Inland Marine Insurance?
Inland marine insurance is an insurance instrument which is designed to protect property while in transit, along with high-value mobile items like silverware and tools. Despite the rather peculiar name, inland marine insurance is actually a very useful type of insurance, and it is commonly recommended to business owners, especially people who need to travel for work or people who work with high-value items. Many insurance companies offer this type of policy, and can discuss options with their clients. This type of insurance is typically purchased as asupplement to an existing insurance policy.
The origins of this type of insurance allegedly started with Lloyd’s of London, a venerable provider of insurance which dates back to the 17th century. Lloyd’s initially insured the cargo of ships, holding policyholders responsible for whatever happened to their goods on land. Eventually, coverage expanded to include cargo after it had been offloaded, with inland marine insurance covering cargo in transit, storage, or holding, providing more complete coverage to policyholders. Today, inland marine insurance is often used by people who are nowhere near the ocean and have no intention of carrying anything by ship.
Commercial insurance usually covers a specific premises. Inland marine insurance applies to the goods and property associated with someone’s job, wherever they might be. When a contractor’s tools are stolen out of a truck or off a work site, they would be covered by inland marine insurance. Likewise, goods damaged in transit across dry land could be covered by this type of insurance. People can also cover individual buildings and other types of property with this type of insurance.
Insurance agents may recommend inland marine insurance to fill gaps in coverage, ensuring that someone is totally covered in the event of a problem. For example, many things covered by this type of insurance are specifically excluded in conventional insurance policies, like jewels, for example. Having inland marine insurance as a “floater” policy can protect people from losses. This type of insurance is also not restricted to commercial customers.
As Insurance Agents, we want to make sure that you insure your jewelry the proper way, to ensure that you are not left in a difficult situation. Of course, if you decide you want to insure your jewelry there are various options to choose from, which we’d love to discuss with you. We’d love to offer our insight and advice and provide you with more information on Inland Marine Insurance in order to help you choose the jewelry insurance that is right for your situation. Please give us a call today so we can help you discuss Inland Marine Insurance and other ways in which you can insure your jewelry.
