Marine in land insurance, also known as inland marine insurance, is a type of insurance coverage that provides protection for movable property while it is in transit over land or stored at various locations other than the insured’s premises within Ghana. Don’t let the term “inland marine” confuse you. As opposed to “marine insurance,” which covers products when transported over water, inland marine insurance covers products, materials and equipment when transported over land—e.g., via truck or train—or while temporarily warehoused by a third party. Collisions and cargo theft are the two most frequent causes of inland marine losses. Despite the term “marine” in its name, inland marine insurance primarily also covers risks associated with property that is transported within a country’s borders rather than across oceans or international waters.

Here’s an overview of marine in land insurance provided by Priority Insurance in Ghana:

1. Coverage Scope: Marine in land insurance covers a wide range of movable property, including goods, equipment, tools, artwork, valuable items, and other high-value assets. It typically provides protection against perils such as theft, damage, loss, vandalism, and accidental breakage during transportation, temporary storage, or while in the care, custody, and control of third parties.
2. Transportation Risks: One of the primary functions of marine in land insurance is to protect property while it is in transit over land. This includes goods being transported by trucks, trains, ships, airplanes, or other modes of transportation. Marine in land coverage may extend to goods in transit between various locations, such as warehouses, distribution centers, manufacturing facilities, retail stores, or customer locations.
3. Storage Risks: In addition to transportation risks, marine in land insurance also covers property while it is temporarily stored at various locations other than the insured’s premises. This includes property stored at off-site storage facilities, in transit warehouses, exhibition centers, construction sites, repair shops, or other temporary storage locations.
4. Customizable Coverage: Marine in land insurance policies are highly customizable to meet the specific needs and requirements of businesses that frequently transport or store valuable property off-site. Policyholders can tailor coverage limits, deductibles, and additional endorsements to address their unique risks and exposures.
5. Coverage Exclusions: While marine in land insurance provides broad coverage for movable property, certain types of risks may be excluded from coverage, such as intentional acts, wear and tear, gradual deterioration, inherent vice, and certain types of natural disasters. It is essential for policyholders to review their policy terms and conditions carefully to understand the extent of coverage and any exclusions that may apply.

Marine in land insurance plays a crucial role in protecting businesses and individuals from financial losses associated with the transportation and temporary storage of high-value assets within Ghana’s borders. By mitigating risks and providing financial security, marine in land insurance helps businesses and individuals maintain continuity and resilience in the face of unforeseen events.

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Our insurance professionals can help you determine whether or not purchasing inland marine insurance makes sense for your business. If you opt for this type of coverage, Priority Insurance Company Ltd will provide services to help you evaluate and minimize your inland marine risks and control losses.

Frequently Asked Questions (FAQ) on Marine In Land Insurance in Ghana

1. What is Marine In Land Insurance, and why do I need it? Marine In Land Insurance, also known as inland marine insurance, is a type of insurance coverage that protects movable property while it is in transit over land or stored at various locations other than the insured’s premises within Ghana. It is essential for businesses and individuals who transport or store valuable goods off-site to mitigate financial risks associated with theft, damage, or loss.
2. What types of property can be covered under Marine In Land Insurance? Marine In Land Insurance can cover a wide range of movable property, including goods, equipment, machinery, tools, artwork, valuable items, and other high-value assets that are transported or stored off-site within Ghana’s borders.
3. What risks are typically covered by Marine In Land Insurance? Marine In Land Insurance provides protection against various perils, including theft, damage, loss, vandalism, accidental breakage, and other covered events that occur during transportation, temporary storage, or while in the care, custody, and control of third parties.
4. Who can benefit from Marine In Land Insurance in Ghana? Marine In Land Insurance is beneficial for businesses and individuals engaged in various industries, including manufacturing, distribution, retail, construction, art, and valuable goods transportation. It is suitable for businesses that frequently transport or store goods off-site and want to protect their assets from unforeseen risks.
5. Is Marine In Land Insurance mandatory in Ghana? Marine In Land Insurance is not mandatory in Ghana, but it is highly recommended for businesses and individuals who transport or store valuable property off-site to mitigate financial losses associated with theft, damage, or loss.
6. How is the premium for Marine In Land Insurance determined? The premium for Marine In Land Insurance is determined based on several factors, including the value and type of property insured, the nature of the risks involved, the distance and frequency of transportation, the security measures in place, and the selected coverage limits and deductibles.
7. Can Marine In Land Insurance be customized to meet specific needs? Yes, Marine In Land Insurance policies are highly customizable to meet the unique needs and requirements of businesses and individuals. Policyholders can tailor coverage limits, deductibles, and additional endorsements to address their specific risks and exposures.
8. How do I file a claim for Marine In Land Insurance in Ghana? In the event of a covered loss or damage, notify Priority Insurance immediately and provide documentation to support your claim, including proof of loss, invoices, receipts, and other relevant information.Our Claims Department will guide you through the claims process and assist you in obtaining compensation for the covered damages.

Priority Insurance, we are always on your side…