Why Medical Centers Need Inland Marine Insurance

Inland marine insurance confuses many prospective policyholders. However, you shouldn’t underestimate its usefulness.

Inland marine insurance can protect businesses when they ship or transport extremely valuable items over land. A medical practice might wonder exactly how that coverage can apply specifically to them. Why, after all, would a medical practice need inland marine insurance?

To answer this question, think about your medical business.

• Do you have to ship records, equipment or medication?
• What are the chances that these items could become damaged in transit?
• What is the value of these items that you need to ship?

Also, think about other existing coverage that you already carry.

• Do you have commercial auto insurance? Will your commercial auto policy cover items if you or one of your employees transports them to another location?
• Will your commercial property insurance cover items stored off-site or items in transit?

Even if you answer yes to both of these questions, you should still consider investing in inland marine coverage. There are two main reasons that inland marine insurance could help you.

1. Some business policies, like commercial auto, BOP or property insurance, won’t cover certain shipping scenarios, like locations or means of transport. Other policies might have coverage limits that do not adequately cover the cost risk associated with shipping.
2. Medical equipment is often very sensitive and expensive. By carrying an inland marine insurance policy, you can assign specific protection to items you might ship or transport offsite.

Perhaps you make house calls or perform pro-bono services as part of a volunteer medical clinic. In order to render these services, you and your team have to ship equipment to remote sites. Such items might include equipment like exam tables or portable x-rays, and even generic treatment supplies. There’s always a chance that these items could get damaged in transit. Should you face excessive financial losses due to the damaged or lost items, inland marine insurance might help you pay to repair or replace them.

Even though EPLI coverage can be a valuable asset, you shouldn’t let it be your only asset. Always protect your property or products when shipping them. Doing so can help you reduce the risk that these items will become lost or damaged in transit.

When preparing to ship items, thoroughly plan, execute and track the shipment. Employ careful oversight to make sure the right items go to the right place. Only use reliable shipping methods to transport your items. Some delivery companies specialize in transporting medical equipment, and will know how to move your items with care and professionalism. Always pack and store your items for shipment in recommended and secure ways.

The Joseph A. Britton Agency can help you get an inland marine insurance quote right now. Our agents can prepare and implement a policy that meets your needs. Call us at (908) 654-6464  for more information.