Trucks and rails carried more than $951 billion worth of goods in North America in 2019, accounting for 77.6% of all freight transported between the U.S., Canada and Mexico that year, according to the Bureau of Transportation Statistics.
For businesses that frequently ship products, one of the most essential policies they can carry is inland marine insurance. Not to be confused with marine insurance, which covers products transported over water, inland marine insurance protects products, materials and equipment transported on land or when temporarily warehoused by a third party, says the Insurance Information Institute (Triple-I).
Although the coverage protects all types of shipments, including those with high-value items like computers or medical equipment, it is not just for companies that ship products to retailers and customers. "For example, if you have a valuable tradeshow booth that is frequently shipped around the country and stored offsite by a vendor, you may want the protection provided by inland marine insurance," explains the industry association. "In addition, if someone else's property is temporarily in your possession, inland marine insurance can provide coverage against the loss of this property."
Investopedia recently reviewed 20 different insurance carriers that offer inland marine policies to discover the best providers this year. Click the question marks in the infographic below to reveal the top inland marine insurers in seven categories for 2021.
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