South Dakota Inland Marine Insurance

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South Dakota Inland Marine Insurance

In 2019, South Dakota had $2,227,477,000 in commercial insurance claims paid alone. Your operation needs to account for all the what-ifs. Inland marine insurance will help protect your most valuable assets. 

If you work with an independent insurance agent, you will have access to several carriers. They can find you the best coverage for a low price and do the shopping for you. Connect with a local expert for tailored quotes. 

What Is Inland Marine Insurance?

A South Dakota inland marine policy can help with equipment and heavy machinery that may be in transit. Your other business property insurance will usually have exclusions for moving property. Check out how it works.

  • Inland marine insurance: Replaces or repairs your business property when a covered loss occurs. This could be from heavy machinery to tools in transit. The items insured will depend on the policy and the carrier. 

What Does Inland Marine Insurance Cover in SD?

Special inland marine insurance is specific to each industry in South Dakota. The type of business you operate determines what inland marine policy you'll need. Some examples of these are as follows.

  • Bailee's insurance: Used for client property that is left in the care, custody, and control of your business. 
  • Builders risk insurance: Used to protect the property and materials used when building a structure. 
  • Installation insurance: Used when items are in transit up until they are installed. Also known as in-transit coverage.

 Risks that may be covered by inland marine insurance

  • Fire
  • Wind
  • Hail
  • Theft
  • Water damage

Some miscellaneous coverages that your policy may protect against

  • Mysterious disappearance: Pays for missing property when the cause of loss can't be discovered.
  • Accidental damage: Pays for the replacement or repair when an item is dropped. This can be in transit or when loading or unloading.

Items that you may want to insure under an inland marine policy

  • Contractors tools
  • Contractors equipment
  • Computer systems
  • Sales equipment
  • Heavy machinery

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How Much Does Inland Marine Insurance Cost in SD?

Insurance companies look at several items when setting your price. What you pay will be different from what another company pays down the street. Take a look at what carriers use when determining price.

  • Value of item
  • Prior claims
  • Coverage limits
  • Risk mitigation measures
  • State claims records

In South Dakota, there are approximately 86,550 small businesses in operation, all of which can impact your premiums by the number of losses they incur. Carriers take into account the total claims sustained in an area and charge accordingly.

Does Inland Marine Insurance Cover Theft?

If your equipment gets stolen in South Dakota, you'll have to pay out of pocket without the proper insurance. In order to avoid thousands of dollars in loss, property insurance is necessary. Inland marine coverage can help when a claim arises.

Your inland marine policy will have coverage for theft and even vandalism. Some carriers will allow you to include mysterious disappearance as well. The limit of protection you select will determine how much theft coverage will cost you.

Personal Inland Marine Insurance

In South Dakota, your homeowners policy will have an option to schedule your more valuable items. This personal inland marine policy will replace or repair your property at an appraised value. Often, a deductible will not apply for each item. 

Property that can be included on an inland marine policy

  • Furs
  • Guns
  • Artwork
  • Jewelry
  • Jewels
  • Golf clubs
  • Musical instruments

How to Find a South Dakota Independent Agent

In South Dakota, your insurance coverage matters. The right policy can make or break your personal or business endeavors. Inland marine insurance is essential and will protect your personal and commercial assets. 

Fortunately, an independent insurance agent can help with policy and premium options. They work with a network of carriers, so you don't have to. An agent does the shopping on your behalf for free, making it a no-brainer. Connect with a local expert on to start saving today.

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