Inland Marine Insurance

Inland marine insurance is a specialized form or property insurance. It is often referred to as equipment coverage. The primary distinction between inland marine and other property insurance is the fact that inland marine is specifically for property that is likely to be moved or in transit, or it is a highly specialized type of property that requires a unique valuation.

The most common types of inland marine coverage includes construction equipment, transportation cargo, mobile medical equipment, cameras and movie equipment, musical instruments, fine arts, solar panels and other related equipment. Traditional property coverage is not designed to cover claims associated with these types of property. It is not uncommon for businesses to purchase both property coverage and inland marine coverage.

What is Inland Marine Insurance?

Originally, inland marine policies were known as Floaters because they were primarily policies written to cover cargo in transit on large marine vessels. Inland marine coverage has expanded in the U.S. to include most types of property that have elements of transportation. Today, inland marine insurance covers a wide range of property and equipment.

Inland Marine Coverage Applies to:

✓ Tools
✓ Construction Equipment
✓ Property in Transit
✓ Other Property in Your Control (bailees)
✓ Mobile Medical Equipment
✓ Communication Equipment
✓ Transportation Equipment
✓ Art or Jewelry

Inland Marine is Different than Property Insurance

In short, property that does not fit with traditional property insurance, and is not always stationary in a reasonably fixed location, will automatically be eligible for an inland marine quote. While inland marine insurance is slightly more expensive that other property coverage, it also provides additional protection from theft or damage to the property while it is away from the primary business location.

Get Quotes for Inland Marine Insurance

Often times, inland marine coverage is quoted using the stated value of the property as opposed to trying to determine the value after a claim, or by utilizing replacement cost methods. This means that the business owner defines the value of the property within the policy and chooses the limits of coverage along with the policy deductible. If there is a total loss or the property is stolen, the insurance company would pay the stated amount (property value) as listed under the terms of the coverage.

Other inland marine policies may be written on a blanket or scheduled basis. A scheduled policy lists each of the items to be covered along with their individual values. A blanket policy lists the combined values of all items as one total  amount of coverage.

Personal Inland Marine Insurance

Even though most homeowners policies provide some coverage for personal property such as fine arts, jewelry, guns, antiques and musical instruments, these policies typically have lower insurance limits and provide less coverage in terms of causes of loss. In some instances, individuals or home-based businesses find some of their property can’t be covered properly by their homeowners insurance.

Personal inland marine coverage is the same product as a commercial inland marine policy. The only difference is the named insured (the person or business buying the policy). Personal inland marine policies are commonly written for individuals who want broader insurance coverage for select properties, or want higher limits of coverage than a homeowners policy will provide.

Commercial Inland Marine Coverage

Many business owners have turned in property claims on equipment they store or use offsite, only to find that their business property coverage does not cover the claim because it was not an inland marine policy.

An inland marine policy can either be purchased as an individual policy separate from other lines of business insurance, or it can be combined with a BOP or commercial insurance package.
Learn more about a Business Owners Policy and a Commercial Insurance Package.