Jeffrey Wade
Commercial inland marine insurance covers movable property that is transported on land, such as equipment, products, and materials. It is designed for businesses that work off-site, move goods, or are in possession of the property of others. It covers property that is not typically covered by standard property insurance, such as high-value items, and protects against risks such as theft, fire, wind, and water damage. It also covers property that facilitates transportation or communication, like commuter rail systems and cell phone towers.
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What You'll Learn
What does commercial inland marine insurance cover?
Commercial inland marine insurance covers movable and transportable property and equipment, as well as property that is in the possession of the policyholder but owned by someone else. It is designed for businesses that work off-site, move goods and products, or are in possession of the property of others. It covers the transportation of goods over land by train or truck, and it can also cover property that is not typically covered by standard property insurance.
Inland marine insurance can protect against a myriad of property damage risks, including theft, fire, wind, hail, water damage, and damage or loss due to accident or mishandling. It can also cover high-value items that are not adequately insured under commercial property or business owner policies. For example, a bulldozer valued at $150,000 that your business uses at construction sites.
Specialist inland marine coverages include Builder's Risk, which protects structures and materials during new construction projects or renovations, and Exhibition and Fine Art Coverage, which keeps valuable items protected while on exhibit, in transit, or on loan.
Inland marine insurance also covers property designed to facilitate transportation or communication, such as commuter rail systems and cell phone towers. It can also be used to protect renewable energy investments and sports and entertainment production equipment.
There are many types of inland marine insurance, and the kind a business needs depends on the property it wants to insure. For example, a business would need a Contractor's Equipment Floater to insure a bulldozer, whereas it would need Accounts Receivable Insurance to cover its accounts receivable records.
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Why is it called inland marine insurance?
Inland marine insurance is called "inland marine" because it is an offshoot of ocean marine insurance, which covers property transported over bodies of water. The term "inland marine" is an old-fashioned term that originated in the 1700s when cargo was first transported over land. As insurance companies began to cover goods transported by land under the same policy as marine insurance, the word "`inland`" was added to the name to distinguish between the two.
Inland marine insurance covers movable property, such as tools, equipment, building materials, and high-value items that are not typically covered by standard property insurance. It is designed for businesses that frequently ship or transport products, materials, or equipment, especially high-value items. This type of insurance can also cover property that is owned by someone else but stored at the policyholder's location or in a warehouse.
The coverage provided by inland marine insurance is broad and can include protection from theft, fire, wind, hail, water damage, accident, or mishandling. It is often tailored to specific industries, such as construction, transportation, fine art, renewable energy, and communication.
Inland marine insurance is typically purchased as an additional layer of protection for businesses to ensure they are adequately covered in the event of loss or damage to their property. It is important for businesses to assess their risks and determine whether inland marine insurance is necessary to reduce their financial exposure.
Overall, the term "inland marine" insurance may be confusing, but it refers to the historical extension of marine insurance to cover goods transported over land, and it provides specialized coverage for businesses with unique risks.
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Who needs commercial inland marine insurance?
Commercial inland marine insurance is designed for businesses that work off-site, move goods and products, or are in possession of the property of others. It covers a wide range of specialised property, including equipment, products, parts, materials, and tools.
Inland marine insurance is particularly relevant for businesses in the construction industry, as it covers equipment and materials during new construction projects or renovations. It can also cover fixed property under construction, whether it is in transit, in storage, or at the job site.
Additionally, this type of insurance is suitable for businesses with high-value items that are not adequately insured or covered under a standard commercial property policy. This includes items such as fine art, solar energy equipment, medical diagnostic equipment, and valuable tradeshow booths.
Commercial inland marine insurance is also beneficial for businesses that ship property over land by train or truck, as it provides protection for goods in transit. It covers property that is movable or could be in transit over land, including property owned by others that is in the possession of the policyholder or on the policyholder's premises.
Furthermore, commercial inland marine insurance can be tailored to address the specific risks of a business. It can provide protection for assets such as communication towers, bridges, computers, and sports and entertainment production equipment.
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What are the exclusions of inland marine insurance?
Inland marine insurance is a type of commercial property coverage that fills the gaps in standard commercial property insurance. It covers equipment, machinery, tools, cargo, and other property that is transported over land by train or truck. It also covers items temporarily stored in an off-site location or warehouse.
However, inland marine insurance does come with certain exclusions. It does not cover business contents at your commercial property, as commercial property insurance covers that. It also does not cover vehicles used for business, damage or loss that occurs to them before they are shipped, or goods shipped by sea or air. Most inland marine policies also exclude damage caused by insects, wear and tear, mold, floods, and earthquakes.
Inland marine insurance also does not cover office equipment that remains at your place of business. It is important to note that inland marine insurance covers movable tools and equipment during transit or in off-site storage. Property that is stored within the premises or at a fixed location is typically excluded from inland marine insurance coverage.
Inland marine insurance may cover "all risks" or named perils. An all-risk policy covers damage caused by any peril not specifically excluded, while a named perils policy covers only the perils listed. It is important to carefully review the exclusions and limitations of any insurance policy before purchasing it to ensure that it provides the necessary coverage for your business needs.
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$6.77 $24.95
How does inland marine insurance protect businesses?
Commercial inland marine insurance covers any property that is movable, transportable, or involved in transferring information. It is designed for businesses that work off-site, move goods and products, or are in possession of the property of others. It covers equipment, products, parts, and materials being shipped "inland" by automobiles, trucks, and trains. It also covers property that is owned by someone else but is stored at the policyholder's location or is in their possession off-site.
Inland marine insurance may help cover items that are typically excluded by property coverage, such as items of high value. It helps meet the costs to repair or replace covered property that is damaged due to covered events, including theft, fire, wind, hail, and water damage. It may also include protection from damage or loss due to accident or mishandling, or in the event of an undetermined cause of missing property.
Special inland marine coverages include Bailee's Customer Coverage, which protects clients' property that is left in the care of a business, such as a warehouse or repair shop. Builder's Risk covers structures and materials during new construction projects or renovations. Exhibition and Fine Art Coverage keeps valuable items protected while on exhibit, in transit, or on loan.
Inland marine insurance is also useful for technology companies, especially those involved in renewable energy research and development. It can protect renewable energy investments and will evolve with the ever-changing category. It can also cover property designed to facilitate transportation or communication, such as commuter rail systems and cell phone towers.
Inland marine insurance policies vary, and many exclude damage caused by insects, wear and tear, mould, floods, and earthquakes. Many also exclude vehicles, stationary property, property shipped by sea or air, and property damage that occurs before an item is shipped. It is important to consider the nature of your business operations and the specific risks you need to be covered when deciding on an inland marine insurance policy.
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Frequently asked questions
Commercial inland marine insurance covers any property that is movable, transportable, or involved in transferring information. It also covers high-value items that are not adequately insured under commercial property policies.
Commercial inland marine insurance covers a wide range of specialized property, including medical diagnostic equipment, solar energy equipment, and even clothing left at a dry cleaner. It also covers property designed to facilitate transportation or communication, such as commuter rail systems and cell phone towers.
Businesses that work off-site, move goods and products, or are in possession of the property of others typically need commercial inland marine insurance coverage. Industries that commonly purchase this type of insurance include construction and technology, especially renewable energy research and development.
Ocean marine insurance covers goods that are transported by sea, while inland marine insurance covers goods transported by truck or train over land. The term "marine" in inland marine insurance can be confusing, but it is derived from ocean marine insurance, which covers ships from losses acquired on their way to port.
Commercial inland marine insurance would be useful if you have a valuable trade show booth that is frequently shipped around the country and stored off-site. It can also cover items such as contractor's equipment, computers, and other high-value items that may not be covered under standard property insurance policies.
