Inland Marine Insurance: What's Covered?

Inland marine insurance covers your business's materials, products, or equipment while they are in transit or stored off-site. Despite the name, it has nothing to do with the ocean or waterways. Instead, it covers property transported over land (via truck or train) or stored on land away from your primary business location. It is an offshoot of ocean marine insurance, which covers goods transported by sea.

Property in transit

Inland marine insurance covers business property in transit, in storage, or in a temporary location. It is a "floater" policy, meaning the coverage travels with the insured items. It covers property in any location on land, while marine insurance covers property transported over water.

Inland marine insurance is particularly relevant for businesses that frequently ship products, equipment, or high-value items. This is because property insurance provided by a Business Owners Policy (BOP) or Commercial Package Policy (CPP) typically covers property housed at a specific location.

Inland marine insurance covers the following:

• Property in transit: This includes property transported over land from one location to another.
• Property stored off-site: This includes property kept at a warehouse or storage facility.
• Property on movable vehicles: For example, an inland marine policy would cover the cooking equipment and raw ingredients stored in a food truck.
• Property that provides the means of transportation: This includes businesses that own bridges, roads, or communication towers.

Inland marine insurance can be beneficial for businesses such as:

• Contractors and freelancers who travel between job sites.
• Construction businesses.
• Food truck vendors and caterers.
• Businesses that attend trade shows, exhibitions, and conventions.
• Businesses that ship raw materials or finished goods over land.
• Businesses with specialized property, such as veterinarians transporting animals or art dealers storing artwork.

Property stored off-site

Inland marine insurance covers property stored off-site, away from the insured's primary business location. This includes property stored at a warehouse or storage facility. It is designed for businesses that regularly transport or store their property away from their main location. This type of insurance is ideal for contractors and freelancers who travel between job sites, construction businesses, food truck vendors, and businesses that ship raw materials or finished goods.

Inland marine insurance covers property stored off-site in the event of damage or loss due to a covered event, such as theft, fire, wind, hail, or water damage. It also includes protection from damage or loss due to accidents, mishandling, or unknown causes. This type of insurance is especially important for businesses with high-value items, as these are often excluded from basic property coverage.

Inland marine insurance can also provide custom coverage for specialised property. For example, art dealers, galleries, and veterinarians may benefit from this type of insurance. It can also cover property that provides a means of transportation, such as bridges and communication towers.

Inland marine insurance is a "floater" policy, meaning it covers the insured property wherever it goes. This is in contrast to commercial property insurance, which only covers property at the location listed on the policy. Inland marine insurance is an important addition to standard commercial property insurance for businesses that need coverage for property stored off-site.

The cost of inland marine insurance varies depending on the type of property insured, the frequency and conditions of transportation, and the type of policy (all-risks or named perils). On average, inland marine insurance costs around $29 per month or $350 annually.

Property on movable vehicles

Inland marine insurance covers property on movable vehicles. This includes items stored in vehicles that are used for work purposes, such as a food truck or a van. It also covers property that provides the means of transportation, such as bridges and roads.

Inland marine insurance is designed for property that is in transit or stored away from the business's primary location. It covers property that is being transported over land, such as by truck or train, or temporarily warehoused by a third party. This type of insurance is important for businesses that regularly ship products, especially high-value items, which may not be covered by a standard business insurance policy.

Inland marine insurance can cover a range of equipment and products, including computers, medical equipment, construction equipment, and photography equipment. It can also cover unique or valuable property, such as fine art and collectibles, which may be difficult to insure with standard policies.

In the context of movable vehicles, inland marine insurance can provide coverage for the property stored within the vehicle. For example, it would cover the cooking equipment and raw ingredients in a food truck, or the cameras, lighting, and other equipment in a video production studio's van.

Inland marine insurance is a "floater" policy, meaning it covers the insured property wherever it goes. It is an important form of protection for businesses that transport or store valuable items, providing coverage against theft, fire, and weather damage.

Property that provides the means of transportation

Inland marine insurance covers property that is in transit over land, including movable property that can be located at various places, and fixed properties that are instrumental in transportation and communication. This includes instrumentalities of transportation such as bridges, roads, and piers.

Inland marine insurance is particularly relevant for businesses that transport goods or possess valuable equipment that moves between locations. For example, construction companies that move equipment and tools between job sites can use inland marine insurance to protect these valuable items regardless of their location. Similarly, retailers and wholesalers that transport goods between locations or directly to customers can use this insurance to safeguard their products in transit.

Inland marine insurance can also cover the legal liabilities of bailees, or those who are temporarily entrusted with the property of others. For instance, if a business operates a warehouse or repair shop, bailee's customer coverage can protect clients' property that is left in their care.

Inland marine insurance can also be applied to property that is owned by someone else but stored at the policyholder's location. This type of insurance may be useful for businesses that frequently store third-party property off-site, such as a tradeshow booth that is stored by a vendor.

Specialised property

Inland marine insurance covers a business's property, including products, tools, and equipment, while in transit over land or stored at an off-site location. It is a "floater" policy, meaning it covers the insured property wherever it goes. This type of insurance is particularly relevant for businesses that frequently ship products or equipment, especially high-value items, which may be excluded from basic property coverage.

Inland marine insurance can cover a wide range of specialised property, including:

• Computers and related equipment: From servers and laptops to computer equipment that travels to different locations.
• Communications equipment: Radio, television, video, and sound equipment.
• Medical equipment: Diagnostic and scientific equipment, as well as medical equipment used in transportation, cargo, and logistics.
• Photography and videography equipment: For photographers and videographers who travel with their equipment to different locations.
• Fine art and collectibles: Including coverage for art dealers and galleries storing artwork belonging to others.
• Construction and contracting equipment: Including tools and machinery kept at job sites, storage yards, in transit, or at the job site.
• Renewable energy equipment: Coverage for solar panels, wind turbines, and other renewable energy investments.
• Bridges and radio towers: Coverage for businesses that own these structures.
• Special event equipment: Including equipment for parties and other special events.

Inland marine insurance provides protection for businesses with specialised property that may be excluded from standard commercial property insurance. It ensures that these unique assets are covered during transportation, storage, or while on exhibit.

Frequently asked questions