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Inland Marine Coverage (Equipment)

Inland Marine Insurance

Inland marine insurance is a specialized form or property insurance. It is often referred to as equipment coverage by many business owners and insurance agents. 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 required a unique valuation.

Business insurance quote for inland marine and equipment coverage.

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 a business to purchase both property coverage and inland marine coverage.

What is Inland Marine Insurance?

Originally, inland marine policies were also 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 has an element of transportation. Today, inland marine insurance covers a wide range of property and equipment.

Commercial Inland Marine Insurance:

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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.

Who Needs Inland Marine Coverage:
Construction Companies
Equipment Rental Dealers
Builders Risk
Motor Truck Cargo
Warehouse Facilities
Museums and Fine Art Dealers
Communication Towers
Exhibitions
Gun Dealers
Companies with Leased Property
Mobile Medical Businesses
Transportation Companies
Golf Dealers
IT Companies
Installers
Jewelers
Companies with Accounts Receivable
Valuable Papers

Get Quotes for Inland Marine Insurance

The most common types of businesses we quote for inland marine coverage include:

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 their 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.

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Other inland marine policies may be written on a blanket or a scheduled basis. A scheduled policy lists each of the items to be covered along with their individual value. A blanket policy lists the value of all items combined 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 (i.e. the person or business buying the policy). Personal inland marine polices are commonly written for individuals who want broader insurance coverage for select property, or want higher limits of coverage than a homeowners policy will provide.

Commercial Inland Marine Coverage
business insurance for contractors tools and equipment.
Commercial inland marine insurance represents approximately 2% of all insurance premium written in the United States. This type of coverage is much more common, and more often needed, than many business owners would guess. Most business owners and insurance managers could benefit from discussing all of their business property with their insurance agent. Any equipment that commonly leaves the primary insured location may need to be insured under an inland marine policy.

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 policy or commercial insurance package.
Learn more about a Business Owners Policy and a Commercial Insurance Package.