Inland Marine Insurance
Plain English
Inland marine insurance covers business property on the move: tools and equipment taken to job sites, goods shipped by truck, or items stored with someone else. The name is historical. For a contractor, photographer or consultant who carries expensive gear, it's often the coverage that follows the equipment.
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On this page
Definition
Inland marine insurance covers property that moves or is away from a fixed location, such as equipment taken to job sites, goods in transit over land, and property temporarily stored with others. Despite the name, it has nothing to do with the sea; it's the usual coverage for mobile business property.
Why It Matters
Business property policies often focus on a fixed location, and homeowners policies give business equipment away from home only a small limit. Inland marine is designed for property that doesn't stay put.
Real-World Example
Imagine a contractor's $40,000 of tools and a generator are stolen from a job site overnight. A business property policy tied to the shop address might not cover them there. An inland marine policy covering contractors' equipment would generally respond, subject to its limit, deductible and terms.
Common Misconceptions
- Thinking inland marine is for boats.
- Assuming a business property policy covers equipment at all locations.
Key Takeaways
- The Insurance Information Institute: inland marine "covers products, materials and equipment when transported over land—e.g., via truck or train—or while temporarily warehoused by a third party."
- Examples it lists include construction and contracting equipment, computers, and photography gear.
- "Collisions and cargo theft are the two most frequent causes of inland marine losses," per the Institute.
- It can be bought on its own or added to a commercial package policy.
Frequently Asked Questions
Does a BOP include inland marine?
Some BOPs include limited coverage for property off-premises; many businesses add inland marine for more.
What's it commonly confused with?
Ocean marine insurance, which covers ships and cargo at sea.
Related Terms
Related Coverages
- Commercial Property Insurance
Related Scenarios
Explore the rest of the Business Insurance category.
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The factual claims on this page were checked against these sources. Rules and figures change, so check the source itself if you need to confirm the current version.
- Understanding inland marine insuranceInsurance Information Institute (Triple-I)
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