Don’t let the term “inland marine” confuse you. As opposed to “marine insurance,” which covers products when transported over water, inland marine insurance covers products, materials and equipment when transported over land—e.g., via truck or train—or while temporarily warehoused by a third party. Collisions and cargo theft are the two most frequent causes of inland marine losses.

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Does your business need inland marine insurance?

For many businesses, the property insurance provided by your Business Owners Policy (BOP) or Commercial Package Policy (CPP) may be sufficient. In general, these types of insurance cover property housed at a specific location, but tools and equipment that travel with employees to nearby job sites may also be covered.

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However, if your business frequently ships products or equipment, you may want to consider purchasing inland marine insurance. This type of coverage is especially important if you ship high-value products or materials, which are often excluded from basic property coverage. Inland marine insurance can cover a wide range of specialty equipment and products, including:

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• Computers, everything from servers to laptops.

• Communications and networking equipment.

• Construction and contracting equipment.

• Medical and scientific equipment.

• Photography equipment.

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When weighing the need for inland marine insurance, consider the nature of your business and operations. Inland marine insurance isn’t just for companies that ship products to retailers and customers. For example, if you have a valuable tradeshow booth that is frequently shipped around the country and stored offsite by a vendor, you may want the protection provided by inland marine insurance.

 

In addition, if someone else’s property is temporarily in your possession, inland marine insurance can provide coverage against the loss of this property. Coverages that fall under Inland Marine include:

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• Builders Risk Policy — a property insurance policy that is designed to cover property in the course of construction. There is no single standard builders risk form; most builders risk policies are written on inland marine (rather than commercial property) forms.

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• Motor Truck Cargo – Inland or ocean marine insurance covering property in transit

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• Equipment Floater – Property insurance covering equipment that is often moved from place to place.

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• Fine Arts Coverage – Inland marine property insurance for works of art.

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• Installation Floater – Inland marine coverage on property being installed by a contractor.

 

• Jewelers Block Insurance – Inland marine insurance designed to provide coverage for loss of or damage to jewelry that is the stock of jewelry retailers, wholesalers, manufacturers, and pawnbrokers.

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• Ocean Marine Coverage — insurance covering the transportation of goods and/or merchandise by vessels crossing both foreign and domestic waters including any inland or aviation transit associated with the shipment. This type of marine insurance also encompasses coverage for damage to the vessels involved in shipments and any legal liability arising in the course of shipment.

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• Transit Coverage – Inland marine coverage on insured’s owned property while in transit over land from one location to another.