Inland marine insurance is a type of marine insurance coverage that covers a wide range of specialized property. For example, an inland marine policy covers items such as medical diagnostic equipment, fine art, solar energy equipment and even clothing left at a dry cleaner. Inland marine coverage can also cover property designed to facilitate transportation or communication such as commuter rail systems and cell phone towers.
Commercial inland marine coverage is often used to provide protection for assets and property that is movable or could be in transit over land as well as property owned by others that is in the possession of the policyholder or on the policyholder’s premises.
Why is it called "inland marine" insurance?
Regardless of the term “marine,” an inland marine insurance policy typically covers property on land. Inland marine insurance is an offshoot of ocean marine insurance coverage. Originally, insurance companies offered “ocean marine” insurance to protect owners from losses of goods shipped by water in the event the ship sunk or was seized by pirates. Over time, individuals and businesses began shipping cargo beyond the major port cities and required protection from losses of goods while in transit over land. With the creation of inland marine insurance, insurance companies began offering protection for goods shipped beyond the major bodies of water and port cities. Today, inland marine insurance provides coverage for a broad range of miscellaneous types of property in transit and onsite.
Does my business need an inland marine insurance policy?
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. Following is a list of industries most likely to purchase inland marine insurance and the coverage options they typically select:
Construction. Because businesses in the construction industry typically work off-site, they often find inland marine coverage is essential. Construction businesses usually purchase the following coverage options with their inland marine insurance policy:
Technology. Inland marine insurance policies are very popular with technology companies, especially those involved in renewable energy research and development. Technology companies typically purchase inland marine insurance to protect the following:
Transportation. Originally, inland marine focused primarily on goods in transit over land so it makes sense that transportation businesses were among the primary industries to purchase it. Inland marine insurance can help transportation businesses protect the following:
Equipment. Inland marine insurance is useful to cover equipment owned by others while in a policyholder’s possession, even while off premises. Among the types of equipment covered by inland marine insurance policy are:
Miscellaneous inland marine. Inland marine is often used to provide coverage for property that in not typically covered in a standard property insurance policy. Some of the special types of property often covered by inland marine insurance include: