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.
Think of the items you take away from your place of business to do your business – laptops, tools, equipment, samples, etc., as well as any property that is in transit, and even equipment you rent or lease. This type of coverage can be a stand alone policy, but is most often written as part of a commercial package. Collisions and cargo theft are the two most frequent causes of inland marine losses.
Which types of businesses need inland marine insurance?
Most types of businesses can use inland marine insurance. Unfortunately, it is often overlooked. Contractors and trucking companies are two types of businesses that we see most often that require inland marine coverage.
What types of inland marine coverage are available?
Inland marine coverage can be tailored to your needs. Some of the coverage options that are available include builder’s risk, contractor’s equipment (covering machinery and tools from the point of storage to the job site), motor truck cargo (coverage for a client’s good while in transit), and bailee’s coverage (coverage for items left in your care).