Inland Marine

Inland marine insurance is a broad coverage category crucial for many industries.

You may think that inland marine insurance is just for businesses transporting goods over water. However, inland marine insurance coverage has changed over time. It now provides coverage for your property in transit over land, through air, and on water, as well as the property of others in your possession or in transit to or from you or your business.

What is Inland Marine Insurance?

When you work off-site, your property insurance and business owner’s policy may not cover the tools and equipment you bring. Generally, property coverage will insure stationary property. At the same time, inland marine insurance is intended to cover property moving between locations or stored temporarily. When transporting goods, equipment, or tools, whether through the certified carrier or with yourself or an employee, inland marine insurance can make sure your property is protected.

What is Covered by Inland Marine Insurance?

Generally, inland marine insurance covers property that can be transported up to the limits of your policy. The following six categories are included in the National Marine Definition, which was last updated in 1976.

• Imports – These may be covered until they are placed on sale, sold, or delivered to the manufacturer.
• Exports – They may be covered until exported unless sold domestically, which could be covered under domestic shipments.
• Domestic Shipments – May be covered while in transit, in the custody of others, and while being returned.
• Means of Communication—This includes bridges, tunnels, and other instrumentalities of transportation and communication, excluding buildings and their improvements and fixed property.
• Personal Property Floater Risks – A floater generally covers a specific item added to your policy. Your custom policy could include a personal fur floater, a silverware floater, a fine arts floater, a musical instrument floater, a live animal floater, and various other floaters.
• Commercial Property Floater Risks – A commercial floater covers individual items about a business or profession. Your custom policy could include a live animal floater, physician and surgeons’ instrument floaters, a garment contractors floater, an accounts receivable policy, a fine arts policy, and other commercial property floaters.

How Can Inland Marine Insurance Benefit Me?

Many insurance policies are considered inland marine policies. The following situations could be covered under your policy.

If you own a small business, inland marine insurance can cover any items you take to work in your car. This could include computers and data, a photographer’s camera equipment, or the equipment of a pet groomer.

If you work in construction or you’re adding to your office, inland marine insurance can cover any building materials and the contractor’s equipment and tools.

In cases where you clean, repair, or perform work on the property of others. In that case, inland marine insurance can cover damage or losses to the property of others that may occur at your premises, during transportation to or from your premises, or while in storage. This means that if you run a delivery laundry service or repair computers, the property you’re handling could be protected by an inland marine insurance policy.

Finding an Inland Marine Insurance Policy

If you have questions about an inland marine policy, Fusco & Orsini can help. Complete this form to get started.