Inland Marine Insurance
You may think that inland marine insurance is just for those businesses whose business involves transporting goods over water. However, inland marine insurance coverage has changed over time, and now provides coverage for your property that is in transit over land, through air, and on water, as well as property of others that is 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 owners policy may not cover the tools and equipment that you bring with you. Generally, property coverage will insure stationary property, while inland marine insurance is intended to cover property that might be moving between locations or property that is stored in a temporary location. When you’re transporting goods, equipment or tools, whether through 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, property that can be transported can be covered by inland marine insurance, up to the limits of your policy. The following six categories are included in the National Marine Definition that was last updated in 1976.
- Imports – May be covered until they are placed on sale, sold, or delivered to manufacture.
- Exports – May be covered until exported, unless they are sold domestically, in which case they 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, as well as fixed property.
- Personal Property Floater Risks – A floater is generally coverage for a specific item that is 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 pertaining to 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 various 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, any items that you take to work in your car can be covered by inland marine insurance. This could include computers and data, or a photographers camera equipment, or the equipment of a pet groomer.
If you work in construction, or you’re adding on to your office, any building materials can be covered by inland marine insurance, as well as the contractor’s equipment and tools.
If you clean, repair, or perform work on the property of others, 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 you 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. Request a free quote.