Despite its name, inland marine insurance has little to do with boats! It’s a specialized type of insurance that protects movable property, primarily while it’s in transit or away from a fixed location. Here’s how it works:
What Inland Marine Insurance Covers:
While coverage is customizable, here are common types of property it protects:
- Goods in Transit: Covers items being transported by land (trucks, trains), including:
- Construction equipment and machinery moving between jobsites
- High-value artwork being shipped to an exhibition
- Products or inventory in the supply chain
- Mobile Equipment: Insures specialized equipment that moves from place to place:
- Contractor’s tools and heavy machinery
- Photographer’s or videographer’s camera gear
- Medical diagnostic equipment being transported by a doctor
- Property at Temporary Locations: Covers items away from your main premises, like:
- Items at a trade show or exhibition
- Computer equipment used by employees at offsite locations
- Other Unique Property: Policies can be designed for specific needs, like:
- Communication towers and infrastructure
- Musical instruments for touring bands
- Fine art collections
Types of Perils Covered:
- Open Perils: Broader coverage, insuring against all risks except those specifically excluded in the policy.
- Named Perils: Covers only specifically listed events like fire, theft, collision, or overturning of the vehicle in transit.
Why It’s Different from Standard Property Insurance
- Focus on Movement: Inland marine insurance is for property on the go, while typical property insurance covers fixed locations.
- Coverage Anywhere: Protects items worldwide rather than solely at a specific named location.
Who Needs Inland Marine Insurance:
- Businesses shipping valuable goods or equipment.
- Contractors with expensive, mobile tools.
- Professionals who travel with specialized equipment (photographers, musicians, etc.)
- Companies exhibiting at trade shows or events.
- Any business with valuable property that frequently changes locations.