What exactly is Inland Marine Insurance?
Suppose a thief broke in to your work truck or repair shop and stole your tools, equipment or your clients belongings. Hopefully, you have an inland marine policy to protect your interests.
The first time many of our clients hear about inland marine coverage, they assume it has something to do with boat insurance. But, as you can imagine by now, it doesn't. You see, at one time, inland marine coverage was designed to cover the transporting goods over water. The funny thing is that this coverage was often called a "floater" because the property was "floating" on the water.
Eventually, inland marine insurance also came to protect:
- The transportation of your goods on land
- Protecting your clients property that is on your site
- Transporting your clients property either to or from your office site
What is covered by my inland marine policy?
Here are some examples of property that is in transit:
- Accounts Receivable
- Appliance installation and repair (covers mobile operation)
- Bailee Customer's Goods
- Builders' Risk
- Camera and Photographic Equipment
- Communication Towers and Equipment
- Computers used in your on the road business
- Computer repair shops
- Contractors Equipment
- Commercial Floaters
- Dry cleaners
- Fine art dealers and galleries
- Flooring contractor (covers mobile equipment)
- Furniture repair shops
- Golf Equipment
- Jewelry repair
- Leased Property
- Mobile Medical Equipment
- Motor Truck Cargo (covers the goods being carried by an insured trucker)
- Musical Instruments
- Pet Groomers (covers mobile equipment)
- Photographers camera equipment
- Plumbers (covers mobile equipment)
- Processing Risks
- Rigger's Liability
- Scheduled Property
- Storage facilities
- Testing equipment
- Trip Transit
- Valuable Papers
- Vacuum repair shops
- Veterinarians (covers their mobile equipment)
- Vending Machine owners (covers the machine not the contents)
Who needs Inland Marine Coverage?
Does your business transport property of any kind? Do you have buildings/ projects under construction? Do you clean, repair or service client equipment or belongings either at their place of business or in your repair shop?
If you can answer yes to any of these questions, then you need an inland marine policy.
How much inland marine insurance coverage do I need?
Think about everything you and your employees put into your commercial vehicles to operate your business. For example, you carry:
Now, think of the replacement value of the customer products and equipment you either transport or are working on in your shop. Combine these two numbers. Based on these numbers, speak to our agents to calculate the size of the inland marine plan you require.
Coverage options for your business
Talk to your agent so we can design a custom policy for your business using these options:
- Bailee's customer
- Commercial computer
- Builder's risk
- Contractor's equipment
- Installation floater
- Exhibition and fine arts
- Motor truck cargo