Inland Marine 101

This page is meant to serve as a 101 educational resource for Inland Marine insurance.

Inland Marine Insurance is a type of insurance that covers goods, tools, equipment, and other property not typically confined to a single location and that may be transported over land. The term "inland marine" originally referred to the transportation of goods over waterways, but with the expansion of commerce and transportation methods, it has evolved to cover a broad range of movable properties and specialized types of goods.

Inland Marine insurance is a term for a group of various types of policies such as Builders Risk Insurance, Contractors Equipment Insurance etc

Key aspects of Inland Marine Insurance include:

1. Transportation Coverage: Protects products, materials, and equipment when transported over land—such as by truck or train—or while temporarily warehoused by a third party.
2. Bailee's Customer Coverage: Covers property entrusted to your business. For instance, if you operate a repair or service business, this protects your customer’s property while it's in your possession.
3. Builders Risk: Covers buildings and other structures while they are under construction.
4. Exhibition and Fine Art Coverage: Offers protection for items while on exhibition, in transit, and on loan, including art, artifacts, and exhibits.
5. Contractors' Equipment: Insures the equipment and tools of contractors and construction workers, including mobile equipment like forklifts and bulldozers.
6. Installation Floater: Protects materials from the moment they are loaded onto a truck until they are put to use or installed.

The coverage provided by Inland Marine Insurance is generally more comprehensive and flexible than standard commercial property insurance, which is often limited to property that does not frequently move locations. This makes Inland Marine a valuable form of coverage for businesses that frequently transport goods, own high-value mobile equipment, or are engaged in projects like construction or art exhibitions.

Inland Marine policies are typically tailored to the specific needs of the business or the insured items, and the terms can vary greatly depending on the insurer and the type of goods or property being insured.