When I first heard the term “Inland Marine Insurance”, I thought it sounded like an oxymoron. How do you have insurance for marine items that are “inland”? In fact, inland marine insurance almost fits that line of thought. It is insurance for a wide assortment of specialized property made for land, not for oceans or water-travel.
Inland marine insurance is a type of business property insurance that can include coverage for scheduled items on a policy, and it can also include a general limit for many items that fall under the same category. This is often included on policies for contractors, manufacturers, the tech industry, transportation, healthcare, and other businesses who own equipment. Inland marine insurance can be included in a package policy, or it can stand alone as a separate policy.
Inland marine insurance was created as a branch off of ocean marine insurance. Ocean marine insurance was originally created for protecting proprietors doing business by shipping goods over water. Since shipping has shifted to occur more commonly over land, the needs and coverages also shifted. As we see it today, inland marine insurance covers a variety of property items encompassing products, materials, and equipment both in transit and on location.
So, what in fact does inland marine insurance cover? It can cover your business’s specifically scheduled items like equipment that stays on your premise such as a skid-steer or crane, renewable energy equipment, computer and electronic equipment, medical and scientific equipment, fine arts and instruments, signs, and vending machines among other items. It can include transportation coverage for items in transit, which is especially important when shipping items to customers. It can include coverage for leased and rented equipment or installation of property such as HVAC systems, elevators, or plumbing.
To see if this is a coverage you should have for your business or for any business insurance inquiries, contact your agent today.