Overview of Inland Marine Insurance
Inland marine insurance covers damage by a covered peril to movable property, such as tools, equipment, and building materials. It provides protection for high-value items that may not be adequately insured under other policies. Examples of covered property include computers, science equipment, artwork, construction equipment, and medical equipment.
Coverage and Features
- Transportation Protection: Inland marine insurance protects commercial property being transported over land by truck, van, or train.
- Off-Site and Customer Property: Coverage may extend to items stored off-site like construction equipment, as well as property left by customers, such as dry cleaning or jewelry.
- Comprehensive Protection: Typically offers all-risk coverage, encompassing a wide range of perils unless specifically excluded in the policy.
Evolution of Inland Marine Coverage
Inland marine policies, known as “floaters,” originally covered property with an element of transportation. This coverage has expanded to include goods and equipment moved over land by rail or truck.
Exclusions and Considerations
Inland marine insurance excludes coverage for property moved over water, focusing instead on transportation over land. It is essential for businesses transporting property over land to consider purchasing inland marine insurance.