Business & Commercial

Inland marine: coverage for what moves.

The name confuses everyone. Inland marine has nothing to do with boats. It is the coverage for valuable property that travels, or that sits somewhere other than your own building.

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Why your property policy often is not enough

A commercial property policy is built around a building and the contents inside it at an address. That works until your business does not stay at that address. Tools on a job site, equipment in the back of a truck, product on its way to a customer: these are the things that tend to be limited, or left out, once they leave the premises. Inland marine exists to cover that part.

What it commonly covers

  • Contractor equipment and tools. Machinery, power tools, and trailers that move between jobs (often written as a floater).
  • Materials and work in progress. Installation and builder's-risk style coverage for materials and the work being built, often written as inland marine.
  • Goods in transit. Product being shipped or delivered, whether you move it or a carrier does.
  • Business property away from your premises. Equipment taken to events, client sites, or trade shows.
  • Valuable specialty items. Cameras, audio-visual gear, musical instruments, and similar equipment that is expensive and portable.

Which of those a given policy includes depends on the form. This is a family of coverages, not one standard product.

Where the fine print decides

Inland marine forms differ more than most people expect, and the differences show up at claim time. These are the questions worth asking before you buy:

  • Named perils or open perils? Does the policy list what is covered, or cover everything except what is excluded?
  • How is a loss valued? Actual cash value (depreciated) or replacement cost.
  • What are the theft conditions? Many forms care whether the property was locked, secured, or left unattended, and whether there is evidence of forced entry. Theft by an employee is usually a crime insurance question instead.
  • What about rented or borrowed equipment? Not every form covers items you do not own.
  • How does it treat storms, flood, and earthquake? In Puerto Rico, ask about each one by name. Do not assume.

If it has wheels, a tool belt, or a delivery date, it is probably not sitting where your property policy expects it to be.

Who it fits

Contractors and trades, installers, landscapers, photographers and videographers, event and audio-visual companies, and any business that ships valuable product. If your equipment is worth real money and spends part of its life somewhere other than your office, it is worth asking.

When goods move by a carrier, remember that the carrier's own liability for your goods is often limited by contract or by law. A business that ships product worth more than that limit may want coverage of its own.

Contractors who also bid larger jobs may want to read about surety bonds, and if pollution is part of your work, the pollution liability page covers a gap that general liability usually leaves open.

How I work

I start with what you own, where it actually spends its time, and what a loss would stop. Then I compare it against what your current policies cover, so you can see the gap on paper. I place coverage with multiple carriers, and availability and terms depend on the carrier and its underwriting.

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Frequently asked questions

Does inland marine insurance have anything to do with boats?

No. The name is historical. Inland marine covers property that moves or sits away from your own location, such as equipment, tools, and goods in transit. Boats are insured under separate boat or marine policies.

Doesn't my business property policy already cover my tools and equipment?

Often only partly. Commercial property is built around a building and its contents at a described location. Equipment on a job site, tools in a truck, or goods being delivered may be limited or outside that coverage. Ask exactly what is covered when the property is away from your premises.

What does inland marine usually exclude?

It varies by form, but common exclusions and conditions include wear and tear, mechanical breakdown, unexplained disappearance, and theft conditions such as property left unattended or unlocked. Whether named windstorm, flood, and earthquake are covered also depends on the form, so ask about each one.

Can goods in transit be covered?

Yes, transit coverage is a common use. A carrier's own liability for your goods is often limited by contract or law, so a business that ships valuable product may want its own coverage. The details depend on the form, the carrier, and how the goods move.

Do I need inland marine as a contractor?

Many contractors carry it because their equipment and materials live on job sites. Some contracts and project owners also ask for evidence of equipment or installation coverage, so check your contract. A coverage review will show what your current policies leave out.