Inland Marine Insurance Coverage

The term Inland Marine Insurance may be a quirky way to describe something that doesn’t really have anything to do with water or “marine”. It’s an offshoot of the insurance coverage called ocean marine which used to cover protection for any cargo that’s being transported across the ocean. It grew from the necessity of covering cargo and other valuable items that are being transported first on land and then being transported by water on ocean-faring vessels.


Covers Property in Transit:

Over the years, the insurance coverage has evolved to include all property that is in transit, never mind that it’s never going on water or being transported on the ocean. The “Inland Marine” just kind of stuck and has since, been used to cover almost all property that is being transported whether on a one-time deal or on a regular basis. Here are some examples of movable items:

  • Job-related paraphernalia – There are instances when your job requires you to travel from one location to another and with it, you’re bringing all your job-related paraphernalia with you. Some of these equipment include camera and photography tools (if you’re a photographer headed to a photo shoot), computer equipment and data (if you’re an IT consultant), cleaning equipment (if you have a cleaning crew that services homes) and many other varieties of job-related equipment that are usually transported with their owner in a vehicle or in a car.
  • Fine artwork – Often museums and galleries trade collections of valuable artwork and put them on exhibits and on display for the public. In order to protect such valuable collections, it is common to secure inland marine insurance for such pieces while in transit. After all, you can never tell if untoward events can happen while on the road and it’s better to be safe than sorry.
  • Cargo and Freight – It’s typical for companies involved in cargo and logistics to insure the property that they’re carrying in order to give the best service and best protection for their clients. As such, they normally carry inland marine insurance specifically for this purpose.
  • Bailee Customer’s Goods – when customers often want someone to keep or protect something for safekeeping, they usually turn to a Bailee. The Bailee stores and keeps whatever property is entrusted to him and as such will often need inland marine insurance as an added benefit in case of damage and theft to the property that’s in his possession.


Covers Buildings Under Construction

Inland marine insurance can also be used to cover buildings under construction. If you think about it, materials and tools are often transported to the project site from a construction or hardware store and may involve getting into accidents en route to the destination. It is for this reason that contractors often purchase inland marine insurance to protect them from incidents like this. Also, any materials that are in storage can also be covered from theft, vandalism, and neglect which is a good investment for your operations.

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