Insurance Term of the Day: Inland Marine

Inland marine insurance sounds like an oxymoron, which can be confusing to some people. It is the opposite of marine insurance, which covers property in transit over sea. Inland marine covers that which is being transported on land, or property that is temporarily held responsible by a third party. Typically, these products are transported by truck or train. It is often called a “floater policy” because its in motion along with your equipment.

Equipment that can be covered includes and is not limited to:

• Property being used at multiple locations, such as construction tools
• Photography equipment
• Property that has the potential to move, but typically stays in one location, such as a food truck
• Property that is temporarily in the possession of a third party
• Valuable property such as artwork
• Medical or scientific equipment in transit

Inland marine coverage specifically covers the property being transported, not the vehicle.

There are special inland marine coverages as well. A few of them include:

• Builder’s Risk—protects the risks of the materials and structures while a project is being completed
• Exhibition and Fine Art coverage—this protects valuable artwork on exhibit or in transit between exhibits
• Installation Floater—protects the transportation of property all the way until the object is installed and accepted by the policyholder

Check with your insurance agent to see if any of these coverages will be necessary for your business.