Construction
Contractors or construction companies moving equipment and building materials between sites.
Inland Marine Insurance
Businesses on the move need protection for the things that matter most to their success. For many industries, that means crucial equipment, materials and components that are regularly transported over the road or by rail. As an evolved form of marine insurance (which covers items shipped over the water), inland marine insurance protects items transported over the road or by rail that aren’t properly covered by property insurance, cargo or auto insurance policies.
From shipped construction materials or pre-built machinery on its way to installation, to product shipments out for delivery, inland marine insurance covers several types of loss that can happen while items are in transit. The insurance brokers at Ansay & Associates help connect businesses to the most fitting options for inland marine insurance. This helps companies that depend on consistent movement stay protected against large losses, should the worst happen.
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Business Property
What does Inland Marine Insurance Cover?
Essentially, inland marine coverage is offered for any property that is being moved from one location to another by truck or train, providing additional coverage for items and risks that aren’t covered by more standard insurance. It will also cover property being temporarily held by another company (a bailee), which is considered under their care, custody & control.
Inland marine insurance encompasses many industry-specific coverages, ranging from the construction sector to communications, manufacturing, medical and various other industries.
Contact us to see if your property is coveredItems commonly covered by inland marine insurance
- Jobsite equipment & building materials
- Finished goods en route to install
- Sales samples
- Retail cargo
- Computer equipment & systems
- Artwork
- Networking & Telecommunications gear
Types of loss covered
Each inland marine insurance plan offers different types of coverages, often guarding against very specific types of perils. However, the most common types of threats faced by items in transit that are covered by this category of business insurance include:
- Theft
- Vandalism
- Water damage
- Fire
- Wind
- Hail
Limitations
What it doesn't cover
- Neglect or intentional damage
- Bodily injury or damages to other property
- Company vehicles (unless named in the policy; for a trucking company, for instance)
Is it for you?
Who Needs Inland Marine Insurance?
Inland marine insurance is particularly important for businesses in sectors like construction, medical, technology, and creative industries that commonly transport equipment or move valuable items from one place to another.
Types of companies benefiting from Inland Marine Insurance
Transportation
Trucking businesses seeking to protect equipment like trailers, trucks and equipment like pallet jacks and forklifts, load bars and load locks.
Retail
Merchants shipping goods to distribution centers or customers, though this is often covered via cargo insurance.
Manufacturing
Companies transporting raw materials or finished manufactured goods.
Tech
Companies safeguarding servers, networking hardware, and other high-value equipment during setup or relocation
Fine Art
Art galleries or museums transporting high-value artwork for exhibitions or sales
Events & Marketing
Event companies moving expensive audio/visual or exhibition equipment from venue to venue.
Others
Not sure if you need it?
Why Inland Marine Insurance
Inland Marine Insurance Benefits
If a company relies on high-value equipment, materials, or products being in different places - whether on the road, at a job site, or temporarily stored - this coverage can protect against financial losses arising from damaged or stolen property. This can be a lifesaver if you’re moving expensive equipment that is essential to day-to-day operations.
Avoiding Gaps in Property Insurance Coverage
Most commercial property insurance policies do not cover items in transit or away from a business’s main location. Inland marine insurance helps to close these gaps, providing coverage where traditional property insurance acquired through a bundled business owner's policy may fall short or have exclusions.
Additional Coverage Benefits
Since inland marine insurance represents a broad category of coverages, it can be shaped to meet the needs of many different types of businesses. Some of these additional benefits include:
Customizable policies
Inland marine insurance policies can be tailored to fit the needs of businesses, whether they’re transporting goods locally, nationally, or internationally.
Protection beyond transit of property
Inland marine insurance can also cover property stored off-site or at third-party locations, such as equipment stored at a temporary worksite.
Specialized industry endorsements
Additional coverage options can be added for specialized tools or materials that are crucial to operations, but may not be covered by standard property or cargo insurance.
How Much for Coverage?
Cost Factors for Inland Marine Insurance Plans
As with most insurance types, inland marine insurance depends largely on the value of the items that are being covered by the policy. Additional factors affecting its cost include the duration of the coverage, the range of perils it’s required to protect against, and history of previous claims (among other factors). To get the best coverage at the optimal rate for a business, it’s always best to consult with an insurance broker who will take the time to understand the risks to the company. Some considerations include:
- Your industry
- Where you do business
- Value of objects covered
- Claims history
- Level of risk
- Amount of coverage needed
Comparison: Inland marine insurance vs. cargo insurance
Both cargo insurance and inland marine insurance are types of property coverage. While cargo insurance will typically cover the value of goods being transported, inland marine insurance goes further by protecting a company’s property against specific risks inherent to its transportation.
Many transportation/trucking companies offer cargo insurance as a matter of policy, but not all will provide coverage for the broader risks to company property that are being transported. Essentially, inland marine insurance will cover a number of threats to a range of items being transported, while cargo insurance is technically a subset of inland marine insurance and typically covers shipments of retail goods from the manufacturer/warehouser to the retail location.
Contact our team today to learn more about either type of business insurance.
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