What Is Inland Marine Insurance?

April 28, 2023
Two workers in safety vests walk through a remote warehouse.

Sometimes your primary business location is not big enough to store all the necessary equipment for daily operations. But most commercial insurance policies will only cover property stored at a business’s main site and within 1,000 feet of the facility, so what do you do about equipment that is stored at a different warehouse or equipment in transit? Inland marine insurance can be an option for just this situation.

What is an inland marine policy, and should your business consider one? Read on to find out what it is and what it covers.

What Is Inland Marine Insurance?

Inland marine insurance, despite its name, is a specific insurance policy that offers coverage for business equipment and property when it is stored at a third-party location or transported over land. It is especially beneficial for businesses that frequently transport items with high value. The two most frequent causes of losses include collisions and cargo theft, but inland marine insurance can offer businesses peace of mind so that they know they have protection for these situations.

What Does Inland Marine Insurance Typically Cover?

Inland marine insurance policies typically cover losses to five types of business property: property moving between locations over land, property kept at an off-site warehouse, property stored in a moving vehicle, property that is part of the infrastructure, and high-value property stored at a fixed location. So, whether you work in the construction industry and move construction equipment between job sites or in the food industry and operate a food truck, inland marine insurance can protect help your business property when the unexpected happens. Some potential covered losses include theft and damage from water, fire, wind, and hail, among others.

What Does Inland Marine Insurance Typically Not Cover?

As you might expect, inland marine insurance does not generally cover losses that standard commercial insurance policies (general liability, property, auto) will typically cover. Any property stored at a business’s main location and business vehicles are likely covered by other commercial policies and, thus, will not covered by inland marine insurance. Inland marine policies also does not typically cover property transported by sea or air, or any damages that happen before the equipment is shipped. Finally, damage from earthquakes or floods is typically not covered under inland marine insurance policies.

Should Your Business Consider Inland Marine Insurance?

Inland marine insurance is not legally required, so whether a business needs inland marine insurance will depend on what kind of property and equipment it needs to cover. If a business frequently ships products and materials of high value, then this insurance policy can help put the business owner’s mind at ease when a shipment is made. If a business has any moveable property, from construction equipment to tradeshow booths, the business could benefit from inland marine insurance. Check to see if your commercial insurance covers specific items to determine whether an inland marine insurance policy makes sense for your business.

Find Inland Marine Insurance

If you would like to learn more about added protection for equipment that you transport frequently or store at a secondary location, inland marine insurance can be a great option. Acrisure makes it easy to find a business insurance provider that offers the specific type of insurance policy you are looking for. We can help you decide whether inland marine insurance is right for you. Contact us today to get started.

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