Insurance for Property on the Move
Standard property coverage is typically designed to protect the assets at your business address. But if you have
equipment or materials that frequently move to different locations, you may need inland marine coverage. An inland
marine policy can cover the high-end digital SLR camera for your photography business, the power cleaners you use to
clean floors, or the bulldozer at your newest construction project.
Inland marine insurance is available standalone or can be packaged with other coverages, so you can select the option
that best meets your business's needs.
What is Covered?
- Computers/computer systems
- Tools and equipment for artisan contractors (from mobile equipment to hand tools)
- Fine Art Dealers/Galleries (covers the fine art and tools/equipment used in conjunction with fine art)
- Photographers camera equipment
- Motor Truck Cargo (covers the goods being carried by an insured trucker)
- Transportation Form (covers goods shipped by or to our insured via common carrier)
- Pet Groomers (covers their equipment, especially for those with mobile operations)
- Veterinarians (covers their equipment, especially when portable in nature)
- Vending Machine Form - used to cover vending machines (not the contents)
- Dealers Service Form - covers equipment used by servicing contractors / installers (appliances, flooring,
Insurance for your Tools & Equipment
Inland marine insurance was originally designed to cover goods as they were moved along inland waterways to their
final destination. Eventually, the inland marine definition was expanded to include most types of inland
transportation (cars, trucks, trains and planes) as well as offering protection while the goods were stored at docks
Today it's possible to purchase an inland marine policy for goods whose journey brings them nowhere near a body of
water. A few examples of property and materials that are covered include:
- Property in transit
- Mobile medical equipment
- Contractor’s equipment
- Property in the custody of a bailee
- Property deemed to be an instrumentality of transportation or communication, such as bridges and radio towers
Inland Marine Policies are sometimes referred to as "floater" policies because the coverage they offer essentially "floats around" with the insured property regardless of its location. This distinguishes Inland Marine policies from Commercial Property Insurance and other offerings that only cover specific premises. In fact, the “floating” nature of Inland Marine policies is what makes them a powerful tool for filling gaps in coverage.
Inland Marine policies must be purchased separately from BOP, Commercial Property or Commercial Liability policies and provide protections these three offerings don’t. If your business requires you to regularly transport valuable tools or merchandise, you should strongly consider purchasing a separate Inland Marine policy to supplement your existing coverages.