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What is inland marine insurance?
Inland marine insurance is a type of marine insurance coverage that cover a wide range of specialized property. For example, an inland marine policy from The Hartford can covers items such as medical diagnostic equipment, fine art, solar energy equipment and even clothing left at a dry cleaner. Our inland marine coverage can also include property designed to facilitate transportation or communication such as commuter rail systems and cell phone towers.
Commercial inland marine coverage is often used to provide protection for assets and property that is movable or could be in transit over land as well as property owned by others that is in possession of the policyholder or on the policyholder’s premises.
Why is it called “Inland Marine” insurance?
Regardless of the term “marine,” an inland marine insurance policy typically covers property on land. Inland marine insurance is an offshoot of ocean marine insurance coverage. Originally, insurance companies offered “ocean marine” insurance to protect owners from losses of goods shipped by water in the event the ship sunk or was seized by pirates. Over time, individuals and businesses began shipping cargo beyond the major port cities and required protection from losses of goods while in transit over land. With the creation of inland marine insurance, insurance companies began offering protection for products shipped beyond the major bodies of water and port cities. Today, inland marine insurance provides coverage for a broad range of miscellaneous types of property in transit and onsite.
Businesses that work off-site, move goods and products or are in possession of the property of others typically need commercial inland marine insurance coverage. Following is a list of industries most likely to purchase inland marine insurance and the coverage options they typically select:
Construction. Because businesses in the construction industry typically work off-site, they often find inland marine coverage is essential. Construction businesses usually purchase the following coverage options with their inland marine insurance policy:
Technology. Our inland marine insurance policy is very popular with technology companies, especially those involved in renewable energy research and development. Technology companies typically purchase inland marine insurance to protect the following:
- Renewable energy equipment
- Electronic equipment
Transportation. Originally, inland marine focused primarily on goods in transit over land, so it makes sense that transportation businesses were among the primary industries to purchase it. Inland marine coverage can protect the following:
Equipment. Inland marine insurance is useful to cover equipment owned by others while in a policyholder’s possession, even while off premises. Among the types of equipment covered by an inland marine insurance policy are:
- Agriculture and landscaping
- Party and special event
- Sales and rental dealers
Mainline Insurance has access to several insurance carriers who specialize in inland marine coverage.
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