Inland Marine – Odd Phrase, Important Coverage

Road Graders

Inland Marine. For many people, that phrase may be a little confusing. “Inland” usually refers to, well, things on the land. While the word “marine” is usually used when talking about things related to the ocean or sea. So how on earth did these two words get stuck together by us insurance people? Historically, Ocean Marine Insurance provided coverage for property as it traveled over oceans and seas to reach its destination. The transporter was responsible for the property during the voyage. In the late 1800s, the non-ocean portion of the journey grew as cargo was transferred to non-ocean vessels (barges and now trucking). As cargo transportation expanded inland, insurance coverage was modified to provide protection for the property, and the term “Inland Marine” was coined. Since its early beginnings, Inland Marine Insurance has grown to provide coverage for many types of property, both business and personal. A home builder provides a great example of the need for Inland Marine Insurance. Think of all the tools and equipment a home builder might own. This property moves from one job site to another and isn’t covered by their Property policy (The Property policy is tied to the address listed on the policy). The tools and equipment should instead be scheduled and covered under an Inland Marine policy. Inland Marine coverage has also expanded to cover items that may have limitations, or not be covered at all, on a typical business property or homeowner’s policy. Items that might be limited or excluded on a typical homeowner’s policy include guns, jewelry, fine arts and more. Today, there are more and more types of property that need special coverage. Below are some examples of different types of property that Inland Marine Insurance can cover:

  • Tools and Contractor Equipment
  • Motor Truck Cargo
  • Fine Art
  • Bailee Coverage (Customers’ goods – for example, dry cleaning)
  • Photography Equipment
  • Guns
  • Jewelry
  • Computers Off Premise (laptops)
  • Electronic Data
  • Rental Equipment

Inland Marine coverage, whether it’s for a business or a homeowner, can be a good option to protect property that doesn’t fit into a regular business property or homeowners policy. Please call Beehive if you have any of the above exposures or would like more information in Inland Marine Insurance.

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