Inland marine insurance covers items and cargo in shipment, including exhibit items en route to a trade show. It also includes much broader coverage types. Inland marine insurance has evolved over time to cover a wide range of property and materials:
- Property in transit
- Property in the custody of a bailee
- Mobile equipment
- Contractors equipment
Fun Facts about inland marine insurance:
- Inland marine insurance represents about 2% of all property insurance in the U.S.
- Inland marine coverage is almost always written on an "all risk" basis as opposed to named perils.
These are examples of property in transit often covered by an inland marine policy:
- Shipments from a supplier to a user
- Private shipments from one party to another
- Shipments from a main warehouse to a retail outlet
- Sales persons' samples
- Athletic team equipment
- Contractors' equipment
- Property en route to a fair, exhibition or convention
- Fire or police department equipment
- Fine arts and antiques in transit
- Equipment of any kind that is mostly used off-site
Basically, any piece of property that is being moved from one location to another is eligible for an inland marine policy. Many companies offer this coverage. A knowledgeable agent can help you get multiple quotes and rates from different companies so you can get the best coverage for your unique needs.
A bailee is a person who has possession of another person's property for the purpose of storage, repair or servicing. These professionals need a variety of business insurance coverage, including commercial vehicle insurance and inland marine coverage, to protect their business investment.
Examples of bailees providing inland marine insurance services include the following:
- Dry cleaners
- Jewelry repairers
- Furniture or appliance repair shops
- Computer repair shops
- Storage facilities
- Delivery services
- Exhibit companies
Bailees purchase a commercial inland marine policy to protect the property in their possession, thereby covering their legal liability to the owner should the property be lost, damaged or stolen.
Movable property and equipment refers to anything that is moved from location to location, other than vehicles licensed for roadway use. These policies typically cover the items regardless of where they are located at the time of damage or loss.
These are examples of movable property and equipment that is hauled from one location to another:
- Contractor's equipment
- Medical equipment
- Tools and equipment belonging to trade persons or repair persons
- Equipment moved from one facility to another within an overall work area such as lift trucks
- Testing equipment
- Musical instruments
- Photography equipment
- Pet grooming equipment
- Vending machines