Inland marine insurance is designed to protect equipment, materials and products while they are being transported on land such as by train or vehicle. If you are a contractor, for example, you may use vans and trucks to transport equipment and materials to and from worksites. Unfortunately, auto insurance—even commercial auto insurance—won’t generally cover any objects within the vehicle. This means that an accident in your car could damage or destroy your products and equipment with no way to replace it.
Inland marine insurance can provide compensation for damages to or loss of your transported belongings. Items that may be covered under inland marine insurance include:
Computers and laptops
Communications equipment
Medical equipment
Scientific equipment
Construction and/or contracting equipment
Photography equipment (umbrella lights, cameras, etc.)
These items will only be covered if they are damaged by a covered peril, however. What are Covered Perils? Perils refer to the list of risks or dangers on your insurance policy that are covered. For example, depending on the policy language, perils typically covered under inland marine insurance policies include fire, wind, hail and theft. If your products are stolen from one of your work trucks, inland marine insurance can help provide compensation for replacements. You will only be able to receive compensation if the damages are covered, so it is important co ask your insurance agent about what is and isn’t covered by your inland marine insurance policy. Also ask about adding higher limits of coverage if you transport especially expensive equipment or items. How Much is Inland Marine Insurance? The cost of inland marine insurance varies depending on several factors, including your location, coverage limits, industry, value of the insured items and more. This insurance isn’t usually purchased on its own, however. You can purchase inland marine insurance along with other coverages such as general liability, commercial property, equipment breakdown insurance and more. Not all policies are created equal, so it is important to find a business insurance and inland marine insurance policy tailored for your needs.