Inland Marine Coverage Inland Marine insurance generally covers property that is movable or transportable in nature. It is often used to cover property that needs broader protection than what may be provided by the typical Business Owners Policy.
Despite its name, inland marine insurance has nothing to do with protecting your boat. While the main job of this type of insurance is to protect commercial goods being shipped over land, it also covers personal property being shipped and expensive valuables that are stored at a home or business. In many cases, inland marine insurance can step in to fill gaps left by your homeowners insurance.
According to Bankrate.com, a shocking 23 million Americans have packages stolen from their homes by porch pirates every year. In most cases the shipper is off the hook once the package is delivered, and whether the loss is covered by your homeowners insurance will vary by policy. Inland marine would step up and cover these types of losses.
Inland marine insurance will also step up if your shipped valuables are lost or damaged and the value exceeds the shipper’s declared limit value, which is often much lower than you would think. When it comes to protecting your valuables in transit, inland marine coverage can end up saving you thousands.
Ocean Marine vs. Inland Marine: A brief explanation
Ocean marine insurance covers property and goods while they are on a vessel on the water. However, coverage ends when the goods are offloaded onto land; this is where inland marine insurance takes over.
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 or warehouses.
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