1. What is inland marine insurance?
Confusingly, inland marine insurance generally protects items transported over land via train or truck, such as
inventory, materials and equipment. It also provides protection for items while they are temporarily stored or
Inland marine policies can also be used to cover certain specialized business and personal items that traditional
property insurance won’t cover, like guns, furs and valuable papers or records.
Several categories of property are normally covered, including:
Property in transit, such as film equipment that is transported from a set to a location shoot.
Property in your temporary care, such as customers’ clothes that are dropped off at a dry cleaning
Property at a definite but mobile location, such as machinery attached to a truck.
Property that moves around, such as tools that move from worksite to worksite.
Property that helps transfer information, such as computer equipment.
Unique or valuable property. Your business or home may have special décor or high-value items that
can’t be insured with standard policies.
2. How is inland marine coverage different from
my commercial property coverage?
Commercial property insurance usually covers assets that stay in one place. This means that if inventory is destroyed
while in transit between two business locations, standard commercial property insurance won’t provide coverage –
but inland marine insurance covers the gap.
3. How can inland marine insurance protect personal property?
While inland marine insurance is primarily used to protect commercial goods shipped over land, it can also cover
personal property while it’s being shipped, as well as valuables that are stored at a home or business. In many cases,
inland marine insurance can step in to fill gaps left by a homeowners policy.
For example, inland marine insurance will provide protection for shipped valuables that are lost or damaged and
exceed the shipper’s declared value limits.
4. Does my business need inland marine insurance?
If you frequently ship equipment or products, you may want to consider purchasing inland marine insurance.
Coverage is beneficial for the following types of businesses, according to Fundera:
Food truck vendors and caterers
Business owners who attend trade shows, exhibitions and conventions
Businesses that ship raw materials or finished goods over land
Businesses that engage in specialized types of storage or transport (such as animal trainers who transport
dogs or jewellery dealers who hold others’ pieces to sell on consignment)
Businesses like wineries that transport their product for distribution
5. What are some industry-specific types of inland marine coverage?
Inland marine coverages have a variety of names and different insurance companies provide an assortment of
options. Some of these include:
Bailee’s customer coverage
Exhibition and fine art coverage
Motor truck cargo coverage
Tool and die floater
6. How do I purchase inland marine coverage?
Inland marine is often included in a business owner policy (BOP) or bundled as an add-on option with other
coverages such as general liability, property and crime.
Many inland marine policies cover insured property no matter where it’s located — these are often called “floater”
7. What are the main types of inland marine claims?
Collisions and cargo theft are the two most frequent causes of inland marine losses, according to the Insurance
8. Does inland marine insurance have anything
to do with boats or water?
Inland marine insurance doesn’t currently have anything to do with boats or water, but it got its name back when
goods were largely transported by ship. Marine insurers offered coverage for this cargo.
As railroads allowed shipping and business opportunities to move inland, these marine insurers expanded to provide
coverage for new types of transportation, equipment and technology. From there, inland marine insurance grew to
cover a wide range of property moved over land.