What is inland marine insurance?
Inland marine insurance covers property that is movable or transportable in nature. It’s often used to cover property that needs broader protection than what may be provided by the typical business owners policy.
Some examples of property covered by commercial inland marine insurance are various types of tools and portable equipment used by businesses in the service industry:
- Cargo shipped by train, truck or aircraft
- Heavy equipment used in construction
- Radio and television transmitting equipment.
- Various tools and portable implements used in the service industry
Why consider adding inland marine coverage?
Commercial inland marine may help protect you from the risks inherent in transporting your or others’ property. It fills the “gaps” that traditional business insurance often doesn’t.
Inland marine insurance may help protect against:
Damage to mobile tools and equipment
Inland marine insurance may offer protection if your tools and equipment are damaged when you travel with them.
Transportation coverage
Damage to your customer’s or your property may be covered by inland marine insurance, including property transported by common carriers, by you in your truck or a one-time trip transit.
Animal care
Inland marine insurance is extended to veterinarians, like you, to cover animals belonging to others while in your custody.
It also provides coverage for animals belonging to others while in the custody of a non-veterinary animal-related business.
Other property classes that may be covered
Inland marine insurance covers a variety of different types of property that have one thing in common – they’re movable or transportable in nature. Here are some examples:
- Equipment you install at a customer’s premises
- Commercially used photo equipment or musical instruments
- Fine art
- Property and equipment contractors or installers are responsible for during installation, servicing or repair
- Vending machines located at premises you don’t own
Reach out to your State Farm agent for assistance with helping to identify inland marine insurance needs.
What does inland marine insurance cover?
Commercial inland marine insurance includes a variety of specific forms that describe different types of coverage. It's good to keep in mind that most of these forms usually protect against specific risks, known as named perils, and they often come with their own unique exclusions.
- Animal form – Livestock
- Commercial articles form – Photographic equipment, musical instruments and fine art that the insured owns
- Computer property form – Computer equipment used in insured’s business operation, including programs and data
- Dealers service form – Appliance dealer or business machine sales or service
- Fine arts dealer form – Artwork the insured is selling
- Installation floater form – Building materials
- Miscellaneous articles form – Portable or mobile business property that isn’t eligible for another type of inland marine, includes tools or equipment used for vocational training, such as kitchen tools for culinary school
- Mobile equipment form – Mobile machinery, tool and equipment used in contracting operations
- Motor truck cargo form – Cargo being transported by the insured
- Transportation form – Merchandise being shipped using common or contract carriers
- Trip transit form – One-time shipment of property
- Vending machine form – Vending machines owned by the insured or for which they are responsible
- Veterinarian form – Animals in a vets’ care, custody or control
Coverage in action
If the truck you’ve hired to move your customer’s heavy machinery is involved in a collision on the highway and the equipment is destroyed, commercial inland marine insurance may be all that stands between your business and bankruptcy.
Who might benefit from inland marine insurance?
Anyone tasked with safely transporting anything from hand tools and heavy machinery to fine art installations and animals belonging to others may benefit from inland marine insurance.
Should you consider a business owners policy (BOP)
Business owners policy may help protect your business from various covered claims, including bodily injury, property damage and injuries done to others that may occur resulting from your organization’s operations.
Frequently asked questions about commercial inland marine insurance
There are exclusions on inland marine policies, and they are specific to the form they are written under (like, mobile equipment, animal form, etc.)
Inland marine coverage differs from other property insurance by offering broader coverage with fewer exclusions.
Individuals who operate an eligible business may be considered for coverage even without a registered entity.
This would depend on where the coverage of cargo insurance ends and the customer would need their own coverage to begin. If covered in transit from start to finish, then there’s no need to double cover an item.
Inland marine and floater policies are synonymous with each other.
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Prices are based on rating plans that may vary by state. Coverage options are selected by the customer, and availability and eligibility may vary.
This is only a general description of coverages of the available types of business insurance and is not a statement of contract. Details of coverage, limits, or services may not be available for all business and vary in some states. All coverages are subject to the terms, provisions, exclusions, and conditions in the policy itself and in any endorsements. Contact a State Farm agent for more information and a customized quote.
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