Inland Marine Insurance is property insurance for property in transit over land, certain types of moveable property, equipment and the legal liability of bailees. Many inland marine coverage forms provide coverage regardless of the location of the property. As a group, inland marine policies are generally broader than property coverage forms.

What you need to know about Inland Marine Insurance:

  • Contractor’s equipment is typically covered on an inland marine form. This covers a vast range of traditional and specialized equipment used for construction, energy, mining and other various industries. It is important to note that most inland marine forms will cover the equipment at replacement cost if it is new, but will pay the actual cash value for an item five years old or older.

  • Builders risk insurance is also written on an inland marine form. This provides coverage for direct physical damage to a structure during new construction, while making additions to a building, as well as, renovations to an existing structure. It is important to note that builders risk coverage ceases when a certificate of occupancy has been handed to the new owner.

  • An Installation floater is designed to cover good and materials that are intended to be installed in connection with the insured’s occupation. An example would be boxes of light bulbs sitting on a pallet waiting to be installed in a commercial building by a lighting subcontractor.

  • The Motor truck cargo form is designed to provide coverage for a loss to shipments of legal goods while in the course of transit. The type of property in transit is listed in the policy. There is also a list of commodities that are excluded such as money, securities, jewelry and precious metals.