Inland Marine Insurance
Inland marine insurance in the United States indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. This category of insurance includes property coverage for construction equipment, medical diagnostic equipment, fine arts, solar panels and wind turbines, cameras and movie equipment, musical instruments, and a wide variety of other types of property.
Off-site Protection For Your Valued Assets.
The inland marine insurance definition has evolved over time to cover a wide range of property and materials :
- Property in transit
- Property in the custody of a bailee
- Property deemed to be an instrumentality of transportation or communication, such as bridges and radio towers
- Mobile medical equipment
- Contractors equipment
Inland marine policies became known as "floaters" since the property to which coverage was originally extended was essentially "floating." The coverage has grown to include property that just involves an element of transportation. The property that is insured under inland marine coverage is typically one of the following:
- Actually in transit
- Held by a bailee
- At a fixed location that is an instrument of transportation
- A movable type of goods that is often at different locations
The following coverages represent a wide range of the types of coverages typically called "inland marine":
- Accounts Receivable
- Bailee Customer's Goods
- Builders' Risk
- Camera and Photographic Equipment
- Communication Towers and Equipment
- Computer Coverage
- Contractors Equipment
- Commercial Floaters
- Dealers
- Exhibitions
- Fine Arts
- Furriers
- Golf Equipment
- Guns
- Installation
- Jewelers
- Leased Property
- Mobile Medical Equipment
- Motor Truck Cargo
- Museums
- Musical Instruments
- Processing Risks
- Rigger's Liability
- Scheduled Property
- Transportation
- Trip Transit
- Valuable Papers
- Warehouse Legal
Contact an Inland Marine specialist at The CFI Agency today to find out how your business can insure its most valuable assets while working or traveling off-site.