Inland Marine
Insurance

What Does Inland Marine Insurance Cost?

Your inland marine policy premium will be dependent on the items you are insuring. Some factors that go into producing your premium include the following:

• Geographic location.
• Safety and security measures.
• Age and condition of item/property.
• Type of property.
• Replacement value or actual cash value option chosen.

What are Common Inland Marine Claims?

Most commonly inland marine claims are for lost or stolen property due to truck collision, as reported by the National Highway Safety Administration, NHSA. However, on the personal property side, the FBI reports almost nine million property crime offenses in the U.S., in 2012. With a rate of roughly 3,000 per 100,000 residents, about three in every twenty people have a property loss each year. Another shocking result of the FBI report on property crime is that losses in 2012 were estimated at $15.5 billion, and this number is not falling year to year. Take advantage of an inland marine policy, more often than not you won't need it, but you'll be glad for it when the unexpected happens and your personal assets are at risk.

How Can I Reduce my Risk?

The best way to prevent losses to your personal property, whether it be in your home or in transit, is to ensure it is kept in a safe and secure place at all times. For example, your expensive musical instruments shouldn't be kept out in the open, in your car, home or otherwise. Your electronic equipment often contains personal data, which may turn a simple property loss claim into an identity theft case. Securing electronics with passwords and locked cases, as well as fall-backs, such as the ability to erase data remotely, will help deter theft and prevent loss. If you are unsure how to protect your collections, jewelry, equipment or any other piece of property, consulting with a safety officer, or even your insurance agent, can get you started down the right path.

Frequently Asked Questions

1. Is inland marine the same thing as a floater?

Essentially, yes, inland marine policies are sometimes called floaters since the coverage travels with the property. Inland marine is also known as tools & equipment coverage on the commercial side.

2. Can inland marine cover my gun collection?

Absolutely, inland marine can cover just about any type of collection. One big exception are car collections, those should be insured through a specialized auto policy.

3. Does inland marine cover my trucks used to ship goods?

No, it does not cover the actual vehicle that you use to transport property. For that, you might need commercial auto insurance or hired and non-owned auto insurance.