What is Inland Marine Insurance?
Don't be confused by the name, inland marine insurance is not insurance for your watercrafts! It is coverage for your valuables that extends beyond your homeowners policy limits and exclusions. While the main job of this type of insurance is to protect commercial goods being shipped over land (ocean marine coverage applies over sea), it also covers personal property being shipped and expensive valuables that are stored at a home or business. Inland marine will cover just about any moveable or specialized type of property. Some examples of items that may need extra coverage include fur coats, construction equipment, musical instruments and even solar panels. Essentially, to be covered with inland marine insurance your item must be:
- Property in transit, such as mobile camera equipment or laptop computers.
- Property in the custody of bailee, such a furs at a dry cleaners or rings left with jewelers. (Note that this coverage is for the bailee (the dry cleaner and the jeweler), not the customer (bailor).
- Property deemed to be an instrumentality of transportation or communication, such as wind turbines, piers and radio towers.
- Specialized trade equipment, such as pet grooming equipment or portable medical equipment.
- Contractors equipment, such as lift trucks or tools.
Many homeowners policies will exclude personal property not on premises at time of loss, or limit the coverage severely. Purchasing inland marine coverage will help cover those gaps left by your homeowners policy.
A unique factor of inland marine insurance is that it’s available as “peril coverage” or “all-risk coverage.” Peril coverage will compensate for damage done to the property that is caused by a peril that is specifically listed on the policy. All-risk coverage does the opposite. It covers all damage, regardless of what caused it, unless the peril is specifically excluded on the policy. In most cases, especially when shipping expensive personal items, choosing all-risk coverage is the best option. Contact one of our personal insurance specialists today to discover the gaps in your coverage and how we can help fill them.