Inland Marine Insurance Definition

The "Legal-Ease" Glossary
Inland Marine Insurance

This refers to coverage that protects your business equipment and tools in transit or at a location other than your primary business address.

Though its name may be misleading, Inland Marine Insurance is a useful protection for business owners who travel with their tools, equipment, or supplies. Before the Industrial Revolution, the coverage was used to protect goods as they shipped across the unforgiving seas. But as shipping methods moved inland, so did the coverage. Now, this policy fills gaps and losses Property Insurance and Commercial Auto Insurance policies can’t cover.

For instance, Inland Marine can protect…

  • Property in transit. If you load up your car with your photography gear to head to a shoot, you’ll wish you had Inland Marine if you get in a wreck and your SLR camera is destroyed.
  • Property in your temporary care. Does your gallery or café exhibit work from artists? If so, you need to protect that valuable work in case its lost or damaged while in your custody.
  • Property that stays in a fixed (but movable) location. Own a food truck? Inland Marine can cover its stationary cooking equipment. For the truck itself, you’d need Commercial Auto coverage.
  • Property that moves around. If you’re a construction professional who owns mobile equipment (e.g., loaders and dozers), Inland Marine can protect this high-dollar gear if it’s stolen or damaged.
  • Property that transfers information. Of course you own a laptop – it’s the digital age, after all. Good thing Inland Marine can cover lost or damaged accounts receivable and computer equipment.
  • Unique or valuable property. If you sell or own artwork, you may need Inland Marine to protect it.

If you work out of your vehicle or transport tools and equipment to jobsites, an Inland Marine Insurance policy may be a wise investment for your small business. You can learn more about Inland Marine Insurance by reading our blog post "What Is Inland Marine Insurance?"

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