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Inland Marine Insurance

Are you a contractor that uses commercial equipment in the United States looking for liability insurance? If so, our insurance team at Contractors Liability® is ready to answer some common questions for you and provide you with a free quote as well.

What is Inland Marine Insurance?

Inland marine insurance protects against financial loss due to goods that get lost or damaged in transit by land, sea or air. This is the agreement to protect the goods in transit against possible losses like damage, displacement, impaired quality, or when the vehicle carrying goods does not reach the destination. It is beneficial for business people who travel frequently or deal with high value goods.

Inland Marine insurance has been around since the mid 17th century. At that time, insurance companies covered the cargo only when they were sailing the oceans. The goods were no longer covered once they were off the ships. The goods were not covered on the dry land, and if something happened to them during transit on the land, no loss could be claimed by the policy holders. You can imagine how unhappy the customers would be if the shipment reached to them damaged. The insurance companies then evolved to cover the in transit items whether they were on land or sea. Gone are the days when people had to wait tirelessly for the goods and parcels in transit to reach them safely. Inland marine insurance is the only way to insure goods and recover losses in transit.

Why You Need Inland Marine Insurance?

Business owners need inland marine insurance because general business policies do not always cover the equipment and tools, and this can put the business at risk of great finacial loss. Business owners need to find the most suitable marine ins\urance policy that will cover almost all items that are sent off from the site temporarily or that are in transit. We can help you find many services that can offer you policies that fit your business needs.

Property Covered under Inland Marine Insurance

This is not an exhaustive list of items that are covered under an inland marine insurance policy. The following list will simply help you check what kind of items marine insurance normally covers:

  • Large construction and builder’s equipment and tools
  • Machines used in factories
  • Medical diagnostic equipment
  • Solar panels
  • Movie and music related equipment
  • Fine arts and paintings
  • Marine insurance policies also cover the assets that are in multiple locations

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The inland marine insurance policy will cover the property as long as it is found to be within any one of the following four categories:

1. Personal or Individual Property:

It covers all the personal high value items like electronics, jewellery, cosmetics etc.

2. Business Property:

This includes all properties like photocopiers, printing presses, dying machines, computer systems, furniture and all items that are used to carry out business operations.

3. Domestic Property:

All properties that are shipped within the country by road, rail or boat.

4. Imports/Exports:

This includes all properties that are sent from one country to another.

When is Inland Marine Insurance is Required?

There are many inland marine insurance policies that do not cover all the items that are temporarily offsite or in transit. Below is an example of a case where a business needed inland marine insurance:

You are a general contractor and undertaking construction property for your clients and you have items and construction related materials like glass, chemicals and steel that you need to install at the property. These goods need to be transferred to the site where the civil work is going on. In such scenario, you need inland marine insurance to cover the costs of replacements if the materials are damaged in transit.

Inland Marine Insurance and General Contractors

Inland marine insurance is equally important for construction experts like other business owners. It protects the contracting professionals and their assets on the move. As a general contractor or construction professional, you need to perform your tasks regularly that mostly involves the transport of construction equipment, tools, and materials to the construction site location. While your high value business property is in transit, inland marine insurance ensures their replacement in case of an accident, theft, or loss occurred during the journey. It can also cover tools and equipment of all sorts that your crew takes with them when they perform their tasks.

Inland marine insurance normally provides coverage for the following types of property of general contractors:

  • Contractor’s tools and materials in transit.
  • Computerised and specialized equipment.
  • Electronics assets, data and information.
  • Mobile equipment, such as bouzers, wires and cables, cranes, forklifts, ad-mixers, loaders, etc.

Moving one step ahead and going beyond transit, the inland marine insurance covers immovable property as well, such as buildings under construction. This kind of insurance coverage is referred to as a Builder’s Risk Insurance.

Advantages of Inland Marine Insurance

  • Agents have all the information about compensation laws, so you can understand the complexities involved.
  • Covers commercial auto insurance which protects you against accidents and major wrecks during business activites.
  • It saves time and money for you as the insurance company deals with all the matters and overcome difficult scenarios.
  • Give you a peace of mind as you won’t have to worry about your items getting lost in transit or damage which is very common.

Builder’s Risk Insurance

Builder’s risk insurance is normally included in an inland marine insurance policy as a special type of property insurance that protects the contractors against finanacial losses due to the damage of buildings currently under the construction is in process. Because this policy protects the hard work, time, and investment of everyone involved in the project, Builder’s Risk coverage may be required as a condition to many contracts or part of building code compliance. You should check with an insurance expert to make sure that you meet all the requirements for your construction project to ensure that you are adquately covered.

Builder’s risk coverage safeguards the building against unpredictable events such as tornadoes, fire, destruction, and many other scenarios. However, depending on where the site is located, this policy usually does not provide coverage against losses caused by earthquakes or floods. This Policy ends once the construction is completed.


What our customers say about us….

“All positive experiences, they almost always answer the phone and if I do happen to get voicemail, I get a return call back very quickly… very prompt about getting Bonds and Certificates of Insurance to me for my company business, and they have great rates too! I would highly recommend this company.”

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