Despite its historical name, inland marine insurance is a modern policy that covers property, equipment, and materials while they are in transit over land or temporarily stored off-site. It fills a critical gap left by standard property insurance by protecting valuable assets that are mobile, such as a contractor’s tools at a job site or a photographer’s equipment on a shoot.
- What It Is: A policy that covers movable property, tools, and equipment while it is in transit over land or stored away from the primary business location.
- What It Covers:
- Contractor’s Tools & Equipment
- Fine Art or Collectibles
- Computer Equipment & Data
- Builder’s Risk: Property under construction.
- Who It’s For: Contractors, photographers, art galleries, and businesses that transport valuable goods.
- Key Considerations: Its name is historical; it has nothing to do with water transport.