You might assume you don't need Inland Marine insurance if your business isn't associated with bodies of water. But in fact, Inland Marine insurance offers broad coverage for risks completely unrelated to water. For example, you might need Inland Marine insurance if you move items from one point to another.

Why Is It Called Inland Marine Insurance?

In the 1600s, cargo was transported by water, so marine insurance covered businesses from sea losses. As cargo began to move over land, insurance companies started to cover those goods under the same policy, so "inland" was added to the name.

What Is Inland Marine Insurance Coverage?

The Insurance Information Institute (III) defines Inland Marine insurance is a policy that covers high-value items or items not covered by Property coverage in a standard business owner's policy. This coverage is important especially if you ship, transport or rent contractors' equipment regularly.

What Does Inland Marine Insurance Actually Cover?

Inland Marine insurance covers a wide variety of items. The majority of this coverage focuses on products on land, although it can cover products on water as well.

Modern Inland Marine insurance comes in four major policies:

  1. Buildings under construction/builder's risk insurance
  2. Heavy construction equipment
  3. Computer equipment and data or any other equipment used to transfer information
  4. Property in transit

You can also use it to cover handling expensive items. For example:

  • Jewelers block
  • Furriers block
  • Exhibition floaters
  • Fine art
  • Equipment dealerships
  • Schools' and other institutions' expensive musical instruments
  • Expensive cameras used by governments and other agencies
  • Bailee's coverage when you accept other's property for cleaning, repair and the like

Do You Need Inland Marine Insurance Coverage?

You might need Inland Marine coverage if the Business Owners Policy (BOP) or Commercial Package Policy (CPP) coverage you have isn't enough. These policies cover property housed at specific locations and not property in transit.

If your business frequently ships products or equipment, you should get Inland Marine insurance coverage. Rental equipment businesses are exposed to high levels of risk such as theft and damage to their equipment. Protect yourself, your goods and your business by making sure you're covered.

Inland Marine insurance isn't limited to shippers, transporters or rental equipment businesses. It offers a wide range of coverage for other areas. Understanding how your business is classified will help you know whether your business can be covered by Inland Marine insurance.

An insurance professional can help you determine whether Inland Marine insurance makes sense for you. RPS can help you assess your risks and prescribe the best coverage for your business.

Inland Marine Insurance Benefits

The real benefit of any insurance policy is to reduce your financial risks. Paying a little for insurance now may save you a lot later.

Inland Marine insurance makes sure that:

  • You get financial support when the unexpected happens.
  • You don't wind up losing your business because of unsustainable losses.
  • You don't experience prolonged downtimes in your business due to loss.
  • Your risks are managed for you even without a risk management team.

An insurance contract has many characteristics. Deciding what kind of coverage you need as well as limits and premiums for the coverage can be confusing. RPS Signature Programs has been helping people all over the US make smart choices when it comes to insurance options.

Our Inland Marine specialists have over three decades of experience and provide you with the highest quality options. RPS Signature Programs insures cranes, scaffold, rental equipment and party goods, and the human services industry. We are more than willing to answer your questions and help you review the coverage you already have.


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