A standard commercial property policy is built around a fixed location: your building and the contents inside it. But a lot of business property doesn't stay put. Excavators move from site to site. Electricians carry thousands of dollars of tools in their trucks. Photographers, AV companies and event vendors take equipment to clients. Materials sit on a job site waiting to be installed.
Inland marine insurance is designed for that kind of movable property. Despite the name, it has nothing to do with boats. Insurance Bind helps contractors and other businesses find inland marine coverage that fits the equipment and property they actually use.
The name comes from the history of insurance. Ocean marine policies covered cargo on ships. As goods began moving over land by rail and truck, insurers developed "inland" marine policies to cover property in transit and away from a fixed location. Today the term covers a family of policies for property that moves or is hard to insure under a standard property form.
Contractors' equipment. Covers mobile equipment such as excavators, loaders, skid steers, compactors, lifts and generators, whether at the job site, in storage or in transit. Policies can be written on a schedule, listing each item and its value, or on a blanket basis for smaller items.
Tools and small equipment (tool floater). Covers hand and power tools and smaller equipment that move with your crew.
Installation floater. Covers materials and equipment you are installing for a customer until the work is complete and accepted, such as HVAC units, electrical gear, windows or cabinetry.
Rented or leased equipment. Covers equipment you rent or lease from others while it is in your care. Many rental agreements and equipment financing agreements require proof of this coverage.
Motor truck cargo and transit coverage. Covers goods you are transporting for others or your own property while being shipped.
Electronic data processing (EDP) and business equipment floaters. Covers computers, laptops, cameras and other equipment taken off site.
Builders risk, which covers a building under construction, is also an inland marine coverage. See our builders risk page.
Policies vary, but commonly covered causes of loss include:
Review the valuation method as well. Actual cash value deducts depreciation. Replacement cost pays to replace with new equipment of like kind. The choice affects both premium and claim payments.
If equipment is stolen or damaged, report it to the police where theft or vandalism is involved, and notify your agent and insurer promptly. Keep serial numbers, photos and purchase records for scheduled items so you can document the loss. The insurer applies the policy's valuation method and deductible, and if a lender or lessor is listed as loss payee, the payment may be made jointly.
Have equipment that leaves the shop? Send us your equipment list and we'll help you compare inland marine options.
Insurance Bind / InsuranceBind Insurance Agency is an independent insurance agency, not an insurance company. Submitting a quote request does not bind coverage. Quotes and coverage are subject to insurer underwriting. Coverage descriptions are general; the policy governs.