The Ultimate Guide to Inland Marine Insurance
If your business is in the business of trucking, transporting products, equipment, or materials, you should know about Inland Marine Insurance.
In this Ultimate Guide, we’ll cover what Inland Marine Insurance is, what it does and doesn’t cover, situations where you might need Inland Marine Insurance, what it costs, and the best places to find it at competitive prices in the marketplace.
What is Inland Marine Insurance?
With its somewhat confusing name, Inland Marine Insurance covers products, equipment, or materials during transport or transit by land or rail—but not by boat.
What Does Inland Marine Insurance Cover?
An Inland Marine policy covers your business in the event of accidental damage, mishandling of products during transport, or while loading or unloading, as well as mysterious disappearances of property.
It can also help cover repair or replacement costs of property due to theft, fire, or damage from extreme weather.
Moreover, Inland Marine Insurance covers a wide variety of specialized equipment including computers, photography equipment, trade show exhibits, tools, medical equipment, and many more.
Even though the list is extensive, be sure to understand which items are specifically covered in your policy.
What Doesn't Inland Marine Insurance Cover?
Inland Marine Insurance does not cover intentional acts, professional mistakes, employee injuries, punitive damages, or auto accidents.
There are other specific business liability insurance types for these events including (but not limited to) Employment Practices Insurance, Workers' Comp, or Commercial Auto and Commercial Property policies.
What's a Situation When You Would Need Inland Marine Insurance?
If you transport goods by rail or truck, there are countless instances you might need Inland Marine Insurance.
In one example, a driver for your commercial trucking company is caught in a snowstorm and drives off the highway scattering his payload of delicate medical instruments.
Or, your small transport company is contracted to deliver studio photography equipment to a location across the state. The driver is robbed of her truck at a rest stop and the photography gear in it.
In both these circumstances, an Inland Marine would cover the cost of repair, replacement, or an actual cash value reimbursement of the lost property’s depreciated value.
How Much Does Inland Marine Insurance Cost?
The price of Inland Marine varies based on a number of factors, including experience, time in business, and whether you’ve had inland marine claims in the past. Moreover, an Inland Marine policy requires a deductible, e.g. an out-of-pocket expense that goes toward covering the claim.
Moreover, Inland Marine has coverage limits, meaning, you will only be reimbursed for lost, stolen, or damaged property up to the limits of your policy.
Who Needs Inland Marine Insurance?
Any business that transports goods, equipment, or materials by road, or rail should carry an Inland Marine insurance policy.
Where to Find Inland Marine Insurance?
Inland Marine Insurance is available from numerous insurance providers—brick and mortar as well as online. Cover Wallet is one company that carry this insurance.
Learn more about 12 other types of insurance, take a look at our Ultimate Guide to Selecting Business Insurance.
Disclaimer: Skip does not endorse, nor is affiliated with the insurance company mentioned in this article. It is referenced here for informational purposes only. Always conduct your own research before purchasing any insurance policy.
How Else Can Skip Help? Whether you need assistance navigating funding for your small business — like SBA loans, grants, or other financing options, or guidance with government-related services — like TSA PreCheck or DMV appointments, we’re ready to help. Become a member and skip the red tape.