Inland Marine Insurance

Inland marine is a specialized type of commercial plan that provides coverage for property and equipment that is movable or transportable in nature. Despite its name, it primarily covers property transported over land, not water. This insurance protects businesses against loss or damage to valuable items that are regularly moved from one location to another, stored at different sites, or used to transfer information. Inland marine coverage can be customized to protect a wide range of property, from construction equipment and medical devices to fine art and computer systems. It’s an essential coverage for businesses that rely on mobile equipment or frequently ship valuable goods.

Inland marine insurance coverage is quite versatile and can be tailored to meet specific business needs. Typically, it covers property in transit, such as goods being shipped or tools being transported to job sites. It also protects property held in temporary locations, like equipment at a construction site. Movable property, such as food truck equipment or mobile medical devices, is often covered. Additionally, inland marine policies can protect property that aids in the transfer of information, including computer equipment and data. Unique or valuable items, like artwork or specialized tools, can also be covered. Some policies offer “all-risk” coverage, protecting against a wide range of perils, while others may cover specific events. The exact coverage can be customized based on your business’s unique risks and needs.

Commercial inland marine coverage is a type of insurance specifically designed for businesses that need to protect property, equipment, or goods that are mobile or in transit. This coverage goes beyond the limitations of standard commercial property insurance, which typically only covers items at a fixed location. Commercial inland marine policies can be tailored to cover a wide range of business property, including contractor’s equipment, computer systems and data, valuable papers and records, and goods in transit. It can also cover unique items like fine art, musical instruments, or specialized tools. Unlike consumer inland marine policies, commercial coverage is designed to meet the more complex needs of businesses, often with higher limits and more comprehensive protection against various risks associated with mobile or transportable property.

While inland marine plans provide a broad coverage for many types of mobile property, there are certain exclusions to be aware of. Typically, inland marine insurance does not cover general liability or professional liability claims. It also doesn’t usually cover property damage caused by wear and tear, gradual deterioration, or inherent vice (a hidden defect in the property itself). Most policies exclude losses due to war, nuclear hazards, or government seizure. Vehicles used for transportation are generally not covered, as these fall under auto insurance policies.

Additionally, while inland marine plans cover property in transit, it usually doesn’t cover the actual transportation itself – that would fall under cargo plans.. It’s important to review your policy carefully and discuss any potential gaps in coverage with your UCCU Insurance Services agent to ensure comprehensive protection for your business assets.