What is inland marine insurance?
Inland marine insurance is business insurance that helps cover a wide range of goods, tools, equipment, and other property transported over land. It may also cover property stored at a site other than a company’s main location. This coverage is designed to protect movable or specialized property that standard insurance policies may not be able to cover.
Why do I need inland marine insurance?
Inland marine insurance acts like a “floater” policy because it fills gaps intraditional property insurance policies. You may need this coverage if you do any of the following:
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Your business transports goods: When you transport goods, they face risks that standard property insurance does not cover. A clothing retailer could, for example, ship inventory from a warehouse to different store locations.
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You have equipment at different sites: Tools and equipment that are frequently being transported between locations also see a variety of risk from theft to damage. Construction companies often must move heavy machinery and tools between construction sites, which an inland marine policy could help cover.
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You store items off-site: Inland marine insurance can cover property and goods stored outside your main business address. Even if you have property insurance, that doesn’t mean it covers goods outside the main premises. Manufacturing companies that keep raw materials in a secondary storage location before distribution would need this coverage.
What does inland marine insurance cover?
At Acuity, protecting your business is a partnership. Acuity’s inland marine insurance focuses on five specific coverage types.
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Property in the Course of Construction: Contractors rarely have to decide if they need coverage for installation or buildings under construction because Acuity’s property in the course of construction coverage combines the features of both. This coverage can protect you whether you are building a commercial structure or installing new fixtures in a kitchen.
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Builder’s Risk: Builders’ risk coverage protects the buildings you have under construction. There is also coverage for materials on your construction site and the transportation of those goods and materials.
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Installation Coverage: Installation coverage focuses on smaller jobs, such as remodeling projects. It may also pay for materials on your installation site and transportation of those goods and materials.
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Contractor’s Equipment: Whether your tools and equipment are in your shop, on your truck, or at a job site, you want them covered. We offer inland marine coverage for:
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Scheduled equipment
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Unscheduled equipment with a value under $2,500
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Employee tools
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Non-owned or rented tools and equipment
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Borrowed tools and equipment
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Property in Transit: Acuity offers coverage options for property while in transit:
- Cargo coverage – whether it is the insured’s property on owned vehicles or if the insured is hauling property of others.
- Transportation coverage – protection for your owned goods while being transported by others or on owned vehicles.
How much does it cost?
The cost of inland marine insurance varies based on several key factors, including your location, number of employees, and the risk you face. Find out how much your inland marine insurance policy would cost by getting a free quote!
OSHA 10-hour training
Offered at no cost to our insureds, OSHA training is available throughout our operating territory if you have 15 or more people to train. You and your employees can learn how to prevent, recognize, and control various safety and health hazards.
Who needs General Liability Insurance?
Retail
Wholesalers and distributors
Services businesses
Restaurants
Auto repair shops
Landlord & rental properties
Commercial auto insurance
Does your business rely on vehicles to get work done? When an employee is involved in an auto accident our commercial auto insurance protects your business. Acuity would love to keep you working and on the road.
Acuity’s Businessowners Policy – Bis-Pak®
Bis-Pak® is the easiest way to insure smaller businesses. The broad coverage insures buildings, contents, and liability with business income included automatically—all in one simple policy.
Workers' Compensation
No business owner wants to see his or her employees get injured on the job. Rest assured that with Acuity’s workers’ compensation insurance, when an injury does occur, we will take care of your employee by getting them the help they need so they can get back to work.
Equipment Breakdown
Equipment breakdown coverage is no longer simply for your boiler and machinery. Learn about all of the things that Acuity's equipment breakdown can cover.
FAQs
Have questions? We have answers.
Why is it called Inland Marine Insurance?
The term Inland Marine Insurance has historical roots. Originally, it was created to protect ships and cargo transported by the sea. Over time, as transportation evolved, a new type of coverage was developed to protect goods transported over land. This became known as Inland Marine Insurance. Despite the name, it applies to certain types of property in transit over land or at fixed inland locations.
How is Inland Marine Insurance different than property?
These two coverages complement each other by covering different properties and risks. Businesses with movable property, goods in transit, or other items stored off-site should consider inland marine insurance. Standard property insurance covers fixed assets at a primary location against covered causes of loss.
What is a certificate of insurance?
A certificate of insurance (COI) is a business insurance summary the insurance company provides. This summary typically includes information like coverage limits, policyholder name, policy number, and coverage dates. Most businesses request this certificate from their vendors before engaging in business together.
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