Inland Marine Insurance: How Much Inland Marine Insurance Cost

Inland marine insurance keeps your business safe by covering the property you move around on land. This includes things like equipment, machines, and products.

Inland Marine Insurance

So, whether you’re using them on a job site, storing them in a warehouse, or moving them by train or truck, this insurance has your back. It’s called “inland” because it’s different from ocean marine insurance, which protects things being transported over the sea.

What is Inland Marine Insurance

Inland marine insurance is a special kind of insurance that protects stuff that can move around, like goods, equipment, or materials. It also covers things that belong to others but are kept at the place of the person who has the insurance.

What Does Inland Marine Insurance Cover

Inland marine insurance protects things that can move around, like tools, equipment, and materials, from damage caused by certain dangers. It also covers expensive items that might not be fully insured under your regular business insurance.

For instance, if your company owns a bulldozer worth $150,000 used for construction work, inland marine insurance could help if something happens to it. This insurance can either cover all kinds of risks or specific ones. An all-risk policy includes protection for any damage not specifically excluded.

On the other hand, a named perils policy only covers the dangers listed in the policy. Inland marine insurance can differ in how they decide to compensate for damaged or lost items. Some policies will pay for the full cost of replacing the item at today’s prices, without considering its depreciation over time.

Others will pay based on the item’s current value, which takes into account its depreciation, meaning you might get less money for older items.

What Inland Marine Insurance Doesn’t Cover

Different types of insurance policies for items that aren’t on water but move around a lot can be different. Most of them don’t cover damage from bugs, old age, mould, floods, or earthquakes. They also usually don’t cover vehicles, stuff that stays put at your workplace (like furniture), things sent by sea or air, and damage before something is shipped.

Types of Inland Marine Insurance

Inland marine insurance comes in different types, each for different things you own. Here they are:

Accounts receivable insurance: This insurance helps your business if your records of money owed by customers get damaged or lost, or if customers don’t pay their bills.

Contractor’s equipment floater: This covers when a contractor’s tools or equipment get lost, damaged, or stolen, no matter where it happens – at their office, on a job site, or while being moved around.

Installation floater: This insurance helps contractors by covering the cost if their equipment, materials, or supplies are stolen, damaged, or destroyed while being moved or waiting to be used at a job site.

Electronic data processing (EDP) insurance: This insurance helps businesses if their computers, laptops, tablets, and other equipment used for storing or working with data get damaged. It covers things like fire, floods, theft, and electrical problems.

Bailee insurance: This insurance protects your business if you’re responsible for someone else’s property, like when you’re fixing, storing, or taking care of it. For example, if you run a dry cleaning service, computer repair shop, or pet boarding place, this insurance would be important for you.

Who Needs Inland Marine Insurance

If your business moves stuff by train or truck or takes equipment to different work areas, you might need inland marine insurance. This insurance can protect items not covered enough, or not covered at all, by your regular property insurance.

For example, your property insurance might cover computers, but not damage from power outages or equipment breaking down.

How Much Inland Marine Insurance Cost

Inland marine insurance costs depend on different things about your business. The price you pay is influenced by how much your business property is worth, the limits of your policy, how risky your industry is, and other factors. Small businesses usually pay around $29 every month, which adds up to roughly $350 each year.

Companies That Offer These Insurance

Below are several insurance companies that offer Inland Marine Insurance:

  • Travelers
  • The Hartford
  • Liberty Mutual
  • Chubb
  • Food Liability
  • Thimble

These options are just a small sample, as numerous other insurance companies offer Inland Marine covrage. It’s crucial to thoroughly research and compare policies to find the one that best suits your needs.

Frequently Asked Questions

Who pays for Inland marine insurance?

You give money to the insurance company for Inland marine insurance. The company promises to cover you if your stuff gets damaged or lost while being moved. If something bad happens to your cargo during transportation, you can ask the insurance company for help to cover your losses.

Why Is It Called “Inland Marine” Insurance?

It is named after ocean marine insurance but focuses on covering goods moved over land instead of sea. It’s like a safety net for businesses, shielding them from losses or damages to their property while it’s being transported by truck or train from where it starts to where it ends up.


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