Inland Marine Insurance FAQs

What is inland marine insurance?
Inland marine insurance began as an extension of coverage for goods that were shipped on a water-bound vessel but needed to be transported over land. Hence, inland marine insurance became an outgrowth of regular ocean marine insurance. Today, inland marine insurance covers goods in transit, regardless of whether or not they have been or will be shipped on a water-bound vessel.

What does inland marine insurance cover?
Inland marine insurance covers property in transit, property in the custody of a bailee, property deemed to be an instrumentality of transportation or communication (like bridges and radio towers), mobile medical equipment, and contractors’ equipment.

Who buys inland marine insurance?
Inland marine insurance is technically a type of business insurance and is usually used commercially, but anyone who needs to transport something valuable and wants coverage can purchase inland marine insurance.

What are some examples of property in transit that can be covered by an inland marine policy?
Examples of property in transit are shipments from a supplier to a user, private shipments from one party to another, shipments from a main warehouse to a retail outlet, sales persons’ samples, athletic team equipment, property en route to a fair, exhibition, or convention, fire or police department equipment, fine arts and antiques in transit, and equipment of any kind that is mostly used off-site. Essentially any piece of property that is being moved from one location to another is eligible for inland marine insurance.

What is bailees coverage?
A bailee is someone who has possession of someone else’s property for the purpose of storage, repair, or servicing. Inland marine coverage helps to cover the property that has been entrusted to them by its owner. Some businesses that may purchase inland marine insurance are dry cleaners, jewelry repairers, furriers, furniture and appliance repair shops, computer repair shops, warehouses, storage facilities, delivery services, and exhibit companies.