Inland marine insurance, sometimes called a “floater” policy, typically covers property that moves. It is an outgrowth of early ocean marine insurance that covered cargo aboard ships as it crossed the ocean. Once the cargo arrived at the port of entry, it was then transported over land – thus, the term inland marine.
Most property insurance is intended to cover buildings or personal property while at a fixed location. Inland marine can cover property without regard to its location.
Today, inland marine insurance policies can insure a wide variety of property that generally falls into four categories:
- Property that is in transit - such as cargo aboard a truck or train
- Specialized property at fixed locations - such as radio & TV towers, bridges, signs, fencing, piers, building materials, computer equipment, accounts receivable, valuable papers, leased equipment
- Property that moves – such as mobile medical equipment, contractors tools & equipment, exhibitions, construction equipment, golf equipment, guns, jewelry, furs, fine arts
- Property held by a bailee – such as clothing left at a dry cleaner, riggers’ liability, warehouse liability
Inland marine coverage forms can offer broader coverage than found in standard property insurance forms. Due to less regulation, underwriters have greater flexibility in terms of the type of property that can be insured as well as pricing.
The professionals at Insurance Planning Service can help you sort out your inland marine insurance needs. Call us today at 800-220-5582 or use our convenient Contact Us page.
By Richard D. Bernard, AAI, CIC
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