Glossary
Inland marine insurance, defined
Property coverage for things that move or sit away from a fixed address: contractor's tools and equipment, goods in transit, cameras, medical devices, exhibits, fine art, and property held in the care of others.
In practice
The name comes from ocean cargo coverage that was extended to goods travelling over land. A standard commercial property policy covers property at the listed address with only a small allowance off premises; this form follows the property wherever it goes. Common classes are contractor's equipment, installation floaters for materials until they are installed, bailee coverage for a repair shop holding customer goods, and transit. Valuation can be scheduled, with each item listed, or blanket. Theft from a job site or a vehicle is the most frequent claim, and carriers often require that the vehicle be locked. Personal versions cover jewelry and collectibles by schedule.
A worked example
Suppose an electrician's van is broken into and $15,000 of tools and a $5,000 tester are taken. The contractor's equipment floater has a $30,000 blanket limit and a $500 deductible, and pays $19,500. Hypothetical figures.
Applies to: Contractors Insurance