What is inland marine coverage?

First things first: for the most part, inland marine coverage has nothing to do with water transport. Instead, inland marine insurance is here to cover insured property wherever it goes, such as a job site or while in transit on the road. 

Used to cover specialized property or high-value items that aren’t covered by your standard BOP, or businessowners policy, inland marine insurance coverage can cover a variety of property and items. Some popular examples include medical equipment, renovations of existing structures, fine art or jewelry or even contractor’s equipment. A high-dollar item or specialized piece of property could be a fit for an inland marine policy. 

What are specific types of inland marine coverage? 

Inland marine insurance can cover a variety of risks, but here are the three main use cases:

• Builder’s risk coverage is a type of property insurance that helps protect buildings currently under construction (and is also known as course of construction insurance). Builder’s risk is the foundation of risk management in construction projects because it helps protect the project from fire, lighting, hail, explosions, theft and more. 
• Contractor’s equipment coverage is a policy to cover missing or damaged equipment used by the contractor. It may also cover borrowed equipment, small tools used in everyday work situations, employee’s clothing and additional items. This is a great coverage for contractors who want to minimize risk while fulfilling a lot of jobs.
• Transportation floaters coverage is a type of policy that covers property that is easily moveable and typically not contained in one area. This can include photography equipment, vending machines, pet grooming equipment and others. Think mobile when you think floaters coverage. 

Inland marine insurance can also be used to help protect your business against a variety of other risks:

• Bailee's customer coverage is designed to help protect your business if something would happen to your client's property while it's left in the care of your business. For example, if you own a repair shop, warehouse or storage facility.
• Exhibition and fine art coverage keeps valuable items covered while on exhibit, in transit or while being loaned to another party.
• Motor truck cargo coverage protects products from the moment they're loaded into the truck until they're at their final destination and being put to use.
• Accidental drop and damage coverage protects a loss in property due to an item being dropped or mishandled, either while in transit or while loading and unloading.

Inland marine coverage can be added to an existing policy for new projects such as roadwork construction or building new schools, but it can also be done in a monoline fashion on its own, such as a traveling photographer. UFG Insurance is here to be your partner for all things inland marine coverage. 

If you're still not sure if this coverage is right for you and your business, find a UFG agent today. They'll be able to help answer your questions.