Inland Marine insurance is an insurance instrument which is designed to protect property while in transit along with high-value mobile items like silverware, fine arts, mobile equipment and tools. This coverage is commonly recommended to business owners, especially people who need to travel for work or people who work with high-value items. Many insurance companies offer this type of policy, and can discuss options with their clients. This type of insurance is typically purchased as a supplement to an existing insurance policy.
The origins of this type of insurance allegedly started with Lloyd’s of London, a venerable provider of insurance which dates back to the 17th century. Lloyd’s initially insured the cargo of ships, holding policyholders responsible for whatever happened to their goods on land. Eventually, coverage expanded to include cargo after it had been offloaded, with inland marine insurance covering cargo in transit, storage, or holding, providing more complete coverage to policyholders. Today, inland marine insurance is often used by people who are nowhere near the ocean and have no intention of carrying anything by ship. Commercial insurance usually covers specific premises. Inland marine insurance applies to the goods and property associated with someone’s job, wherever they might be. When a contractor’s tools are stolen out of a truck or off a work site, they would be covered by inland marine insurance. Likewise, goods damaged in transit across dry land could be covered by this type of insurance. People can also cover individual buildings and other types of property with this type of insurance. Cover perils include fire, theft and mysterious disappearance.