Inland Marine Insurance
Need Inland Marine Insurance? We offer competitive rates on inland marine coverage and marine insurance.
Inland marine insurance is primarily aimed at providing coverage for goods actually in transit, goods held by a bailee, a motor carrier or a warehouse operator, and coverage for a portable type of goods. However it also encompasses coverage for projects under construction and coverage for complete constructions when they are instruments of transportation and communication (bridges, tunnels and transmission towers).
Initially the term "inland marine" referred to transportation on the nation's inland waterways (rivers, lakes, seas and canals), but now inland marine insurance is mostly applied in reference to insurance for property transported by land. Most waterborne cargo now is ensured as ocean or wet marine, while cargo transported by land is known as inland marine and has its own standards of liability, policy forms and underwriting criteria. Inland marine policies are known as floaters because originally the insured property was floating.
The property covered on the equipment or inland marine floater might range from simple hand tools to very large
cranes. Virtually any type of mobile equipment or tool can be insured: drag lines, crance, conveyors, power drills,
concrete mixers, caterpillar tractors, or engines.
The equipment covered can be used in a wide variety of operations
such as, home improvements to strip mining. It might be used to build roads, buildings, pipelines, or many other types
of structures. The coverage provided is for direct physical loss to the equipment.
Rental reimbursement coverage can
be added by endorsement to cover the cost of renting substitute equipment if covered property is out of service by a covered cause of loss. Coverage can also be added for Hired and/or Borrowed equipment. With come carriers,
separately scheduling this equipment generally provides broader coverage for perils such as flood and/or
earthquake.
Get more information today on Inland Marine Insurance.
