Crescenta Valley Insurance

Protecting Your Mobile Assets

Inland Marine Insurance

Comprehensive Protection for Property on the Move

Inland Marine Insurance by the Numbers

$350

Average Annual Premium

Of Total Insurance Premiums

Cost Rate for Tools & Equipment

1933

Year of Marine Definition

What is Inland Marine Insurance?

Inland Marine Insurance is specialized coverage that protects movable property, equipment, and materials while they’re transported over land or temporarily stored away from your primary business location. This flexible coverage “floats” with your property, providing protection wherever your valuable assets go.

Property in Transit

Covers goods, equipment, and materials while being transported by truck, train, or other land-based vehicles between locations.

Mobile Equipment

Protects construction equipment, contractor tools, medical devices, and other movable business property regardless of location.

Off-Site Storage

Covers property temporarily stored at warehouses, job sites, or other locations away from your primary business premises.

Specialized Property

Protects fine art, musical instruments, photography equipment, and other valuable items that standard policies often exclude.

Why Your Business Needs Inland Marine Insurance

Coverage Gaps in Standard Policies

Standard business property insurance typically covers property only at specific locations. When your valuable equipment, tools, or inventory leaves your premises, it’s often unprotected. Inland Marine Insurance fills this critical gap.

🚛 Top Loss Causes

Collisions and cargo theft are the two most frequent causes of inland marine losses, making protection essential for mobile assets.

🏗️ Construction Risks

Construction equipment moved between job sites faces theft, vandalism, and weather damage that standard policies don’t cover.

📦 Transit Vulnerabilities

Goods in transit are exposed to unique risks including hijacking, damage from loading/unloading, and weather exposure.

All-Risk Coverage: Broader protection than standard property policies that only cover named perils
Flexible Location Coverage: Protection follows your property wherever it goes
High-Value Items: Covers valuable equipment that may exceed standard policy limits
Business Continuity: Prevents equipment losses from disrupting your operations
Customer Property: Covers client property temporarily in your custody

How Did “Inland Marine” Get Its Name?

The term “Inland Marine” has a fascinating historical origin that often confuses people today. Despite the word “marine,” most inland marine coverage actually protects property on land!

🚢 1700s – Ocean Marine

Marine insurance started with Lloyd’s of London covering cargo on ships crossing oceans. This provided “all-risk” coverage for international trade.

🏭 1800s – Industrial Revolution

New land-based risks emerged: telegraphs, railroads, and equipment. Marine insurers expanded to cover these “instrumentalities of transportation.”

🚂 Evolution to Land

As commerce moved beyond port cities, marine insurers began covering cargo transported by land – trucks, trains, and other ground transportation.

📜 1933 – Official Definition

The National Association of Insurance Commissioners created the “Nationwide Marine Definition” to regulate what qualified as “inland marine” coverage.

Why “Floaters”?

Inland marine policies became known as “floaters” because the property being covered was essentially “floating” or moving from place to place. Unlike standard property insurance tied to specific locations, these policies “float” with the covered property wherever it goes.

Common Types of Inland Marine Coverage

Contractor’s Tools & Equipment

Protects construction tools, equipment, and machinery whether at job sites, in transit, or temporarily stored off-premises. Typically covers items under $10,000.

Installation Floater

Covers materials and equipment from the moment they’re loaded onto a truck until they’re installed and accepted by the customer.

Motor Truck Cargo

Protects goods while being transported by commercial motor vehicles, covering the cargo owner’s interest during transit.

Builder’s Risk

Covers buildings under construction and materials whether at the job site, in transit, or stored at off-site locations.

Fine Arts Coverage

Protects valuable artwork, antiques, and collectibles while on exhibit, in transit, or on loan to other institutions.

Bailee’s Coverage

Covers customer property while in your custody, such as items left for repair, cleaning, or processing.

Who Needs Inland Marine Insurance?

🔨 Contractors

Construction, plumbing, electrical, and HVAC contractors who move tools and equipment between job sites.

🚚 Transporters

Trucking companies, logistics firms, and businesses that regularly ship products to customers.

🎬 Creative Professionals

Photographers, filmmakers, musicians, and artists with valuable portable equipment.

🏥 Healthcare Providers

Mobile medical services, equipment rental companies, and practices with portable diagnostic equipment.

🏭 Manufacturers

Companies that ship products to distributors, retailers, or directly to customers.

🏪 Retailers

Businesses that transport inventory, operate mobile sales units, or participate in trade shows.

Understanding Costs and Coverage

Typical Pricing Structure

Small Businesses: Average $29/month ($350 annually)
General Range: $500 – $3,000 annually
Rates: 4% for miscellaneous tools, 1% for scheduled equipment

Coverage Type	Typical Cost	Best For
Basic Tools Coverage	$750 minimum	Small contractors, service providers
Equipment Floater	$0.80 per $100 coverage	Construction, manufacturing
Comprehensive Package	$1,500 – $3,000+	Large operations, high-value equipment

Cost Factors:

Value of covered property
Type of business and industry risk level
Coverage limits and deductibles
Claims history and loss experience
Geographic territory and loss exposure

Inland Marine Insurance Fun Facts

🌊 Misleading Name

Despite being called “marine,” about 95% of inland marine coverage actually protects property on land, not water!

☕ Lloyd’s Coffee Origins

Marine insurance started in Lloyd’s Coffee House in London in the 1600s, where merchants would meet to insure ships and cargo.

🎻 Celebrity Coverage

Inland marine policies cover everything from Stradivarius violins worth millions to food trucks and mobile medical units.

🚂 Railroad Revolution

The expansion of railroads in the 1800s drove the creation of inland marine insurance as cargo moved beyond ocean ports.

🎪 Circus Coverage

Traveling circuses were among the early adopters of inland marine insurance to protect their mobile animals, equipment, and performers.

📡 Modern Expansion

Today’s inland marine policies cover satellite dishes, wind turbines, and even data stored in mobile devices!

Ready to Protect Your Mobile Assets?

Don’t let your valuable equipment and property travel unprotected. Our experienced team at FCIS Group specializes in Inland Marine Insurance for businesses of all sizes and industries.

Get Your Quote Today