What Is Inland Marine Insurance?
Despite its name, Inland Marine Insurance has nothing to do with boats or shipping over water.
Originally developed to insure cargo transported across land, Inland Marine Insurance has evolved into a specialized policy that protects movable property and equipment wherever your business takes it.
For contractors, this often means protecting:
- Power tools
- Construction equipment
- Specialized machinery
- Portable electronics
- Equipment stored in trailers
- Materials waiting to be installed
Unlike many Commercial Property policies, Inland Marine Insurance is designed to provide protection while equipment is in transit, stored at temporary locations, or being used on job sites.
What Does Inland Marine Insurance Cover?
Coverage varies by carrier and policy, but Inland Marine Insurance may provide protection for many of the valuable assets your business relies on every day.
Contractors’ Tools
Protects portable tools such as:
- Power drills
- Saws
- Welders
- Generators
- Compressors
- Laser measuring equipment
- Hand tools
Whether they’re in your truck, trailer, or at a job site, these tools represent a significant investment that can be costly to replace.
Mobile Equipment
Many contractors own equipment that moves from project to project. Coverage may include:
- Mini excavators
- Skid steers
- Trenchers
- Pressure washers
- Concrete saws
- Compact loaders
- Other eligible mobile equipment
Equipment in Transit
Construction equipment and tools are frequently transported between jobs. Inland Marine Insurance may help protect covered property while it’s being moved from one location to another.
Equipment at Job Sites
Contractors often leave equipment on active construction sites overnight or for extended periods. Depending on your policy, Inland Marine Insurance may provide coverage for equipment stored at temporary job locations if it’s stolen or damaged by a covered cause of loss.
Installation Materials
Many policies can also provide protection for building materials that are waiting to be installed, helping reduce the financial impact if those materials are damaged or stolen before the project is complete.
Who Should Consider Inland Marine Insurance?
Any business that regularly transports tools, equipment, or materials away from its primary location should consider Inland Marine Insurance.
Businesses that commonly benefit include:
- General Contractors
- Electricians
- HVAC Contractors
- Plumbers
- Roofers
- Landscapers
- Painters
- Masonry Contractors
- Excavation Companies
- Flooring Installers
- Cabinet Installers
- Sign Installation Companies
If replacing your equipment out of pocket would significantly impact your business, Inland Marine Insurance is worth considering.
Common Inland Marine Insurance Claims
Tools Stolen from a Work Van
A contractor parks a work van overnight outside a hotel while traveling for a project. The next morning, thousands of dollars’ worth of power tools are missing after the van is broken into.
Equipment Stolen from a Job Site
A skid steer left at a construction site over the weekend is stolen before work resumes on Monday morning.
Trailer Fire
An enclosed trailer carrying tools and equipment catches fire while traveling between job sites, damaging much of the equipment inside.
Water Damage During Transport
Building materials are damaged after unexpected water enters an equipment trailer during a severe storm while traveling to a project.
Did You Know?
One of the biggest misconceptions among contractors is believing their Commercial Property policy automatically covers tools and equipment wherever they go.
In many cases, Commercial Property Insurance is intended to protect property at your primary business location. Once tools or equipment leave that location, coverage may be limited or unavailable unless you have Inland Marine Insurance.
Frequently Asked Questions
Does Inland Marine Insurance cover equipment in my truck?
Depending on your policy, yes. Many Inland Marine policies are designed to protect covered tools and equipment while they’re being transported or temporarily stored in work vehicles.
Does it cover rented equipment?
Some policies may provide limited coverage for rented or leased equipment, while others require additional endorsements. We’ll help you determine what’s appropriate for your business.
Is theft covered?
Theft is commonly covered when it results from a covered cause of loss, subject to your policy’s terms, conditions, and exclusions.
Does Inland Marine Insurance cover my trailer?
Trailers themselves are typically insured under other policies, such as Commercial Auto or separate trailer coverage. Inland Marine Insurance generally protects the equipment and materials inside the trailer.
How do I determine how much coverage I need?
The amount of coverage should reflect the current replacement value of your tools, equipment, and materials. We recommend reviewing your equipment values annually as your business grows.
Related Commercial Insurance Coverages
Inland Marine Insurance is often paired with:
For many contractors, these coverages work together to create a comprehensive insurance program.
Why Choose Generazio Associates?
Your equipment is essential to your livelihood. Whether you’re replacing a stolen generator or recovering from damage to specialized machinery, having the right coverage can help keep your projects on schedule and your business operating.
At Generazio Associates, we work with contractors across a wide range of trades to evaluate equipment exposures and recommend insurance solutions tailored to the way they work.
When you work with our commercial insurance team, you’ll receive:
- Access to multiple top-rated commercial insurance carriers
- Coverage recommendations based on your trade
- Customized equipment protection
- Responsive local service
- Experienced commercial insurance advisors
Request an Inland Marine Insurance Quote
Your tools and equipment are some of your business’s most valuable assets. Protect them with insurance designed for the way you work.
Contact Generazio Associates, Inc. today for a complimentary Inland Marine Insurance review. We’ll help you evaluate your equipment, review your current coverage, and build a policy designed to protect your business on every job site.
