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Inland Marine

Marine insurance is one of the earliest types of insurance. It was designed hundreds of years ago to provide peace of mind for businesspeople shipping goods across seas and oceans. With this protection, they could feel safe. Even if the cargo was lost, they wouldn’t lose everything.

As time went on, goods began to be shipped in other ways. Merchants weren’t just worried about sea voyages anymore. With the arrival of technologies like railways, they now had inland risks to consider, too.

Because of this, inland marine was the next logical step in property-casualty insurance. Inland marine coverage protects against losses when goods are being moved over land, not water. This type of coverage can apply to all kinds of property.

The most obvious application of this coverage is for goods moving from the manufacturer to the marketplace. But it has changed over time. Today it is also used in other circumstances. Almost any kind of movable property can be insured with this product.

Specialized industries, including medicine and construction, use this coverage for important equipment that can be moved from site to site. The risk of losing an expensive crane or backhoe could ruin a contractor if not for this coverage. Medical equipment is similarly specialized and expensive. The cost of healthcare would be even higher without protection from this coverage.

Additionally, property related to the transportation and communications industry has come to be protected by this type of coverage. Inspired in part by the development of railways, that industry eventually came to use it. Telegraph, radio, telephone and other communications industries have also come to rely on it.

With this coverage, businesses are unafraid of investment in capital goods. Institutions like museums rely on this coverage to protect against loss of their property. Musicians rely on it when they tour. Just as with the sea voyagers of old, this product makes it possible to enter into new markets without fear.