Inland Marine (Equipment) Insurance Calculator
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About Inland Marine (Equipment) Insurance
Inland marine insurance covers business equipment, tools, and property while it is in transit or away from your primary location — at job sites, in vehicles, or at client premises. Despite its name, inland marine has nothing to do with water — the term traces back to marine cargo insurance traditions. It is essential for contractors, photographers, medical equipment companies, AV production firms, and any business whose valuable equipment regularly leaves the office or shop. Standard commercial property insurance only covers items at a fixed location. Construction equipment, power tools, electronics, and medical devices all benefit from inland marine protection against theft, damage, and mysterious disappearance.
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Frequently Asked Questions
What does inland marine insurance cover?
Inland marine covers business personal property while in transit, at temporary locations, or at job sites. Covered perils typically include theft, fire, accidental damage, and in some cases mysterious disappearance.
Who needs inland marine insurance?
Any business that regularly moves equipment or tools away from its primary location. Contractors, photographers, medical device companies, IT firms, AV companies, and caterers all commonly need inland marine coverage.
Is inland marine the same as equipment insurance?
They are closely related. Equipment floater policies (a type of inland marine) are designed specifically to cover portable business equipment. The terms are often used interchangeably in practice.
Does my commercial property policy cover equipment off-premises?
No, or only with very limited off-premises coverage (often just 10% of your property limit). If your equipment regularly leaves your location, you need a separate inland marine policy.
How is inland marine insurance valued?
Policies can be written on actual cash value (ACV, which deducts depreciation) or replacement cost value (RCV, which pays to replace with new equipment). Replacement cost is usually the better choice for expensive equipment.
Results are estimates only. Actual premiums depend on underwriting factors specific to your business. Consult a licensed insurance professional for an accurate quote.