Don’t be fooled by the name, it is not for someone in the service. The name started back when cargo came in on ships and was then transported inland via wagons, trains, etc. As time, transportation and insurance have all changed and moved forward, so has the coverage guidelines of the Inland Marine policy.
This policy deals with business owned items such as equipment and/or tools that are used away from the main company site. This would include the equipment of a builder of high rise buildings, or expensive carpet cleaning equipment for a carpet service at various home or commercial locations. The commercial property policy is used to cover business property used at the business’ location, while the Inland Marine is used for those items that are typically used away from the business location.
It should be noted that most Inland Marine policies are “scheduled item” policies, meaning that the individual items are listed as covered items on the policy. There is typically a grace period for newly purchased items but the insured always needs to double check their policy to make sure that all items they own are covered.
The Inland Marine policy is usually associated with a deductible per claim, not per item. The cost of these policies can be a little higher than coverage obtained through a commercial property policy because it is covering items that are away from the company’s location, sometimes out in the open, and more available for loss due to theft, weather, etc.