Inland Marine Policy

Updated: 29 February 2024

What Does Inland Marine Policy Mean?

In spite of the word “marine” in the phrase, an inland marine policy does not necessarily have anything to do with the sea; rather it is an insurance policy that covers moveable or specialized types of property. Most commonly, the property is one of the following:

  • In transit.
  • In the custody of a bailee.
  • Equipment or a structure that is part of a transportation or communication system, such as a bridge or microwave tower.
  • Mobile medical equipment.
  • Equipment owned by a construction contractor.
  • A moveable good that is frequently at different locations.

Inland marine policies are sometimes called “floaters” due to the concept of goods being transported by sea as floating (again, even though the goods are usually not at sea).

Insuranceopedia Explains Inland Marine Policy

Many may wonder why the word “marine” is used if most often the insured property is not at sea. One of the earliest types of insurance provided coverage for goods being transported internationally by sea, usually on an “all risk” basis. One of the next forms of insurance to develop was fire insurance, mostly for buildings, but this was often narrower coverage, for only specified perils.

As the need for new types of insurance arose, including insurance on the types of property now covered under inland marine policies, the fire insurers were reluctant to get involved, and were especially hesitant to offer the broader coverage provided by marine insurers. So, the marine insurers stepped into the void and began providing policies. As these insurers were already known as “marine” insurers, the new types of policies became known as “inland marine” policies.

In addition to what is listed above, equipment often covered by an inland marine policy includes:

  • Computers.
  • Photographic and video equipment.
  • Art exhibitions.
  • Golf equipment.
  • Guns.
  • Jewelry.
  • Equipment used by caterers.
  • Drugs carried by pharmaceutical representatives.
  • Landscapers’ tools.
  • Tradespeople’s tools.
  • Equipment or tools at building sites.
  • Goods in warehouses or repair shops.


Inland Marine Coverage Floater

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