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Inland Marine Insurance

Coverage that moves with your business.

Updated 2026 · 38 industries covered · All 50 states

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What is Inland Marine Insurance?

Inland Marine Insurance covers moveable business property — tools, equipment, and specialty gear that travels between job sites, client locations, or away from your primary business premises. Despite the name, it has nothing to do with water or boats. The name is historical — 'marine' insurance originated covering goods on ships, and expanded inland as trade grew via rail and road. Today, Inland Marine fills a critical gap left by Commercial Property insurance, which only covers property at your fixed, listed business address. If it moves, Commercial Property doesn't cover it. That's where Inland Marine comes in.

Average cost: $30–$250/month · varies by industry, location, and revenue

Who needs IM?

✓Contractors and tradespeople with tools and equipment at job sites
✓Photographers, videographers, and creative professionals with expensive production gear
✓IT consultants and service technicians with equipment at client sites
✓Businesses that regularly transport valuable inventory or equipment

✓ What IM covers

●Contractor tools and equipment in transit or stored at job sites
●Camera, audio, and media production equipment
●IT and electronics equipment used at client locations
●Fine art, collectibles, or high-value specialty items in transit
●Leased or rented equipment your business is contractually responsible for
●Property of clients in your care, custody, or control

✗ What IM does NOT cover

●Property at your fixed, listed business address (covered by Commercial Property)
●Employee injuries caused by equipment (covered by Workers' Compensation)
●Damage caused by vehicle accidents (covered by Commercial Auto)
●Wear, tear, and gradual deterioration

What Affects Your IM Premium?

Understanding these factors helps you anticipate costs and find ways to reduce them.

Type and Value of Equipment

What you're insuring matters more than almost any other factor. Contractor tools have different rates than fine art, which has different rates than electronics. The total insured value of all scheduled or blanket-covered items drives the base premium. Higher-value equipment naturally costs more to insure.

How Equipment Is Used and Transported

Equipment that travels daily to different job sites faces more exposure than equipment stored in a locked shop overnight. Carriers evaluate how frequently property moves, how it's transported (company vehicle, employee vehicle, rented truck), and how it's secured when not in use. Consistent use of locked vehicles and secure storage earns better rates.

Security Measures

Equipment stored in lockboxes, locked vehicles, or secured job site containers is less likely to be stolen than equipment left in the open. GPS tracking on high-value equipment provides both claims resolution evidence and acts as a theft deterrent. Carriers increasingly offer credits for documented security measures.

Deductible

Standard inland marine deductibles range from $250 to $2,500 per occurrence. Higher deductibles meaningfully reduce premium. Because inland marine covers a higher frequency of smaller losses (tool theft, dropped camera), raising the deductible to absorb minor losses is a common and effective savings strategy.

Claims History

Prior equipment theft or damage claims increase IM premiums at renewal. Carriers evaluate the pattern and severity of prior claims — one large claim in 5 years is viewed differently than frequent small claims. Implementing better security practices between renewals can help offset a claims history surcharge.

Key IM Policy Terms

Know what you're buying before you sign.

Scheduled Coverage

An inland marine policy that individually lists each covered item with its own insured value and description. Best for high-value individual items where precise coverage limits matter. Requires updating the schedule whenever equipment is added, sold, or replaced.

Blanket Coverage

A single coverage limit that applies to all covered equipment without individually scheduling each item. Simpler to administer for businesses with many lower-value tools. The limit must be adequate to cover the total replacement cost of all equipment at the same time.

Mysterious Disappearance

Coverage that applies when covered property goes missing without a confirmed explanation — no forced entry, no witnesses. Important for small tools, cameras, and electronics that vanish from job sites. Not included in all IM policies; confirm explicitly.

Floater

A common informal term for inland marine coverage — particularly for a policy that 'floats' with moveable property wherever it goes, rather than being tied to a fixed location. Contractor's Equipment Floater is one of the most common IM policy types.

Bailee Coverage

Inland marine coverage for property belonging to others that is temporarily in your possession. Relevant for repair shops, cleaners, storage facilities, or any business that takes customers' property into their care.

IM by Industry — 38 Industries Covered

Search or browse your industry to compare rates by state and city.

How to Compare IM Quotes

Price is only one factor. Here's what else to look at before you bind.

Blanket vs. scheduled coverage: Blanket coverage applies a single limit to all covered property (simpler, less risk of gaps). Scheduled coverage lists each item individually with its own limit (more precise for very high-value items). For most businesses with many lower-value tools, blanket is easier to manage. For high-value single items, scheduling ensures full coverage.

Actual cash value vs. replacement cost: ACV policies deduct depreciation — your 3-year-old camera or drill worth $800 at ACV might cost $1,500 to replace. Replacement cost IM policies cost more but ensure you can actually replace what was lost with new equipment.

Verify 'mysterious disappearance' coverage: Standard property coverage requires proof of theft (forced entry, witnesses). Inland marine policies for certain equipment types include 'mysterious disappearance' — coverage even when you can't prove exactly how the item went missing. Critical for cameras, small electronics, and tools that vanish from job sites.

Check territory: Basic IM policies cover the continental U.S. If your equipment travels internationally (production shoots, international job sites), confirm the policy extends coverage to your actual operating territory.

Confirm coverage for rented/leased equipment: If you regularly rent equipment and are contractually responsible for it under rental agreements, make sure your IM policy explicitly extends to non-owned equipment in your care.

How to Save on IM Insurance

Practical steps to reduce your premium without reducing your protection.

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Maintain a current equipment inventory: Keep a detailed, photographed inventory of all tools and equipment with serial numbers and purchase prices. This speeds up claims, ensures you don't under-insure, and helps you identify equipment that's been disposed of and can be removed from coverage.

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Install GPS tracking on high-value equipment: GPS trackers on generators, compressors, trailers, and expensive tools serve dual purposes — theft deterrent and claims recovery. Some carriers offer premium credits for documented GPS tracking, and recovered equipment means avoided claims.

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Store equipment securely: Locked toolboxes in locked vehicles, locked job site containers, and locked storage facilities all reduce theft frequency. Carriers reward businesses that demonstrate consistent secure storage practices with better rates at renewal.

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Raise your deductible: Inland marine covers relatively frequent, smaller losses. Raising your deductible from $250 to $1,000 can reduce premium by 20-30% — and keeps you from filing small claims that raise your renewal premium more than the payout was worth.

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Bundle with your other commercial policies: Placing IM coverage with the same carrier as your GL, BOP, or WC often earns a multi-policy discount and simplifies the broker relationship. Ask your broker to quote IM alongside your other renewals.

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⭐A+ AM Best Rated (Munich Re)

📄Instant Certificate of Insurance

⚡Get Covered in 10 Minutes

🏢750,000+ Businesses Covered

✅No Agent Required

IM Insurance — Frequently Asked Questions

How much does Inland Marine Insurance cost?

Premiums typically run $30–$250/month depending on the type of equipment, total insured value, how frequently it's transported, and security measures in place. A contractor with $30,000 in tools might pay $60–$120/month. A videographer with $25,000 in camera gear might pay $50–$100/month. High-value specialty equipment (medical, scientific, broadcast) costs proportionally more.

Why is it called 'Inland Marine' if it has nothing to do with water?

The name is a historical artifact. Marine insurance originated centuries ago covering cargo on ocean vessels. As commerce expanded inland via rail, road, and eventually air, the coverage category expanded too — and 'inland marine' became the catch-all for moveable property coverage that doesn't fit neatly into building property or auto policies. Today it simply means insurance for property that moves.

Does my Commercial Property policy cover my equipment off-site?

No — this is the single most important thing to understand about commercial property insurance. Standard CP covers only property at your listed, scheduled business address. Tools at a job site, cameras at a shoot location, laptops at a client's office — none of these are covered by a standard commercial property policy. Inland Marine fills this gap.

Do contractors need Inland Marine?

Almost universally yes. Contractors routinely leave thousands of dollars of tools and equipment at job sites overnight and on weekends. Those job sites are not your covered business location. A single theft event — a common occurrence on construction sites — can mean replacing $10,000-$50,000 or more in tools with no insurance coverage. Inland Marine is one of the most cost-effective policies a contractor can carry relative to the exposure it covers.

Can I insure leased or rented equipment?

Yes — Inland Marine policies can be specifically designed or endorsed to cover equipment you're leasing or renting that you're contractually responsible for under the rental agreement. This is common for construction equipment (excavators, lifts, compactors), AV gear rented for events, and specialty tools rented per-project. Confirm with your broker that the specific language in your rental agreement aligns with the IM coverage trigger.

What's the difference between an equipment floater and a BOP for equipment?

A Business Owner's Policy covers your equipment at your business premises as part of the Commercial Property component. An equipment floater (inland marine) covers the same equipment when it leaves your premises and travels to job sites, client locations, or other off-premises locations. Most businesses with moveable equipment need both — the BOP for on-premises coverage and the floater for off-premises exposure.

Does IM cover employee theft of equipment?

No — standard inland marine covers external theft (burglary, robbery, vandalism). Employee theft or dishonesty requires a separate Crime/Fidelity Bond or employee dishonesty endorsement. If internal theft is a concern in your business, discuss both coverages with your broker.

What documentation do I need for an IM claim?

Carriers typically require: a police report (for theft), a detailed inventory of stolen or damaged items, purchase receipts or invoices for covered equipment, photos of damage (for damage claims), and a proof of loss statement. Maintaining a current, photographed equipment inventory with serial numbers makes this process dramatically faster — and carriers process well-documented claims more quickly.

Other Business Insurance Coverage Types

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General Liability Insurance

Covers third-party bodily injury, property damage, and personal injury claims.

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Business Owner's Policy (BOP)

Bundles General Liability and Commercial Property into one cost-saving policy.

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Workers' Compensation Insurance

Covers employee medical bills, lost wages, and employer liability for workplace injuries.

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Commercial Property Insurance

Protects your building, equipment, inventory, and physical assets from fire, theft, and damage.

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Professional Liability Insurance (E&O)

Protects service providers and consultants from professional negligence and errors claims.

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My Digital Kube is a commercial insurance comparison platform operated by Insurance Pro Agencies, Inc., a licensed insurance agency. Inland Marine Insurance is available in 47 states (excludes AK, HI, FL). Content reviewed by licensed commercial insurance professionals. Last updated 2026-10-24. Individual rates vary — compare quotes for your specific profile. See our editorial policy.