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Despite its name, inland marine insurance has nothing to do with protecting your boat. While the main job of this type of insurance is to protect commercial goods being shipped over land, it also covers personal property being shipped and expensive valuables that are stored at a home or business.

When it comes to protecting your valuables in transit, inland marine coverage can end up saving you thousands.

• Inland marine insurance was originally designed to cover goods as they were moved along inland waterways to their final destination. Eventually, the inland marine definition was expanded to include most types of inland transportation (cars, trucks, trains and planes) as well as offering protection while the goods were stored at docks or warehouses.
• Ocean marine insurance covers property and goods while they are on a vessel on the water. However, coverage ends when the goods are offloaded onto land; this is where inland marine insurance takes over.

Inland marine policy covers:

• Property in transit
• Mobile medical equipment
• Contractor’s equipment
• Property in the custody of a bailee
• Property deemed to be an instrumentality of transportation or communication, such as bridges and radio towers