Inland & Ocean Marine Insurance covers goods, tools, and equipment while in transit or stored off-site. Ideal for contractors, shipping companies, and mobile service providers.
Inland & Ocean Marine Insurance
What Is Inland & Ocean Marine Insurance?
Inland Marine Insurance covers property in transit over land or temporarily stored offsite. Ocean Marine Insurance covers goods and vessels in transport over water. Together, they protect mobile assets and in-transit property that standard Property policies exclude.
Who Needs Inland & Ocean Marine Insurance?
If your business ships, installs, or moves high-value items — such as tools, fine art, electronics, or merchandise — you need coverage that travels with your goods. Standard Property Insurance stops at your front door.
Common industries that often require Inland & Ocean Marine Insurance include:
- Contractors with mobile equipment
- Logistics and shipping companies
- Retailers and wholesalers shipping goods
- Import/export businesses
- Museums, art dealers, and jewelers
What Does Inland Marine Insurance Cover?
Inland Marine Insurance typically covers:
- Tools and equipment in trucks
- Installations before delivery
- Fine arts and specialty items in transit
- Contractor’s equipment on job sites
- Off-premises storage
What Does Ocean Marine Insurance Cover?
Ocean Marine Insurance typically covers:
- Cargo shipped internationally by sea
- Shipping containers, vessels, and freight
- Hull and machinery
- Liability for maritime accidents
What Doesn’t Inland & Ocean Marine Insurance Cover?
While Inland & Ocean Marine Insurance offers broad protection, it doesn’t cover:
- General wear and tear or damage due to poor packaging
- Losses outside policy territory (unless global)
- Business income unless endorsed
- Flood unless specifically included in Ocean Marine
How Much Does Inland & Ocean Marine Insurance Cost?
The cost of Inland & Ocean Marine Insurance varies based on factors like Business size, industry, location, claims history, types of goods, distance of transit, and storage conditions.
Key Cost Factors:
- Value and type of property or cargo
- Frequency and volume of shipments
- Distance and route of transportation
- Mode of transport (e.g., truck, ship, air, or rail)
- Storage conditions and security
- Marine route risk and vessel quality
- Safety and security measures in place during transport
Typical Cost Range:
- Inland Marine: $300–$2,500/year for small equipment
- Ocean Marine Cargo: $2,000–$25,000/year depending on value and volume
- Marine Hull/Liability: Customized, often $10,000+/year for vessels
Risk Management Tips
To minimize potential claims:
- Use GPS tracking, seals, and tamper-proof containers for high-value shipments.
- Require certificates of insurance from all carriers and subcontractors.
- Avoid high-risk transit routes during periods of geopolitical instability.
- Maintain detailed logs and photos of cargo condition before, during, and after transit.
- Use strong inventory management systems for mobile equipment and materials.
- Train staff on loss prevention practices and safe cargo handling.
Talk to An Expert
Our dedicated experts are ready to provide tailored insurance solutions to clients across a wide range of industries and specialized services.
Schedule a consultation to see how Alliance Risk can reduce your insurance risk.
– We look forward to partnering with you.