Inland marine insurance: tools, equipment and property in transit
A commercial property policy protects what's inside your building. For a contractor, a landscaper or anyone whose livelihood rides around in a truck, most of the valuable property is never inside the building. Inland marine, an old name for a modern coverage, insures the things that move: from the excavator to the nail gun to the cabinets sitting on a customer's floor before they're installed. I place it for contractors and landscapers working across the Capital Region.
Inland marine insurance covers property that moves: contractors' tools and equipment, cargo in transit, installation materials on a job site, and mobile machinery. Standard commercial property policies cover things at your premises; inland marine follows them onto the truck and the job. Theft from vehicles is one of the most common claims and is often excluded unless the policy says otherwise.
The common forms
| Form | What it covers | Who needs it |
|---|---|---|
| Contractors equipment floater | Owned, leased and rented machinery and tools, at any location and in transit | Contractors, landscapers, excavators, arborists |
| Installation floater | Materials from purchase to installation and acceptance | HVAC, plumbing, electrical, kitchen and flooring installers |
| Motor truck cargo | Goods you carry for others | Trucking and delivery businesses |
| Transit coverage | Your own goods while being shipped | Retailers, manufacturers, food distributors |
| Electronic data processing | Computers, POS and communication equipment, sometimes off premises | Any business with expensive electronics |
| Bailee's coverage | Customers' property in your care | Auto repair, dry cleaners, jewellers, upholsterers |
What to check on any equipment floater
- Theft from vehicles: covered, or only when the vehicle is locked and there's visible evidence of forced entry? Most claims are exactly this.
- Valuation: replacement cost or actual cash value. A five-year-old skid steer on ACV pays a fraction of a replacement.
- Deductibles per item and per occurrence.
- Rented and borrowed equipment limits.
- Coinsurance: under-insuring the schedule can reduce a claim payment proportionally.
Keep an equipment list with serial numbers
A spreadsheet of every machine and major tool, with serial numbers, purchase dates and photos, is what makes both underwriting and a theft claim fast. Update it when you buy something and send me the new line.
What I need to quote
- A schedule of major equipment with values.
- A blanket value for small tools.
- Rented equipment habits and any installation work.
- Where equipment is stored overnight.
Request a quote. Usually written alongside contractor or landscaper packages and commercial auto.
Common questions
Short answers to what people ask before they call.
Still have a question? Call (518) 902-8822 or book a call.
Why is it called inland marine?
The name is historical: marine insurers covered cargo at sea and extended it to cargo moving inland by rail and road. Today it means property that isn't fixed at one location, plus a few specialized classes such as fine art and electronic equipment. Nothing to do with boats, which have their own policies.
Aren't my tools covered by my business owners policy?
At your premises, up to the property limit, yes. Off premises, most BOPs cover business personal property only up to a small limit printed in the policy, and many exclude theft from unattended vehicles. A contractor with $40,000 of tools in a van needs an inland marine tools and equipment floater.
What's the difference between scheduled and blanket coverage?
Scheduled coverage lists each item with a value, best for expensive equipment such as excavators, skid steers and trailers. Blanket coverage insures small tools as a class up to a limit without listing each one. Most contractors need both: a schedule for the big machines, a blanket for the hand and power tools.
What is an installation floater?
Coverage for materials and equipment you've bought for a job, from the supplier to the site to the moment they're installed and accepted. HVAC units, cabinets, flooring and electrical gear waiting on a site are exposed to theft and weather; the customer's builder's risk policy may or may not cover them. This is the contractor's own protection.
Does it cover rented or borrowed equipment?
Only if the policy includes rented or leased equipment coverage, which most rental yards require. Their rental agreements make you responsible for the machine; this is what pays for it.
Get a quote for your business
Tell me what you do, where, and roughly what payroll looks like. Quotes come from the private carriers I represent, usually within days.
Where I work
I'm based in Clifton Park and work in person across six counties, the four on the map plus Warren and Washington, or by phone.
Close to the Clifton Park office: Clifton Knolls, Country Knolls, Rexford, Vischer Ferry, Jonesville, Groom's Corners and Halfmoon across Route 9 — I'll come to you at home.
Auto, home and business insurance by town
Medicare has its own county and town pages.