Companies of all sizes purchase inland marine insurance policies to cover assets that are in transit or have a movable component. These policies fill in the gaps in coverage often left by conventional property insurance. Small businesses use inland marine coverage to protect themselves against losses of vital equipment, such as a contractor insuring the tools he carries in his work truck. Major corporations also employ inland marine insurance to compensate for the potential loss of goods in transit from their manufacturing plants to retail outlets.
The two primary types of inland marine insurance coverage are labeled as “filed” and “non-filed”. Filed inland marine insurance forms include coverage as described under the conditions outlined in the ISO Commercial Inland Marine Insurance Program. Non-filed marine insurance forms include coverage for such events as exposure during transit over open bridges through tunnels. Non-filed forms also include bailee policies, which cover individuals who hold and care for items owned by a third party.