What Is Inland Marine Coverage Insurance?

What Is Inland Marine Coverage Insurance?

Back in the 16th century, some insurers and underwriters got together and created what was called marine coverage. Back then items were shipped overseas because there was no other way for goods to travel across the ocean. The seas were dangerous, just as they can be today, so the insurers offered coverage for cargo that was being shipped overseas.

The same concept and coverage is available today for your business property, though with different rules and a different name. Insurance companies offer inland marine coverage today for your businesses equipment, finished products, and other supplies in your care, custody or control anywhere in the 50 states. (Hence the inland part of the coverage.)

ACT Insurance offers inland marine coverage for those who have an Annual Policy. And our business personal property coverage means that you can be protected as you travel to and from art shows, at art shows or festivals, and while your products and supplies are stored at your premises.

The following are answers to some frequently asked questions we get about this type of coverage:

How is my property valued? Will I get the retail value of my property back after a loss?

The Policy specifically says that your property will be valued and replaced at an Actual Cash Value which is defined as Replacement Cost minus Devaluation for normal wear and tear of the property.

What is covered?

The equipment and supplies you use in your profession as an artist or crafter. Some of these items include easels, paint brushes, and final products.

Is my time covered?

No. We appreciate the time it took to create your art, and while we can’t replace the hours and hours it took for you to complete the original work, we do everything we can to replace the tools and supplies that were lost or damaged so you can recreate the work.

Is my property covered in shipment?

No, property is only covered when it is in your care or control.

Inland marine coverage is an important thing to have for your business. Think about the thousands - and possibly even tens of thousands - of dollars you have invested in your business. Without insurance, one accident, even a seemingly minor one, could destroy everything you have worked for. The best way to avoid this is to have insurance to protect your finances.

Have other questions about inland marine coverage? Want to discuss the blog post with others? Please comment below.


Contact us

(Artists, Crafters, & Tradesmen)
260 South 2500 West Suite 303
Pleasant Grove, UT 84062
P: 844.520.6991


Stacey B. - Maine

"This is a great way to obtain insurance for trade shows. Online purchase is very convenient and affordable. I so appreciate your quick response in getting me set up."

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