Inland Marine/Tools for Contractors or Specialized Equipment

Property that is, the majority of the time, mobile in nature and off site of the business owner's office is usually insured under "inland marine" also called "floater" policies.  Inland Marine policies are Not associated with a boat, although it sounds that way.  "Inland Marine" or "floater" simply means that coverage FLOATS with the item(s) wherever they are going within the United States (some policies may have International Coverage Territory). 


The items on an Inland Marine that are Not mobile in nature but are of a special value or nature are also placed on an inland marine policy.  Business owners policies that include coverage for office furnishings and office equipment are not priced or considered for very mobile or very high valued items per 1 piece.

Typical business assets that are insured on an inland marine policy are:



Mobile diagnostic medical equipment

Personal use tractors used away from the home location

Farm equipment

High valued items such as art or a special historical piece displayed in a museum


Dependant upon the carrier and the coverage form, the policies are either replacement cost, actual cash value, agreed/appraised value, or stated amount.