Why is It Called Inland Marine Insurance?
By: Jace Hadfield, Processing Manager at Athos Insurance Services
February 18, 2021
What does Inland Marine insurance protect?
What is Inland Marine Insurance? When clients see the term “Inland Marine Insurance” they are often wondering how this is related to their production or film gear. It sounds like it should be insurance for something water or ocean-related, but don’t let the insurance terminology confuse you. In this article, we are going to breakdown what this policy covers and how it got its name.
What Type of Equipment Does Inland Marine Insurance Protect?
Today, Inland Marine insurance has evolved and provides coverage for a broad range of miscellaneous types of property in transit and on-site. In other words, an Inland Marine policy covers portable or moveable equipment. The coverage is not location-specific so equipment insured by an Inland Marine policy is covered in storage, in transit, on set, etc.
Property covered includes (but is not limited to) the following:
Camera and Photography Equipment
Sports and Recreational Equipment
Property in Transit
Property in the Custody of a Bailee
Mobile or Moveable Equipmen
These policies are typically meant to cover accidental damages and theft of equipment. Additionally, they may cover losses caused by water damage, fire, earthquakes, windstorms, hail, or flood.
An Inland Marine policy won’t cover intentional acts by you or your employees, wear and tear, or internal causes of loss such as mechanical breakdown.
How Does Inland Marine Insurance Relate to Film Production?
If you own production equipment or rent gear from a rental house or other individuals you’ll need an inland marine insurance policy. This policy covers the production equipment for accidental damages and theft on or off the film set.
Some people are under the assumption that your homeowners or renters insurance policy will cover all your business equipment. This is not correct. If you are using your production equipment for business purposes, they may not be covered by your homeowner’s or renter’s insurance policy.
What about if you have a business personal property policy? On a business policy, business personal property coverage is often location-specific. This means if you are taking your gear off-site (i.e. away from your office location) it may no longer be covered by your business personal property policy.
Where Did the Term “Inland Marine” Come From?
Historically, insurance companies offered Ocean Marine insurance to protect owners from loss of cargo in the course of international commercial voyages by sea. Subsequently, a marketplace for fire insurance for buildings on land arose, especially after the Great Fire of London in 1666. Back then,Fire insurance companies typically provided narrower coverage, where the policies specifically listed what the perils are covered, and excluded all losses from any other causes.
In the 19th century, the Industrial Revolution gave rise to new types of property called “exposures on land”. Exposures on land were considered things like telegraphs, railroad equipment, and other types of property with which the fire insurance companies were unfamiliar with.
People and businesses started shipping cargo beyond major ports and cities. They needed protection in case these goods were lost while being shipped by land as well. This is where the term “Inland Marine insurance” came from. Inland Marine Insurance offered insurance protection of goods shipped beyond all the major bodies of water and port cities.
Don’t let the term “inland marine” fool you! We’re experts at providing coverage for production and specialized equipment - not boats!
Have more questions about insuring your camera equipment? At Athos Insurance, we are happy to assist you with all of your questions concerning camera equipment insurance and can help you get the right kind of inland marine insurance for your camera equipment. Our office is open for your questions, contact our service team with any questions.