Inland Marine Insurance in Montana

In the diverse landscape of Montana, many businesses and individuals rely on valuable property that isn’t always at a fixed location. Whether it’s specialized equipment moving between job sites, valuable cargo in transit, or unique personal collections, standard property insurance often falls short. This is where Inland Marine Insurance becomes essential.

Despite its somewhat misleading name, Inland Marine Insurance primarily covers property on land. It’s a highly flexible form of property insurance designed to protect a wide range of movable property, goods in transit, and specialized equipment that might not be fully covered by standard business or homeowners policies.

At Montana Insurance Brokers, our experienced team understands the specific needs of Montana businesses and individuals. As independent brokers, we have the expertise to navigate the nuances of Inland Marine policies from various carriers, ensuring you get unbiased advice and tailored coverage that truly protects your unique assets, wherever they may be.

What is Inland Marine Insurance? And Why is it Called “Marine”?

• Direct Answer: Inland Marine Insurance is a specialized property insurance that covers movable property, goods in transit over land (by truck, train, or other vehicles), and unique or high-value items that are often excluded or have limited coverage under standard property policies.
• Expert Insight: The “marine” in its name is historical. It originated from ocean marine insurance, which covered goods transported by sea. As land-based transportation and specialized risks grew, this coverage evolved to protect similar “goods in transit” over land. It’s often called a “floater” policy because the coverage “floats” with the property, wherever it may be.

 

Who Needs Inland Marine Insurance in Montana?

• Direct Answer: Businesses and individuals who frequently transport valuable equipment, inventory, or materials; store property off-site; or own unique, high-value items that are often mobile or specialized.
• Expert Insight: Many Montana businesses, from construction companies moving heavy machinery between sites to photographers transporting expensive gear, or even art collectors shipping pieces for exhibition, can greatly benefit. If your business relies on movable property, or if your valuable personal items frequently leave your home, your existing policies likely have significant gaps that Inland Marine can fill.
  • Common Beneficiaries:
    • Contractors & Builders: Protecting tools, equipment (excavators, loaders, scaffolding), and materials at job sites or in transit.
    • Transportation & Logistics Companies: Covering cargo, from raw materials to finished goods.
    • Tech & Media Professionals: Insuring computer systems, networking equipment, cameras, and audio/visual gear.
    • Art Galleries & Collectors: Protecting fine art, antiques, and collectibles during transport or exhibition.
    • Equipment Rental Companies: Covering leased or rented machinery.
    • Mobile Businesses: Food trucks, mobile pet groomers, or service providers operating out of vans.
    • Farmers/Ranchers: For specialized movable agricultural equipment not covered by farm policies.

 

What Types of Property Does Inland Marine Insurance Cover?

• Direct Answer: Inland Marine policies are highly customizable and can cover a wide range of movable property, including:
  • Contractor’s Equipment: Tools, machinery, heavy equipment, portable structures.
  • Builder’s Risk (Course of Construction): Materials and property being installed or constructed at a job site.
  • Cargo & Freight: Goods being transported by truck or rail.
  • Fine Art & Collectibles: Paintings, sculptures, antiques, rare books, musical instruments, jewelry (often scheduled).
  • Computer & Data Equipment: Servers, laptops, specialized IT equipment, even data.
  • Medical & Scientific Equipment: Portable diagnostic tools, lab equipment.
  • Sales Samples & Exhibition Displays: Materials used by traveling salespersons or at trade shows.
  • Communication & Networking Equipment: Satellite dishes, radio towers, broadcasting equipment.
• Expert Insight: The beauty of Inland Marine is its flexibility. We can tailor the policy to cover specific items, a group of items (blanket coverage), or even a specific project duration. This ensures your unique assets are protected against common perils like theft, fire, vandalism, collision, and water damage, often on an “all-risk” basis (covering everything unless specifically excluded).

 

What Does Inland Marine Insurance NOT Cover?

• Direct Answer: Inland Marine Insurance typically does not cover stationary property (like your main business building, which needs a Commercial Property policy), vehicles (covered by Commercial Auto insurance), or liability for injuries to third parties (covered by General Liability). It also excludes damage from neglect, wear and tear, or intentional acts.
• Expert Insight: It’s important to view Inland Marine as a specialized supplement, not a replacement, for your other business or personal insurance policies. We help businesses in Montana identify exactly where their current coverage ends and where Inland Marine begins, preventing costly coverage gaps.

 

How Does Inland Marine Insurance Differ from Standard Property Insurance?

• Direct Answer: Standard property insurance primarily covers items at a fixed, declared location. Inland Marine Insurance, however, specializes in covering property that is movable, in transit, at temporary locations, or of a unique, high-value nature often excluded from standard policies.
• Expert Insight: Think of it this way: your commercial property policy covers your office building and equipment inside it. Your Inland Marine policy covers your contractor’s tools when they leave the office and are at a job site, in a vehicle, or in temporary storage. This distinction is crucial for mobile operations in Montana.

 

How Much Does Inland Marine Insurance Cost?

• Direct Answer: The cost of Inland Marine Insurance varies widely depending on the value and type of property insured, the risks involved (e.g., frequency of transit, distance), chosen coverage limits, deductibles, your claims history, and your industry.
• Expert Insight: Because we’re independent brokers, we can compare quotes from multiple top carriers to find the most competitive rates for your specific needs. We’ll work with you to balance premium costs with adequate protection, discussing factors like scheduled versus blanket limits, and the impact of your chosen deductible.

 

Why is an “All-Risk” Policy Often Preferred for Inland Marine?

• Direct Answer: An “all-risk” (or “open perils”) Inland Marine policy covers losses from all causes unless a specific peril is explicitly excluded in the policy language. This provides broader coverage compared to a “named perils” policy, which only covers risks specifically listed.
• Expert Insight: For valuable and frequently moved property, the comprehensive nature of an “all-risk” policy offers greater peace of mind. It shifts the burden of proof in a claim: instead of you proving your loss was from a covered peril, the insurer must prove it was from an excluded peril. We always discuss the pros and cons of named vs. all-risk policies to ensure you make an informed decision.

 

Ready to Secure Your Mobile Assets in Montana?

Don’t let your valuable equipment, materials, or unique collections remain vulnerable. At Montana Insurance Brokers, we provide expert, unbiased guidance to help you tailor an Inland Marine policy that perfectly fits your business or personal needs in Montana.

Protect what keeps you moving forward. Contact us for a personalized Inland Marine insurance quote today!

Reach out to us at info@mtinsurancebrokers.com or on 406 401 7220.

-Klinton Jones
Licensed Insurance Broker