Tools & Equipment Insurance
What Is the Difference Between Tools Insurance and Inland Marine?
For practical purposes, yes. Tools and equipment insurance is a type of inland marine coverage. The terms are often used interchangeably.
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Are tools insurance and inland marine the same thing?
Inland marine is the insurance industry’s umbrella term for coverage that protects property in transit or used at multiple locations — originally derived from marine insurance extended to land transport.
A contractor’s tools and equipment policy is a specific inland marine product tailored for the contracting industry. Some carriers call it ‘tools and equipment,’ others call it ‘inland marine,’ and others call it a ‘contractor’s equipment floater.’ The coverage concept is the same.
When your agent says you need inland marine coverage, they likely mean a tools and equipment floater. When a carrier markets a ‘tools policy,’ it’s an inland marine product. Same coverage, different labels.
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