You will hear an insurance agent refer to an Inland Marine Insurance as a “floater” policy, which means the coverage goes where the insured property goes, floating along with it!
Just as a comparison, think about regular Commercial Property Insurance which usually provides coverage to property at the location listed on the policy. Some insurance companies might be generous and extend coverage a few feet beyond that—but that isn’t much for a general contractor who has to carry their tools from site to site! This is precisely why Inland Marine is often useful and necessary to fill gaps in Commercial Property coverage!
For certain professionals such as construction company owners, general contractors, plumbers, and landscapers Inland Marine Insurance is an essential coverage because their work is regularly done on different work sites and without their tools and equipment they have no way to make a proper living!