The ACORD 61 Inland Marine Application is used to apply for inland marine insurance — one of the most misunderstood specialty lines in commercial insurance. Despite the name, inland marine has nothing to do with boats. It covers property in transit, mobile equipment, specialty property, and other risks that fall outside the boundaries of standard commercial property policies.
Inland marine is used for: • Contractors who need coverage for tools and equipment at job sites • Businesses that transport property between locations • Construction projects requiring installation floater or builders risk • Camera equipment, musical instruments, and other specialty items • Fine art, jewelry, and collectibles • Electronic data processing equipment • Property loaned to others
Contractors equipment floater — covers mobile equipment (excavators, forklifts, cranes) and tools, both at job sites and in transit. The ACORD 61 collects a schedule of covered equipment with values.
Installation floater — covers materials and equipment from the time they leave the warehouse until they are installed and accepted by the owner. Important for mechanical and electrical contractors.
Builders risk — covers a building under construction against physical damage. Usually written in the name of the owner or general contractor.
Electronic equipment floater — covers computers, servers, and other electronic equipment with broader coverage than a standard property form.
Motor truck cargo — covers goods being transported by truck for third parties. Important for motor carriers and freight brokers.
A standard commercial property policy typically covers property at a scheduled location — not property that moves around. If a contractor's equipment is at a job site 30 miles from their shop, the property policy may not cover it. If the equipment is being transported between jobs, it's likely excluded from property coverage.
An inland marine contractors equipment floater fills this gap — it covers equipment wherever it goes, including at job sites, in transit, and in temporary storage.
The ACORD 61 requires a schedule of covered equipment including description, model number, year, and value. For contractors with large fleets of tools and equipment, collecting accurate values can take significant time.
Agents should ask clients to provide an equipment list or fixed asset schedule, which accounting departments maintain for depreciation purposes. This is the fastest way to get an accurate equipment inventory for inland marine underwriting.
Not asking contractors about tools and equipment coverage — assuming the property policy covers them
Undervaluing equipment — using depreciated book value instead of replacement cost
Not scheduling high-value individual pieces of equipment that exceed blanket limits
Forgetting installation floater coverage for contractors who do significant materials installations
Missing the builders risk requirement on new construction projects
Send your client a plain-English intake link. When they finish, the completed ACORD 61 and all required companion forms are generated and ready to submit.