What is Inland Marine Insurance?
This broad type of coverage was developed for shipments that do not involve ocean transport. The insurance covers articles in transit by all forms of land and air transportation as well as bridges, tunnels, and other means of transportation and communication. Insurance that covers expensive personal items such as fine art and jewelry are included in this category.
What can be covered?
Inland marine policies become known as "floaters" since the property to which coverage was originally extended was essentially "floating." The coverage has grown to include property that just involves as element of transportation. The property that is insured under inland marine coverage is typically one of the following:
- Actually in transit
- Held by a bailee
- At a fixed location that is an instrument of transportation
- A movable type of goods that is often at different locations
The following coverages represent a wide range of the types of coverages typically called 'inland marine':
- Account Receivable
- Bailee Customer's Goods
- Builders' Risk
- Communication Towers and Equipment
- Computer Coverage
- Contractors Equipment
- Commercial Floaters
- Dealers
- Exhibitions
- Fine Arts
- Furriers
- Installation
- Jewelers
- Lease Property
- Mobile Medical Equipment
- Motor Truck Cargo
- Museums
- Musical Instruments
- Processing Risks
- Rigger's Liability
- Scheduled Property
- Transportation
- Trip Transit
- Valuable Papers
- Warehouse Legal