Inland marine insurance indemnifies loss to moving or movable property and is an outgrowth of ocean marine insurance. Most inland marine coverages are for property on land, with property transported by water insured under ocean marine.
The coverage has grown to include property that just involves an 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
Coverages include:
- Motor Truck Cargo
- Contingent Cargo
- Automobile Physical Damage
- Warehouse Legal Liability
- Contractors Equipment
- Open Lot Coverage
- Garagekeepers Legal Liability
- Miscellaneous Property