Inland marine insurance indemnifies loss to moving or movable property and is an outgrowth of ocean marine insurance. Historically, ocean marine insurance held the transporter responsible for property loss before, during, and after the completion of the voyage. In the 19th century the non-ocean portion of the journey grew as cargoes were transferred to non-ocean vessels (such as barges) and the term "inland marine" was coined. Despite the word marine, most inland marine coverages are for property on land, with property transported by water insured under ocean marine.
In the United States, inland marine insurance comprises about 2% of total premiums but account for a higher percent of the profit. Like ocean marine insurance, inland marine insurance has been traditionally less regulated in the United States.
Inland marine policies became 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 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
The following coverages represent a wide range of the types of coverages typically called "inland marine":
- Accounts Receivable
- Bailee Customer's Goods
- Builders' Risk
- Camera and Photographic Equipment
- Communication Towers and Equipment
- Computer Coverage
- Contractors Equipment
- Commercial Floaters
- Dealers
- Exhibitions
- Fine Arts
- Furriers
- Golf Equipment
- Guns
- Installation
- Jewelers
- Leased Property
- Mobile Medical Equipment
- Motor Truck Cargo
- Museums
- Musical Instruments
- Processing Risks
- Rigger's Liability
- Scheduled Property
- Transportation
- Trip Transit
- Valuable Papers
- Warehouse Legal
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