Basics of Inland Marine Insurance

Insurance that provides protection against most risks to property, such as fire, theft and some weather damage.

Inland Marine Insurance is a type of insurance that covers a broad range of specialized property, often associated with transportation or communication. This insurance is designed to cover goods, materials, and equipment while in transit or during "off-premises" exposure.

History and Definition

Inland Marine Insurance has its roots in Ocean Marine Insurance, which was developed to cover goods while being transported over water. As transportation methods evolved and expanded to include land and air, a need arose to cover goods during these types of transit as well. Thus, Inland Marine Insurance was born.

Inland Marine Insurance is a type of property insurance that covers a wide range of movable or specialized types property. There are many different types of Inland Marine coverages, including those for construction equipment, medical diagnostic equipment, fine arts, solar panels and wind turbines, cameras and movie equipment, musical instruments, and a wide variety of other types of property.

Purpose and Need for Inland Marine Insurance

The primary purpose of Inland Marine Insurance is to provide coverage for goods in transit, as well as other movable property. This type of insurance is particularly important for businesses that frequently transport goods or equipment, or for individuals with high-value items that may not be covered under a standard property insurance policy.

Inland Marine Insurance can cover a wide range of situations, including transportation over land, certain types of moveable property, instrumentalities of transportation (such as bridges, roads, and piers), instrumentalities of communication (such as television and radio towers), and legal liability exposures of bailees.

Difference between Inland and Ocean Marine Insurance

While both Inland and Ocean Marine Insurance are designed to cover goods during transit, the primary difference between the two lies in the method of transportation. Ocean Marine Insurance is specifically designed to cover goods while being transported over water, whether that be by sea or by inland waterways. Inland Marine Insurance, on the other hand, is designed to cover goods during land or air transit, as well as goods that are held by a bailee or stored at a fixed location that is not the insured's premises.

In conclusion, Inland Marine Insurance is a versatile and important type of insurance that can cover a wide range of property and situations. Whether you're a business owner transporting goods or equipment, or an individual with high-value items, understanding the basics of Inland Marine Insurance is the first step in protecting your property.