Inland Marine Insurance
Coverage for goods in transit over land and for movable or specialized property, despite having nothing to do with the sea.
Overview
The line grew out of ocean marine insurance when shippers wanted the same broad transit protection for goods moving by rail, truck, and river, and it expanded to cover property that moves or serves transportation. Today it includes contractors equipment, installation floaters, motor truck cargo, fine arts, valuable papers, and so called instrumentalities of transportation such as bridges, tunnels, and pipelines. Regulators classify what qualifies through the Nationwide Marine Definition maintained by the NAIC. Inland marine forms are often less standardized than other commercial property coverage, giving underwriters flexibility to tailor terms to unusual exposures. Personal versions appear as scheduled floaters for jewelry, cameras, and musical instruments.
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