Inland marine insurance

Inland marine insurance

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 1800s 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.

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
  • Communication Towers and Equipment
  • Computer Coverage
  • Contractors Equipment
  • Commercial Floaters
  • Dealers
  • Exhibitions
  • Fine Arts
  • Furriers
  • 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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Look at other dictionaries:

  • inland marine insurance — in·land marine insurance n: insurance against loss of or damage to property transported in domestic commerce, instrumentalities of transport and communication, and personal property compare marine insurance, ocean marine insurance Merriam… …   Law dictionary

  • inland marine insurance — insurance chiefly covering risks to goods and means of transportation involved in the transporting of goods overland or by inland waterways. Cf. ocean marine insurance. * * * …   Universalium

  • inland marine insurance — noun : insurance against loss of or damage to property transported in domestic commerce, instruments of transport and communication, and personal property compare floater 8, marine insurance, ocean marine insurance * * * insurance chiefly… …   Useful english dictionary

  • inland marine insurance — A term suggestive of risks carried upon ships or cargoes to be found on inland waters of the United States but employed by insurers in an indiscriminate manner for a much broader category of insurance, including various risks having no relation… …   Ballentine's law dictionary

  • marine insurance — ma·rine insurance /mə rēn / n: insurance against loss by damage to or destruction of cargo or the means or instruments of its transportation whether on land, sea, or air see also inland marine insurance, ocean marine insurance Merriam Webster’s… …   Law dictionary

  • Marine insurance — Admiralty law History …   Wikipedia

  • marine insurance — noun : insurance against loss by damage or destruction of cargo, freight, merchandise, or the means or instruments of transportation and communication whether on land, sea, or air compare inland marine insurance, ocean marine insurance * * * 1.… …   Useful english dictionary

  • marine insurance — 1. See ocean marine insurance. 2. See inland marine insurance. [1795 1805] * * *       contract whereby, for a consideration stipulated to be paid by one interested in a ship or cargo that is subject to the risks of marine navigation, another… …   Universalium

  • ocean marine insurance — insurance covering risks involving the transporting of persons or goods on the high seas. Cf. inland marine insurance. * * * …   Universalium

  • ocean marine insurance — noun : insurance against risks incident to transportation by sea compare inland marine insurance, marine insurance * * * insurance covering risks involving the transporting of persons or goods on the high seas. Cf. inland marine insurance …   Useful english dictionary

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