Definition
Marine Insurance, Inland refers to insurance designed to cover loss of or damage to property in transit over inland waterways, roads, and railways. It not only applies to the property during transit but also to property held by third parties for storage, geography-specific risks, and during fixed installations.
Unlike ocean marine insurance, which is primarily concerned with maritime risks, inland marine insurance covers a wide array of risks encountered in overland transport and storage.
Examples
- Logistics Companies: A logistics company shipping goods over rail or road can utilize inland marine insurance to mitigate risks associated with transportation, including damages occurring in transit or while stored at terminals.
- Construction Contractors: Contractors might use inland marine insurance to cover construction equipment moved from one site to another or stored in temporary housing.
- Exhibit Transport: Museums often use inland marine insurance to cover valuable exhibits during transportation between venues overland.
Frequently Asked Questions
What does Inland Marine Insurance typically cover?
Inland marine insurance can cover property in transit, equipment, and unique movable properties (such as artwork) for risks such as theft, accidents, vandalism, and some environmental damages.
Is Inland Marine Insurance different from Ocean Marine Insurance?
Yes, inland marine insurance covers transit over land routes including rail, roadways, and inland waterways, whereas ocean marine insurance specifically covers sea-based transit risks.
Who needs Inland Marine Insurance?
Any business involved in transporting goods overland, holding temporary storage, or having movable property that requires protection can benefit from inland marine insurance. This includes transport companies, construction firms, and event organizers.
Are there any exclusions in Inland Marine Insurance?
Yes, common exclusions can include general wear and tear, damage due to poor maintenance, and losses covered under other types of policies like worker’s compensation or general liability.
Related Terms
- Cargo Insurance: Insurance against risks of loss or damage to cargo during transit.
- Warehouse Legal Liability: Insurance covering liability for damage to goods stored within a warehouse.
- Bailee’s Customer Insurance: Insurance for businesses that temporarily hold customers’ property, protecting against loss or damage.
Online References
- National Association of Insurance Commissioners (NAIC)
- The Hartford: Inland Marine Insurance
- Insurance Information Institute (III)
Suggested Books for Further Studies
- “Property and Liability Insurance Principles” by Constance M. Luthardt and Carol A. Yorgason
- “Marine Insurance: Law & Practice” by Francis D. Rose
- “The Law of Marine Insurance” by Susan Hodges
Fundamentals of Marine Insurance, Inland: Insurance Basics Quiz
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