covers property exposed to loss from transportation on land.
A broad form of insurance, generally covering articles in transit as well as bridges, tunnels, and other means of transportation and communication. Besides goods in transit (generally excepting Trans-ocean), it includes numerous “floater” policies, such as those covering personal effects, personal property, jewelry, furs, fine arts, and other items of value.
1. The insurance of property (generally on an "all-risk" basis) which is in the course of transportation or is of such a nature that It may easily be transported. Also includes some risks at fixed locations considered "instruments of transportation or communication", such as bridges, tunnels, neon signs, and street clocks, etc., which were accepted as inland marine by custom. 2. Originally meant the I insurance of goods in transit "inland", instead of at sea, by underwriters who specialized in ocean marine insurance.
Inland marine insurance covers loss to property where there is an element of mobility. This coverage is an outgrowth of ocean marine coverage. The coverage floats with the property as it is moved from place to place. For example, tools, equipment, etc.
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 1800's 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.