Inland marine insurance
Encyclopedia
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 19th century 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. Despite the word marine, most inland marine coverages are for property on land, with property transported by water insured under ocean marine.
In the United States, inland marine insurance comprises about 2% of total premiums but account for a higher percent of the profit. Like ocean marine insurance, inland marine insurance has been traditionally less regulated in the United States.Harrington JS. (2004). INLAND MARINE INSURANCE: What are the "nonfiled" classes, and why are they being filed?. Rough Notes.
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:
Marine insurance
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination....
. Historically, ocean marine insurance held the transporter responsible for property loss before, during, and after the completion of the voyage. In the 19th century 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. Despite the word marine, most inland marine coverages are for property on land, with property transported by water insured under ocean marine.
In the United States, inland marine insurance comprises about 2% of total premiums but account for a higher percent of the profit. Like ocean marine insurance, inland marine insurance has been traditionally less regulated in the United States.Harrington JS. (2004). INLAND MARINE INSURANCE: What are the "nonfiled" classes, and why are they being filed?. Rough Notes.
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:
The following coverages represent a wide range of the types of coverages typically called "inland marine":
- 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
- Accounts Receivable
Accounts receivableAccounts receivable also known as Debtors, is money owed to a business by its clients and shown on its Balance Sheet as an asset...
- Bailee Customer's Goods
- Builders' Risk
- Camera and Photographic Equipment
- Communication Towers and Equipment
- Computer
ComputerA computer is a programmable machine designed to sequentially and automatically carry out a sequence of arithmetic or logical operations. The particular sequence of operations can be changed readily, allowing the computer to solve more than one kind of problem...
Coverage
- Contractors Equipment
- Commercial Floaters
- Dealers
- Exhibitions
- Fine Arts
- Furriers
- Golf
GolfGolf is a precision club and ball sport, in which competing players use many types of clubs to hit balls into a series of holes on a golf course using the fewest number of strokes....
Equipment
- Guns
GünsGüns or Guens may refer to:* Kőszeg, Hungary * Kőszeg Mountains, Hungary * Akiva Güns , birth name of Akiva Eger, a Hungarian-Polish rabbi- See also :* Guns * Gün, a surname...
- Installation
- Jewelers
- Leased Property
- Mobile Medical Equipment
- Motor Truck Cargo
- Museums
- Musical Instruments
- Processing Risks
- Rigger
RiggerRigger may refer to:* One who attends to the rigging of a sailing ship* Rigger , those who tend rigging in stage performance * Rigger , specializing in moving large/heavy objects* Parachute rigger...
's Liability
- Scheduled Property
- Transportation
- Trip Transit
- Valuable Papers
- Warehouse Legal