What is the purpose of Inland Marine Insurance
How is it different in Personal Lines as compared to Commercial lines?
Purpose
Inland Marine Insurance policies are typically written on a named-peril basis, covering transportation’s potential dangers such as collision, derailment, rising water, tornado, fire, lightning, and windstorm. The policies usually exclude damages by pilferage, strike, riot, civil commotion, war, shipment slowdowns, market loss, illegal trade, or leakage and breakage.
The covered property items hold few characteristics
The asset is portable.
The property is remarkably valuable.
A homeowner’s policy property […]