What is the purpose of Inland Marine Insurance

How is it different in Personal Lines as compared to Commercial lines?


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 coverage is confined, especially if the property is taken out of the country.

The scope of inland marine insurance is vastly expanded by “floater” policies. These are used to insure specific types of movable property whether or not they are in transit. Jewelers, launderers, dry cleaners, tailors, upholsterers, and other individuals who hold the property of others while performing services purchase business floater policies. Personal property floaters are used to covering any item of personal property owned by a private individual on a comprehensive basis. They may also protect the property of visitors or servants while on the insured’s premises. They do not cover certain types of property that are covered by other contracts, such as automobiles, aircraft, motorcycles, animals, or business and professional equipment.

Commercial Inland Marine Insurance

Commercial inland marine insurance protects a wide range of assets, including mobile equipment, business contents stored at a non-owned location, equipment stored in a vehicle, goods being transported, building supplies awaiting setup, and even property on bridges or in communication towers. Most of the time, it’s a supplemental policy added to a commercial insurance package, a contractor’s truck, or cargo transported by semi-trucks.

Personal Inland Marine Insurance

Personal inland marine insurance (also referred to as scheduled personal property) can safeguard your belongings while transported from one location to another. Inland marine coverage, for example, can supplement your homeowner’s policy coverage to protect your investment in goods like Jewellery, Fine Arts, cameras, Coins, Stamp Collection, and much more.