Inland marine insurance

When goods are transported on land they are financially protected by inland marine insurance. This insurance policy is purchased in case the goods are transported through road, bridges and tunnels. The means of transportation may be train, tram, lorry truck etc. it includes insurance on imports and exports, domestic shipments. In addition inland marine insurance can be used to insure fine art, jewelry furs and other property.

Inland marine insurance grew out of ocean Inland marine Insurance Ocean Inland marine Insurance protects property from the departing port to the destination where the cargo is landed. But cargo must be carried inland to the customer from the port too. To protect the cargo is land transport inland marine Insurance is developed.

 The commercial property that can be insured by inland marine policy can be classified into the following categories:

A.      Domestic goods in transit:  the domestic goods may be shipped by a common carrier such as a trucking company railroad or airline or by the company’s own trucks. The goods may be damaged from the collision, derailment or overturn of the transportation vehicle. They can also be damaged because of fire, lightening fold earthquake etc. such losses can be insured by an inland marine policy. Although a common carrier is legally liable for safe delivery of the goods, liability does not extend to all losses for example, a common carrier is not responsible for losses due to the causes of nature, improper packaging, public authority, enemies

B.      Property held by bailee: a bailee is the person entrusted with goods. By bailment a part is temporarily entrusted by bailment. The property held by a bailee can be insured under Inland marine insurance.dry cleaners, laundries, and television repair shops are the bailee who can legally be liable for damage or loss to customer’s property while in the bailee’s possession.

C.       

Mobile equipment: inland marine property can be used to cover property that is frequently

Moved from one location to another such as a tractor, crane, or bulldozer.  It is called equipment floater policy. Property floater policy can be used to insure some other types of property too such as livestock, theatrical property, computers etc.

D.      Precious property: the dealer of precious property such as gold jewelers diamonds fine art also can insure inland marine insurance. This policy provides coverage of most risks.

E.        

 means of transportation and communication: bridge, tunnels, docks, pipelines, power transmission lines, radio and television towers are among the most  common means of transportation and communication of modern society. Such means may be damaged by a flood, ice jam, earthquake, collisions etc. the loss incurred by such risks can be indemnified by indemnified by inland marine insurance policy.