Many years ago, moving valuable property from one place to a distant destination most often meant committing it to waterborne transport over at least some portion of the journey. That reality gave rise to a special form of insurance coverage that would provide support if and when losses arose in the process.
Marine insurance remains an important asset in a great many cases, but a related form of coverage has become even more common. An Inland Marine Insurance Policy is one that covers any damage or loss that might result when property is being moved over land or, sometimes, even being held in place. Although the name itself could be a source of confusion, this type of coverage regularly ranks as some of the most important of all.
A Somewhat Deceptive Name That Can Obscure an Important Purpose
The term “inland marine” might seem to suggest that coverage of this general kind would only apply when landlocked waterways are involved. While that could have originally been the case, such policies today are almost always significantly more general and expansive.
In practice, an Inland Marine Insurance Policy will normally be designed to activate when an adverse event occurs at any point of transfer or storage not located on the open waters of the ocean. From equipment being moved by trucks traveling by highway to commodities that are shipped by train or held at depots, this type of coverage is one of the most general of all.
The historical reason for why policies of this type are referred to in this way has to do with the fact that it was providers of marine insurance who originally offered them. Whereas other types of insurers were accustomed to addressing only carefully specified and detailed types of risk, marine insurers were more likely to offer cover of more general kinds. That led them to do the same when it finally became more common to seek out similar coverage for inland voyages.
The Right Type and Level of Coverage Can Always Be Found
Fortunately, there are always good ways today of finding and selecting a particularly appropriate policy of this basic type. Working with experts like those available at will make it simple to become sure of success.
