Inland marine insurance in the United States indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. This category of insurance includes property coverage for construction equipment, medical diagnostic equipment, fine arts, solar panels and wind turbines, cameras and movie equipment, musical instruments, and a wide variety of other types of property. The inland marine insurance definition has evolved over time to cover a wide range of property and materials: *Property in transit *Property in the custody of a bailee *Property deemed to be an instrumentality of transportation or communication, such as bridges and radio towers *Mobile medical equipment *Contractors equipment Traditionally, marine insurers such as the underwriters at

Lloyd's of London Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, England. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body gove ...

covered cargo in the course of international commercial voyages by sea, providing coverage on an "all risk" basis: physical loss or damage from ''any'' cause was covered ''unless'' the policy specifically excluded that cause. Subsequently, a marketplace for

fire insurance Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or ...

for buildings on land arose, especially after the

Great Fire of London The Great Fire of London was a major conflagration that swept through central London from Sunday 2 September to Thursday 6 September 1666, gutting the medieval City of London inside the old Roman city wall, while also extending past th ...

in 1666. Fire insurance companies typically provided narrower coverage, where the policies specifically listed specifically the only perils covered, and excluded all losses from any other causes. In the 19th century the course of the

Industrial Revolution The Industrial Revolution was the transition to new manufacturing processes in Great Britain, continental Europe, and the United States, that occurred during the period from around 1760 to about 1820–1840. This transition included going f ...

gave rise to new exposures on land, such as telegraphs, railroad equipment, and other types of property with which fire insurance companies were unfamiliar, and inclined to grant coverage only for "enumerated perils". Marine insurers, accustomed to providing "all risk" coverage to cargo in transit, began competing in the insurance marketplace for these types of equipment and other "instrumentalities of communication and transportation". Despite the word ''marine'', most inland marine coverages are for property on land, with property transported by water insured under ocean marine. This led to marine insurers competing in the fire insurance marketplace against fire insurance companies. Ultimately, the

National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territo ...

regulated the situation, adopting a Nationwide Marine Definition in 1933 which laid out what types of property were eligible for "inland marine" insurance coverage. 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:

* Actually in transit * Held by a
bailee Bailment is a legal relationship in common law, where the owner transfers physical possession of personal property ("chattel") for a time, but retains ownership. The owner who surrenders custody to a property is called the "bailor" and the in ...
* At a fixed location that is an instrument of transportation * A movable type of goods that is often at different locations

The following coverages represent a wide range of the types of coverages typically called "inland marine":

*
Accounts Receivable Accounts receivable, abbreviated as AR or A/R, are legally enforceable claims for payment held by a business for goods supplied or services rendered that customers have ordered but not paid for. These are generally in the form of invoices raised ...
* Bailee Customer's Goods *
Builders Builder may refer to: * Construction worker, who specializes in building work * Carpenter, a skilled craftsman who works with wood * General contractor, that specializes in building work ** Subcontractor * Builder (detergent), a component of mode ...
' Risk * Camera and Photographic Equipment * Communication Towers and Equipment *
Computer A computer is a machine that can be programmed to carry out sequences of arithmetic or logical operations ( computation) automatically. Modern digital electronic computers can perform generic sets of operations known as programs. These prog ...
Coverage * Contractors Equipment * Commercial Floaters * Dealers * Exhibitions *
Fine Arts In European academic traditions, fine art is developed primarily for aesthetics or creative expression, distinguishing it from decorative art or applied art, which also has to serve some practical function, such as pottery or most metalwor ...
* Furriers *
Golf Golf is a club-and-ball sport in which players use various clubs to hit balls into a series of holes on a course in as few strokes as possible. Golf, unlike most ball games, cannot and does not use a standardized playing area, and coping wi ...
Equipment *
Guns A gun is a ranged weapon designed to use a shooting tube (gun barrel) to launch projectiles. The projectiles are typically solid, but can also be pressurized liquid (e.g. in water guns/cannons, spray guns for painting or pressure washing, ...
* Installation * Jewelers * Leased Property * Mobile Medical Equipment * Motor Truck Cargo *
Museums A museum ( ; plural museums or, rarely, musea) is a building or institution that cares for and displays a collection of artifacts and other objects of artistic, cultural, historical, or scientific importance. Many public museums make these ...
*
Musical Instruments A musical instrument is a device created or adapted to make musical sounds. In principle, any object that produces sound can be considered a musical instrument—it is through purpose that the object becomes a musical instrument. A person who pl ...
* Processing Risks *
Rigger Rigger may refer to: * One who attends to the rigging of a sailing ship * Rigger (entertainment), those who tend rigging in stage performance (theater, film, concert, etc.) * Rigger (industry), specializing in moving large/heavy objects such as lo ...
's Liability * Scheduled Property *
Transportation Transport (in British English), or transportation (in American English), is the intentional movement of humans, animals, and goods from one location to another. Modes of transport include air, land ( rail and road), water, cable, pipelin ...
* Trip Transit * Valuable Papers * Warehouse Legal

References

{{DEFAULTSORT:Inland Marine Insurance Types of insurance Marine insurance