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Inland Marine Coverage

Inland Marine Coverage

Definition

Property insurance for property in transit over land, certain types of moveable property, instrumentalities of transportation (such as bridges, roads, and piers, instrumentalities of communication (such as television and radio towers), and legal liability exposures of bailees. Many inland marine coverage forms provide coverage without regard to the location of the covered property; these are sometimes called "floater" policies. As a group, inland marine coverage forms are generally broader than property coverage forms.
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Related Terms

All Risks Coverage

Property insurance covering loss arising from any fortuitous cause except those that are specifically excluded. This is in contrast to named perils coverage, which applies only to loss arising out of causes that are listed as covered. Although many industry practitioners continue to use the term "all risks" to describe this approach to defining covered causes of loss in a property insurance policy, it is no longer used in insurance policies because of concern that the word "all" suggests coverage that is broader than it actually is. Because of this concern, some industry practitioners have begun to use the term "open perils" or "special perils" instead of "all risks."

Builders Risk Policy

A property insurance policy that is designed to cover property in the course of construction. There is no single standard builders risk form; most builders risk policies are written on inland marine (rather than commercial property) forms. Coverage is usually written on an all risks basis and typically applies not only to property at the construction site, but also to property at off-site storage locations and in transit. Builders risk insurance can be written on either a completed value or a reporting form basis; in either case, the estimated completed value of the project is used as the limit of insurance.

Cargo Insurance

Inland or ocean marine insurance covering property in transit.

Equipment Floater

Property insurance covering equipment that is often moved from place to place. A form of inland marine insurance.

Fine Arts Coverage

Inland marine property insurance for works of art, typically written on a valued basis.

Floater Policy

An inland marine property insurance policy that covers personal property wherever it may be within the policy territory.

Installation Floater

Inland marine coverage on property (usually equipment) being installed by a contractor. Essentially a specialized type of builders risk coverage that is often written on the same form used to provide builders risk coverage.

Jewelers Block Insurance

Inland marine insurance designed to provide coverage for loss of or damage to jewelry that is the stock of jewelry retailers, wholesalers, manufacturers, and pawnbrokers.

Named Perils Coverage

A property insurance term referring to policies that provide coverage only for loss caused by the perils specifically listed as covered. It contrasts with all risks coverage, which applies to loss from all causes not specifically listed as excluded.

Ocean Marine Coverage

Insurance covering the transportation of goods and/or merchandise by vessels crossing both foreign and domestic waters including any inland or aviation transit associated with the shipment. This type of marine insurance also encompasses coverage for damage to the vessels involved in shipments and any legal liability arising in the course of shipment.

Open Perils

Refers to property insurance that insures against loss to covered property from all causes except those that are specifically excluded. This method of identifying covered causes of loss in a property policy has traditionally been referred to as "all risks" coverage. Many industry practitioners continue to use the term "all risks" to describe this approach to defining covered causes of loss in a property insurance policy. However, it is no longer used in insurance policies because of concern that the word "all" suggests coverage that is broader than it actually is. Because of this concern, some industry practitioners have begun to use the term "open perils" or "special perils" instead of "all risks."

Property Insurance

First-party insurance that indemnifies the owner or user of property for its loss, or the loss of its income-producing ability, when the loss or damage is caused by a covered peril, such as fire or explosion. In this sense, property insurance encompasses inland marine, boiler and machinery (BM), and crime insurance, as well as what was once known as fire insurance, now simply called property insurance: insurance on buildings and their contents.

Tool and Die Floater

Inland marine coverage on metal molds and specialized tools needed to produce a customized metal part or housing. A tool and die policy may be necessary when such property is located at the premises of other manufacturers with whom the insured has contracted to supply certain custom components.

Transit Coverage

Inland marine coverage on the insured's property while in transit over land from one location to another.

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