What is the purpose of an inland marine policy?

The purpose of an inland marine policy revolves around the coverage it provides for goods in transit or movable property. This type of insurance is designed to protect property that is not fixed in location, such as merchandise, equipment, or other tangible personal property while it is being transported over land or stored at different locations.

Inland marine insurance originally stemmed from marine insurance, which covered goods transported over water, but it has evolved to address more extensive needs related to transportation and mobility. As businesses and individuals frequently move valuable items, this policy effectively addresses the risks associated with various transit scenarios, including theft, damage, or loss during transport or while in temporary storage.

This focus on movable property differentiates inland marine insurance from policies that cover real estate properties, vehicles and boats, or workplace injuries, each of which falls under specific insurance categories that are not aimed at covering goods in transit.