Inland Marine and Other Property Lines
This domain tests coverage for property that is mobile, in transit, or not well served by ordinary property forms. Inland marine is not a single policy; it is a family of forms and floaters.
Core inland marine concepts
Inland marine covers scheduled or blanket property such as cameras, jewelry, tools, instruments, and goods in transit. Builders risk covers property under construction. Motor truck cargo covers goods while carried by a carrier. Bailee coverage protects property in the insured's care. Floaters may follow the property over a territorial area rather than confine coverage to a fixed location.
Scheduling and valuation
Scheduled property is listed with a limit or value; blanket coverage applies a single limit to a class of property. Valuation may be actual cash value, replacement cost, or agreed value. Deductibles and sublimits vary. Pair-and-set provisions can affect payment when one item of a set is damaged.
Worked example
A photographer schedules a $15,000 camera under a commercial inland marine floater. The camera is dropped into a river while on assignment. The scheduled floater responds to direct physical loss unless an exclusion applies, subject to the scheduled limit and deductible. If the camera had been unscheduled under a homeowners policy, a special limit for business or electronic property might sharply reduce recovery. The schedule, not general homeowner coverage, is the key.
Traps
Do not confuse inland marine with ocean marine. Do not assume all property in transit is covered automatically. Do not treat a blanket limit as a schedule of agreed values. Check territorial limits and exclusions for unattended vehicles or mysterious disappearance.