Inland Marine 220 Interactive Study Guide PassInsuranceExam.com © American Marketing Management and Motivations Services, Inc

Inland Marine The oldest type of insurance is “Ocean” Marine insurance. “Ocean” Marine was designed to cover those perils related to the transportation of goods over water. But once the goods were delivered to the dock the “Ocean” Marine coverage ended. Because of the great need to cover the property from the dock “inland” to the destination the development of Inland Marine was started.

Nationwide Definition To help identify the kinds of risks which are eligible for either Ocean or Inland Marine insurance, the industry developed the Nationwide Definition. The Definition lists six categories of eligible Marine risks:  1.Imports.  2.Exports.  3.Domestic Shipments.  4.Instrumentalities of Transportation or Communication. Personal Property Floater Risks  5.Personal Property Floater Risks.  6.Commercial Property Floater Risks. Personal Property Floater Risks Personal Property Floater Risks. category is provided by the Personal Inland Marine Policies; usually done through the homeowners policy.

Nationwide Definition To help identify the kinds of risks which are eligible for either Ocean or Inland Marine insurance, the industry developed the Nationwide Definition. The Definition lists six categories of eligible Marine risks:  1.Imports. – Ocean Marine  2.Exports– Ocean Marine  2.Exports – – Ocean Marine  3.Domestic Shipments.  4.Instrumentalities of Transportation or Communication. Personal Property Floater Risks  5.Personal Property Floater Risks.  6.Commercial Property Floater Risks. Personal Property Floater Risks Personal Property Floater Risks. category is provided by the Personal Inland Marine Policies; usually done through the homeowners policy.

Nationwide Definition To help identify the kinds of risks which are eligible for either Ocean or Inland Marine insurance, the industry developed the Nationwide Definition. The Definition lists six categories of eligible Marine risks:  1.Imports. – Ocean Marine  2.Exports– Ocean Marine  2.Exports – – Ocean Marine  3.Domestic Shipments. – Commercial  4. Instrumentalities of Transportation or Communication– Commercial  4. Instrumentalities of Transportation or Communication – Commercial Personal Property Floater Risks  5.Personal Property Floater Risks.  6.Commercial Property Floater Risks. – Commercial Personal Property Floater Risks Personal Property Floater Risks. category is provided by the Personal Inland Marine Policies; usually done through the homeowners policy.

Portability The characteristic which makes items eligible for Inland Marine coverage is an element of portability! Cell Phone – Inland Marine Jewelry – Inland Marine Coins What else can you think of ? There are exceptions but as a general rule, Inland Marine forms do not cover such stationary property as real estate, furniture, fixtures, or merchandise in the course of manufacture (or "wet marine").

End Demo Inland Marine © American Marketing Management and Motivations Services, Inc