Inland marine insurance was once used strictly in the ocean marine industry to protect against property losses before, during and after water transfers. As the non-ocean aspect of the cargo journey developed, cargoes were transferred to barge, and the term “inland marine” was created. These policies became known as “floaters” because the property covered was originally floating in the ocean.
In the modern insurance industry, inland marine coverage provides protection to fill any gaps in commercial property protection or to reach specific limits of coverage.