Inland Marine Insurancetransportation Insurance

Definition of "Inland marine insurance(transportation insurance)"

Coverage for property damage or destruction of an insured's property and liability exposure of an insured for damage or destruction of someone else's property under his or her care, custody, or control. The insured (shipper) needs this insurance because the carrier (who can also be the insured and purchase inland marine insurance) may be found not at fault for damage to a property; or the carrier may not have any insurance or adequate insurance.

Search Real Estate Glossary

Related Real Estate Glossary terms

Related Real Estate FAQ