How does inland marine insurance differ from standard property insurance?

Inland marine insurance is distinct from standard property insurance primarily because it is specifically designed to cover property that is in transit or located at various locations rather than just at a fixed location like a standard property insurance policy often does. This type of insurance is particularly beneficial for businesses that handle goods that are frequently transported or stored off-site, such as contractors' equipment, works of art, or items being shipped by a retailer.

Standard property insurance typically covers a specific location, providing protection for buildings and contents within that single location. Therefore, it does not cater to situations where property is not at a designated premises or is in transit. Inland marine insurance addresses this gap, ensuring that valuable items have coverage regardless of where they are at a given time, whether they are on the road, in storage, or at a different site, making it essential for businesses that require flexibility in coverage for their movable assets.