“Inland Marine Insurance” has an interesting history of how it came to be, before the Industrial Revolution occurred many people and companies shipped goods and other things of value over the ocean by ship. Many of these people and companies insured their cargo with “Marine Insurance” and it covered any type of risk that it would come across during its journey! These companies became very wealthy and large due to the large amount of ocean shipping at the time!
Once railroads and telegraphs sped up the shipping and logistics process on land and the ocean shipping industry started to shrink, these Marine Insurance companies started to move their experience in the shipping industry more towards land-based transport to stay business. Since not many other companies could compete with the experienced marine insurance companies and their unmatched policies people started to refer to the land version of this type of coverage as “Inland Marine Insurance”!
Now in present time, the old name “Inland Marine Insurance” has remained the same but insurance companies have caught up to each other in their Inland Marine Insurance offerings. You will find many different insurance companies have their own kinds of Inland Marine Insurance and not just the old “marine insurance companies”!