Which term describes coverage for loss or damage to personal property during transit?

Inland Marine Insurance is specifically designed to cover loss or damage to personal property while it is in transit or being transported over land. This type of insurance originated from the need to protect goods that were transported via waterways and later expanded to cover various forms of transport. It includes coverage for items moving from place to place, ensuring that the policyholder is protected during the shipping process, whether it’s by truck, train, or another means.

This type of policy is crucial for businesses or individuals that frequently ship goods, providing peace of mind that their property is insured against theft, damage, or other risks during transit.

While property insurance generally covers losses to personal belongings, it typically applies to items that are stationary rather than in transit. General liability insurance primarily focuses on liability for bodily injury and property damage, while auto insurance is specific to vehicles and does not encompass coverage for personal property being transported unless it’s specifically stated in the policy. Therefore, Inland Marine Insurance is the most accurate and relevant term for this type of coverage.