coverage for (1) property damage or destruction of an insured's property and (2) 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 damageto a property; or the carrier may not have any insurance or adequate insurance.
Perils covered include fire, lightning, windstorm, flood, earthquake, landslide, theft, collision, derailment, overturn of the transporting vehicle, and collapse of bridges. Specialty coverages include: accounts receivable insurance; air cargo insurance; armored car and messenger insurance; consignment insurance; contingent transit insurance; cotton insurance; department store insurance floater; equipment floaters insurance; installation insurance; installment insurance; instrumentalities of transportation insurance; motor truck cargo insurance; parcel post insurance; railroad rolling stock insurance; registered mail and express mail insurance; trip transit insurance; valuable papers (records) insurance.
