Why is mobility a key characteristic of property insured under Inland Marine contracts?

Mobility is a key characteristic of property insured under Inland Marine contracts because these types of policies are specifically designed to cover moveable property, regardless of its location. Unlike traditional property insurance which typically focuses on stationary assets, Inland Marine insurance addresses items that are frequently transported or can be located at different sites over time. This includes various forms of personal property such as tools, equipment, artwork, and certain types of goods in transit.

The focus on moveable property means that the coverage is broad and adaptable, catering to the needs of businesses and individuals who require protection for items that may not be confined to a single location. This includes property traveling over land or water, at various stages of transportation, or even while temporarily housed at different locations. The essence of Inland Marine insurance is to provide coverage that aligns with the mobility and the transitional nature of the property involved.

Understanding this key characteristic allows policyholders to ensure that their valuable and portable assets are adequately covered, no matter where they are situated.