Which of the following statements is true about inland marine insurance?
A)It is an outgrowth of automobile insurance.
B)It is often on an open-perils basis.
C)It is generally for actual cash value.
D)It is often on a named-perils basis.
E)It includes wear and tear and intentionally caused loss.

Question

Quizplus · Accepted Answer

Inland marine insurance typically covers property on the move or in transit, and it is often on an open-perils basis, meaning it covers all losses unless specifically excluded. This contrasts with named-perils coverage, which only covers losses explicitly listed in the policy.

Which of the Following Statements Is True About Inland Marine