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Like ocean marine insurance, inland marine insurance has been traditionally less regulated in the United States. [3] Inland marine policies became known as "floaters" since the property to which coverage was originally extended was essentially "floating." The coverage has grown to include property that just involves an element of transportation.
The state legislature created the Indiana Port Commission in 1961 to research and act upon opening maritime ports on Indiana's Lake Michigan shoreline as well as the Ohio River. [1] Ports of Indiana-Burns Harbor opened in 1970 and is located on Lake Michigan at the intersection of U.S. Route 12 and Indiana State Road 249. [2]
The Waterways Journal publishes several authoritative reference works for the river industry. These include the Inland River Record, a complete listing of inland commercial vessels updated annually, and the Inland River Guide, an annual directory of companies with waterways-related business, including barge and towing companies; harbor fleeting companies; terminals; shipyard and repair ...
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
Marine insurance traditionally formed the majority of business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym 'MAT'. It is common for marine insurance agencies to compete with the offerings provided by local insurers.
A typical business owner's policy includes property and liability insurance. The property insurance portion of a BOP is available most often as named-peril coverage, which provides compensation only for damage caused by events specifically listed in the policy (typically fire, explosion, wind damage, vandalism, smoke damage, etc.). [3]
Inland waterways in the United states are managed by the US Army Corps of Engineers (USACE). [ citation needed ] A mechanism similar to the fairway dues, a Harbor Maintenance Tax on imports is used to finance the maintenance (primarily dredging) of the ports on the coasts and Great Lakes .
Allstate continued to sell additional types of insurance to customers throughout the decade, including worker's-compensation insurance in 1964, surety bonds in 1966, inland-marine coverage in 1967, and a business package policy in 1969. [7]
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