Final answer:
Inland marine insurance protects goods transported on land or held by third parties, including bailee held property, dealers property, and domestic shipments, but excludes water transportation which requires ocean marine insurance. The correct option is D.
Step-by-step explanation:
Understanding Inland Marine Insurance Classification
Inland marine insurance is a type of coverage that protects goods, materials, and equipment when transported over land or stored by a third party. This type of insurance can be classified by a number of categories based on what is being insured. Some of the classifications include:
- Bailee held property - This covers personal property entrusted to a bailee. Bailees could be businesses like dry cleaners, repair shops, or storage facilities, that are responsible for the property of others.
- Dealers property - This refers to property that is held by dealers, such as car dealerships or art galleries, covering their inventory from loss or damage.
- Domestic shipments - This includes property that is being transported within the boundaries of a country, safeguarding goods in transit from various risks.
However, there is a category that is not classified under inland marine insurance:
- Water transportation - As the name suggests, inland marine insurance does not cover transportation over water. This refers to the movement of goods over seas, lakes, and rivers, which typically requires ocean marine insurance instead.
In summary, inland marine insurance does not classify water transportation as one of its categories because it involves transportation over water, not land, and thus falls under a different type of insurance.