Commercial property coverage is built around described premises, so it fits property that moves poorly. Inland marine exists for property that is in transit or not tied to one location. A contractor whose bulldozers move from job site to job site is a typical buyer; contractors equipment is one of the standard inland marine classes, along with transit and cargo.

California law sets the outer boundary. Under §103, marine insurance includes insurance of property at risk in transit on land, water or air; personal property floater risks; and precious stones and jewelry, whether or not in transit. Its liability paragraph expressly leaves out life insurance and surety bonds.

A bill of lading is a document evidencing the receipt of goods for shipment, issued by a business that transports or forwards goods (Com. Code §1201(b)(6)). It is a receipt and shipping contract, not insurance.

A bill of lading can also limit the carrier's liability to a stated value per item when the shipper had a chance to declare a higher value (Com. Code §7309(b)). That limit is one reason shippers buy inland marine transit coverage of their own.