Which class of property cannot be covered under a marine policy?

The reason public property floater risks cannot be covered under a marine policy is that marine insurance is specifically designed to cover property in transit over water or the associated risks of maritime operations. This type of insurance primarily pertains to vessels, cargo, and sometimes the freight associated with them. Public property floater risks represent a type of insurance that covers property that is at a fixed location or in transit, but this category is not aligned with the core principles of marine insurance.

Marine insurance policies generally cover ships (vessel coverage), cargo (cargo insurance), and even freight coverage, which includes the risks associated with the transport of goods. The distinction here is that public property does not fit into the maritime context, which is essential for marine insurance eligibility. Thus, the primary focus of marine policies is the goods and vessels directly involved in maritime activities, excluding public property from coverage.