Which of the following is an optional coverage on a Specialized Marine Policy (S.M.P)?

In a Specialized Marine Policy (S.M.P), optional coverages allow policyholders to customize their insurance according to specific needs, especially in relation to marine operations. Inland transportation is indeed considered an optional coverage. It provides insurance for goods being transported over land, which is supplemental to typical marine coverage that primarily focuses on vessels and related perils.

The other options involve coverage types that are generally more standard or required aspects of a comprehensive policy. Property in transit typically refers to items currently being transported, which may already be included in the basic coverage. Coverage for damage in storage generally applies to property held in a location and might not be categorized as an optional extension in the same way as inland transportation. Lastly, replacement cost coverage is often a standard feature that allows for the replacement of property without depreciation considerations and may not be specifically labeled as optional in the context of S.M.P.

Thus, the classification of inland transportation as optional aligns with the customization aspect of the policy, allowing the insured to specifically add coverage that addresses their unique logistical needs.