Nowadays, the general people might heard only about a few types of insurance policies like life insurance, health insurance, home insurance, car insurance, disability insurance and a few others. But do you know that there are about thousands of insurance policies in the world and many insurance policies are also very much popular in some countries. But you might not have the knowledge about those insurance policies. Don’t worry, we are here to inform you about some different insurance policies. Let’s start;
- Federal Flood Insurance is a federal program that provides coverage for flood losses to homeowners and business firms in flood zones. Flood loses are excluded under standard homeowners and renters policies. Flood insurance is typically sold by participating property and casualty insurers.
- Fire Insurance covers losses caused by fire and lightening. It is usually sold as part of package policy, such as a commercial multiple-peril policy. Allied lines refer to coverage that are usually purchased with fire insurance, such as coverage for windstorm, hail, and vandalism. Indirect losses can also be covered, including the loss of business income, rents and extra expenses.
- Commercial multiple Peril Insurance is a package policy, which can be written to include property insurance, general liability insurance, business income insurance, equipment break down insurance, and crime insurance.
- General Liability Insurance covers the legal liability of business firms and other organizations that arise out or property damage or bodily injury to others. Legal liability can arise out of the ownership of business property, sale or distribution of products, and manufacturing or contracting operations. However, general liability insurance does not include products liability insurance, which is a separate line.
- Products liability Insurance covers the legal liability of manufacturers ,wholesalers, and retailers to persons who are injured or incur property damage from defective products.
- Workers compensation Insurance covers workers for a job related accident; or disease. The insurance pays for medical bills, disability income benefits, rehabilitation benefits, and death benefits to the dependents of an employee whose death is job-related.
- Commercial Auto Insurance covers the legal liability of business firms arising out of the ownership or operation of business vehicles. It also includes physical damage insurance on covered business vehicles for damage or loss resulting from a collision, theft or other perils.
- Accident and Health Insurance is also sold by some property and casualty insurers. This line is similar to the health insurance coverage sold by life and health insurers.
- Inland Marine Insurance covers goods being shipped on land, which include imports, exports, domestic shipments and instrumentality of transportation. Inland marine insurance also covers personal property such as fine art, jewelry and furs.
- Ocean Marine Insurance covers ocean-going vessels and their cargo from loss or damage because of perils of the sea; contracts are also written to cover the legal liability of shippers and owners.
- Professional Liability insurance provides protection against malpractice lawsuits or lawsuits that result from a substantial error or omission. Professional liability insurance covers the professional acts or omission of physicians, surgeons etc.
- Directors and Officers Liability Insurance provides financial protection for the directors and officers and the corporation if the directors and officers are sued for mismanagement of the company’s affairs.
- Boiler and Machinery Insurance is a highly specialized line that covers losses due to the accidental breakdown of covered equipment.
- Fidelity Bonds over loss caused by dishonest or fraudulent acts of employees.
- Crime Insurance;
So these are the examples of some insurance policies. There are also some more important insurance. But we will cover those insurance policies in our next article. Till then please be with us and support us. Thank you for reading our article.