General insurance

General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and casualty insurance in the U.S. and Non-Life Insurance in Continental Europe.

In the UK, General insurance is broadly divided into three areas; personal lines, commercial lines and London market.

The London market insures large commercial risks, for example insuring supermarkets, football players and other very specific risks. It consists of a number of insurers, reinsurers, [P&I Clubs], brokers and other companies that are typically physically located in the City of London. The Lloyd's of London is a big participant in this market. The London Market also participates in personal lines and commercial lines, domestic and foreign, through reinsurance.

Commercial lines products are usually designed for relatively small legal entities. These would include workers comp (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations.

Personal lines products are designed to be sold in large quantities. This would include autos (private car), homeowners (household), pet insurance, creditor insurance and others.

Types of Insurance: More than 150 Policies

Had all of us been specially gifted to be able to predict our futures, we could plan life accordingly. If we had known when or where we will face an accident we could either be cautious or maybe avoid that road. But the fact is that we can not predict our future. All that we can do is make a guess and make certain deductions. One big way to plan for our lives is to invest in insurance policies. There are more than 150 different types of policies that you can choose from. Which policy you opt to take will depend on the requirement that you have.

The list below gives you a clear picture of the different kinds of policies and the coverage they provide, the premium type that you may need to pay and also whether there are floaters to support the main insurance plan. Take a look:

Insurance Policy / Coverage	Condition	Plan Type	Coverage Subject	Premium Type	Additional Information
A
Accident	Accidents both on and off-jobs	Individual	Entity	Moderate	-
Aircraft	Physical damage to aircraft. Property damage or bodily injury to people other than the named insured. Property damage and bodily injury to named insured.	Individual	Object	Moderate	-
Annual Travel	Multi trip and single trip	Individual	Entity	Moderate	-
Antiques	Theft of antique car or other antique possession that you have enlisted in the policy.	Both	Object	Expensive	-
Art	Expensive art. Art by a famous artist. Theft, Breakage or Mishap in transit. Residents of a high risk flood or earthquake zone.	Both	Object	Expensive	-
Auto	Accident, Medical conditions due to accident, getting hit by uninsured or underinsured motorists, collision, damage from storm, vandalism or a passive object like tree or a post.	Individual	Both	Moderate	-
Avian	Accidental injuries e.g. collision with fan or window, Feather picking, GI infections, respiratory problems, illness.	Individual	Both	Moderate	-
B
Backpackers	Accident, Illness, theft, trip cancellation	Individual	Object	Moderate	-
Bicycle	Theft, vandalism, hit by another vehicle, hit another vehicle or individual.	Individual	Object	Moderate	-
Birthday	If you want to save for your grandchildren	Individual	Entity	Moderate	-
Boat	Accident, any injury due to accident to your boat or to any other individual's boat or to the individual himself	Individual	Object	Expensive	-
Boiler	For heating cover	Individual	Object	Moderate	-
Breakdown	Car breakdown	Individual	Entity	Moderate	-
Builders	Damage to buildings while under construction.	Individual	Entity	Moderate	-
Buildings	Damage to the structure of the property (building).	Individual	Object	Moderate	-
Buisness	Damage to business property, interruption to business, property damage or bodily damage to others.	Group	Both	Expensive	-
Buisness Travel	Work related travel	Individual	Both	Moderate	-
C
Car Dealer	Theft, weather related damages	Individual	Entity	Moderate	-
Caravan	Accidental damage, flood, fire, liability, storms, theft, lost keys, destruction and glass damage.	Individual	Object	Moderate	-
Care Home	Long term care at home, nursing care, sheltered accommodation.	Individual	Object	Expensive	-
Casualty	Loss of property, damage to liability like vehicle, theft and casualty in elevator.	Individual	Both	Moderate	Floater - Yes
Cat	Any accidents, illness, hereditary conditions, flea control, hospitalization, surgeries.	Individual	Entity	Moderate	Floater - Yes
Catering	Stock (high risk stocks like wine, spirits and tobacco), building, fixtures and fittings, glass and sanitary fittings, interruption to business, products liability, public liability, deterioration of stock, personal accident, employers liability, book debts, money and personal assault, commercial legal expenditure.	Individual	Object	Expensive	-
Chauffeur	Vehicle replacement, breakdown, accident, glass breakage, public liability.	Individual	Entity	Moderate	Age - 25
Chemist	Loss of stock, earnings. Accidental damage, destruction, public liability, legal costs, computer breakdown.	Individual	Entity	Moderate	-
Church	Damage to property, cost of replacement, liability towards others, personal injury, medical treatments, workers' compensation, church vehicle, fine arts.	Individual	Object	Moderate	-
Classic Car	Value of car, bodily injury, property damage, accident by uninsured motorist, collision, damage from fire, theft, wind, hail, flood, destruction etc. Medical treatment, personal injury.	Individual	Both	Expensive	-
Commercial	Loss to personal or real property, damage to machinery, builder's risk, interruption to business, burglary, robbery or money, securities, stocks and employee fixtures, theft, liability.	Individual	Both	Expensive	-
Computer Consultant	Profesional liability, Lawsuits due to failure of technology services. Lawsuits due to negligence and breach of warranty.	Individual	Entity	Expensive	-
Computer Contractors	Personal accident, sickness, business travel, indemnity, damage to property, legal expense.	Individual	Entity	Moderate	Floater - Yes
Computer	Accidental damage, damage due to water spillage, theft.	Individual	Object	Moderate	-
Concert & Gig	Lawsuits arising from liabilities like physical damage, third party property damage. Replacement cost of stolen of damaged equipment, sets, wardrobe, prop, cancellation of event, medical treatment costs, liquor liability, automobile liability.	Group	Both	Expensive	-
Condo	Burglary, damage from water, injury to another third party, loss of personal property and damage to the interior of your unit.	Individual	Both	Moderate	Floater - Yes
Conference	Bodily injury, property damage, coverage for rental equipment, business crime, liability coverage, event cancellation.	Individual	Both	Expensive	-
Construction	Accidents in construction site, personal injury, death.	Individual	Both	Expensive	-
Contents	Fire, Flood, Theft, any other peril.	Individual	Both	Expensive	-
Corporate-Owned Life insurance	To prevent loss of key executive, to finance benefit plans.	-	-	-	-
Credit	When an individual is unable to pay back loans, disability, involuntary unemployment during term of coverage, loss or damage of property.	Individual	Entity	Moderate	-
Critical Illness	Critical illness as covered by policy.	Individual	Entity	Expensive	-
Crop	Catastrophe, Hail, Fire, Lightning, Vandalism, transit, loss of stored grain, lost revenue caused by low prices or low yields or a combination of the two.	Individual	Object	Moderate	-
Cyber Space Liability	Threat to privacy, infringement of intellectual property, virus infection, trouble from any third party transferred via the web.	-	-	-	-
D
Dental	Tooth injuries, accidents, illness, cleaning, dental check ups, tooth and gum disease, tooth extractions, fixing chipped teeth. Orthodontics, denture work.	Individual	Entity	Moderate	-
Disability	Medical condition that makes you unable to earn for a specific period of time.	Individual	Entity	Moderate	-
Driver	Bodily injury, property damage liability. Comprehensive and collision coverage, medical treatment.	Individual	Both	Expensive	Floater - Yes
Dog	Accidents, illness, preventive care including surgeries, diagnostic testing, hospitalization, X-rays, lab fees, office visits and more.	Individual	Entity	Expensive	-
E
Earthquake	Damage to property or bodily damage due to earthquake.	Individual	Object	Moderate	-
Employment practice liability(EPLI)	Discrimination, breach of contract, negligent evaluation, sexual harassment, wrongful discipline, emotional distress, ,mismanagement of employee benefit plans.	-	-	-	-
Engineering	Sudden and unforsen damage that includes breakdown from an internal defect. Accidental damage for plant as well as equipment, injury to contract workers.	Individual	-	-	-
Event	Special events, annual events, exhibitions, wedding, Cancellation of events, Damage to event.	Individual	Object	Expensive	-
Exotic Animal	Theft, expensive vet fees, accident, sickness, disease, fire, lightning, storms etc.	-	-	-	-
F
Factory	Fire, theft, flood, accidental damage, product liability, employers liability, goods in transit etc.	-	-	-	-
Farm	Liability, physical damage, third party property damage, medical treatment for participants and spectators, damage due to bad weather, earthquake, flood, damage to rented equipment, props, sets and wardrobe.	Individual	Object	Moderate	-
Festival & Carnival	Damage to farm buildings, machinery, fencing, hay, livestock, property in transit and contents due to fire, storms, theft, burglary and any other event defined in policy.	-	-	-	-
Fair	Public liability claims made by visitors to the fair, damage to property used in the fair, claims made by employee, cancellation and abandonment of fair.	Both	Object	Expensive	-
Fish Stock	Accident, illness/disease, loss of use.	-	-	-	-
Footballer	Loss of income due to injury, illness or death.	-	-	-	-
Funeral	On account of the policy holder's death.	Individual	Entity	Moderate	-
G
Gadget	Theft, Loss, Accidental Damage.	Both	Object	Moderate	-
Garage	Bodily injury, property damage or destruction of goods.	Individual	Object	Expensive	-
General	Casualty and damage to property.	Individual/Group	Object	Moderate	-
Golf	For player: Death, loss of organs, medical expense. For others: Loss of life, lawsuits, medical expense. For policy holder's equipment: Damage, theft.	Individual/Group	Object	Moderate	-
Group	Individuals looking for health insurance. Treatment for mental health and availing prescription drugs. For policy holder's equipment: Damage, theft.	Group	Entity	Moderate	-
H
Health	Medical treatment, illness, accident, any medical condition.	Both	Entity	Moderate	-
Holiday Home	Accidental damage to property and building contents, Damage to outbuildings, garages and swimming pools, theft of content from outbuilding. Fire, flood, oil leaks, collision/impact damage, loss of rent, alternative accommodation, legal liabilities to third paties.	Individual	Object	Moderate	-
Home Owners	Damage from fire, theft, storm and lightning. Damage from flood and earthquake under special insurance policies.	Individual	Object	Moderate	-
Horse	Death due to any cause. Cost of major medical and surgical treatment. Loss of use. Accidental death.	-	-	Expensive	-
Hotel	Flood, earthquake, wind, business interruption, boiler and machinery, flood clean up expenses, crime, builder's risk, liability, liquor liability, compensation for workers, injury on-the-job.	-	-	-	-
Household	Burglary, fire, flooding, accidents, property damage, liability towards others.	-	Entity	-	-
I
Income Protection	Loss of income due to inability to work from an accident or a serious illness.	Individual	Entity	Moderate	-
Industrial Plant	Work related injuries, medical treatments, hospitalization and related services, loss of income due to injury.	Individual	Objects	Expensive	-
IT Workers	Liability to third party for causing financial loss.	Individual	Entity	Expensive	-
J
Jewelry	Theft, damage, disappearance, repair of jewelry, jewelry replacement cost.	Individual	Object	Expensive	Floater: Yes
K
Keyman	Untimely death or disability of a top and very important person in an organization - a salesperson, an executive or business owner.	Individual	Entity	Expensive	-
Kidnapping and Ransom	Kidnap, ransom demand and extortion.	Individual	-	-	-
L
Landlord	Material loss or damage of the building or its contents.	Individual	Object	Moderate	-
Legal Expenses	Personal injury, disputes from employment and damage to property ant legal claim made by policy holders.	Individual	Entity	Expensive	-
Lenders Mortgage	Outstanding on loan, loan default.	Individual	Entity	Moderate	-
Liability	Third party claim, damage to third party.	Individual	Both	Cheap	Floater - Yes
Life	Death, terminal illness, critical illness, need to replace income for dependants, create inheritance.	Individual	Entity	Cheap	Age: 0 - 75 years
Loan	Protect monthly loan payments in case of unemployment or disability, accident or sickness.	Individual	Object	Moderate	-
Long Term Care	Disability, chronic illness, adult day care, cost of visiting nurses, nursing home care.	Individual	Entity	Expensive	Age: 65 years
M
Magician's	Public liability, employer's liability, damage or loss of equipment.	-	-	-	-
Manufacturing	Public liability, damage of product, employers liability, interruption of business, loss of money, brakage of goods and glass in transit, personal assault.	-	-	-	-
Marine	Loss or damage to ships, terminals, cargo, property in transit.	Individual	Both	Expensive	-
Media	Employers liability, public liability, products liability, directors' and officers' liability, damage to equipment, accident, legal protection.	-	-	-	-
Medical Supplies	Theft, damage to medical equipment.	-	-	-	-
Mortgage	Death, disability or mortgagor, default of loan amount.	Individual	Entity	Moderate	-
Mortgage Life	Pay mortgage incase of the policyholder's death.	Individual	Entity	Moderate	-
Motorcycle	Damage to accessories, bodily injury liability, cost of medical treatment, personal injury protection, accident with uninsured/underinsured motorists, damage due to theft, destruction, flood, fire, and other listed perils, hitting or getting hit by another vehicle or object, damage to someone else's property arising from an accident.	Individual	Object	Moderate	-
Motor Fleet	Breakdown, recovery, detachment of trailer.	Object	Entity	Expensive	-
Motor Sport	Accidental damage, damage from fire, driver's accident, accident of co-drivers and team members.	Group	Both	Expensive	-
Motor Trader	Road risks, liability, damage to third party's property, loss of business, damage to business due to illness of employees, damage to vehicle in transit.	Individual	Entity	Moderate	-
Musician	Theft or damage of instrument, personal accident, illness, bodily injury to third party, car insurance for touring musicians.	Individual	Object	Moderate	-
N
Newsagents	Contents, fixtures, fittings and stock. Theft, employer's liability, public liability, product liability.	Both	Entity	Moderate	-
Nightclub	General liability, damage to property, building, contents, tenant improvements, loss of income, liability for liquor, assault, worler's compensation, injury out of accident.	Individual	Entity	Expensive	-
No Fault	Accident, injuries from accident, fixing damaged vehicle, medical treatment.	Individual	Person	Moderate	-
O
Office	Damage to equipment, fittings as well as fixtures, damage or loss of stock and goods in transit, business interruption, protect money that is kept on the premises or money that rests with an employee of the office.	Group	Both	Expensive	-
Oil Refinery	Damage or pollution to vehicle and contents of tank as well as cargo, accidental third party pollution, spill response, environmental response.	Both	Both	Expensive	-
P
Parametric	Natural catastrophe, series of losses due to a catastrophe.	Both	Both	Expensive	-
Patent Infringement	Piracy, liability/damages to the policyholder, need to defend patent rights, legal/litigation expenses borne by policyholder.	Individual	Entity	Expensive	-
Permanent Life	Those who want to accumulate policy cash value in order to fund an education, secure retirement, or any other goal for the future. For tax-favored treatment of cash value permanent policies.	Individual	Entity	Moderate	Age: 0 - 75 years
Pet	Illness, treatment cost, surgeries, prescriptions, treating diseases.	Individual	Entity	Moderate	-
Petrol Station	Loss of or damage to material, car wash equipment, public liability, goods in transit, filling pumps, buildings, shop contents, canopies money. Employer's liability and business interruption.	Individual	Objects	Expensive	-
Pharmaceutical Manufacturers	Managed Care	Individual	Entity	Moderate	-
Pharmacy	Prescription plans, Brand name drugs, generic drugs.	Individual	Entity	Moderate	-
Photographer	Damage to property, theft of equipment. In case of a crime and general liability to third party.	Individual	Object	Expensive	-
Political Risk	Political risk, political violence like civil unrest, war, terrorism. Governmental and asset confiscation. Debunking of contract, on demand guarantees, inability to convert foreign currency.	Individual	Entity	Expensive	-
Product Liability	Damage or injury arising from a product, faulty products.	Individual	Objects	Moderate	-
Professional Indemnity	Breach of duty, contravention on other's trademarks, copyrights and broadcasting rights, los of document belonging to clients, liability arising due to theft of client's money.	Individual	Entity	Moderate	-
Professional Liability	Own a business, financial losses from lawsuits filed by clients.	Individual	Entity	Moderate	-
Property	Damage from fire, theft, water, earthquakes, floods, nuclear incidents, war and acts of terrorism.	Individual	Both	Moderate	-
Pub & Public House	Employers and public liability, damage to business contents, loss of liquor license.	Individual	Both	Expensive	-
R
Reinsurance	Risk of loss of insurance companies, inability to settle claim made by customer.	Individual	Entity	Expensive	-
Renters	Damage to possessions inside the building as renter, Protection of furniture, electronic equipment from fire, theft, or wind damage from hurricane.	Individual	Objects	Moderate	-
Restaurant	Property insurance, damage to contents, business income, contamination of food, crime, employee dishonesty, worker's compensation, excess liability, general liability, valet liability (includes physical damage to auto).	Individual	Entity	Expensive	-
Return of Premium Life	Loss of life. Savings for a particular term if death does not occur.	Individual	Entity	Moderate	Age: 0 - 75 years
Revocable	To protect against any faulty beneficiary.	Individual	Entity	Moderate	-
RV	Protection for travel trailer and motor home, total loss replacement, emergency expense, unlimited towing, roadside assistance. Bodily injury, property damage, medical treatments, collision, uninsured/underinsured motorists.	Individual	Both	Expensive	Floater: Yes
S
Second Home	Damage to building, contents of building, property and third party liability.	Individual	Object	Expensive	-
Self	Protection against unknown risks.	Individual	Entity	Moderate	-
Service Garage	Cost of repairing or replacing vehicles when damaged or destroyed.	Individual	Object	Moderate	-
Shop	Liability towards employees for on-the-job injury, public liability, stock protection, contents, cash cover.	Individual	Both	Moderate	-
Show Car	Theft or any form of damage	Individual	Object	Expensive	-
Specialist Car	Accidents, theft of parts, liability, damage in car shows, damage during shipment to another state or country.	Individual	Both	Expensive	Floater: Yes
Specialist Home	Increased fire risk, high replacement costs, damage to contents in high value buildings, flood risks, unoccupied property.	Individual	Both	Expensive	Floater: Yes
Specialist Travel	Pre-existing medical conditions, elderly individuals.	Individual	Both	Expensive	Floater: Yes
Sports	Accident, injury, travel, liability for club and members, prize indemnity, damage to sport arenas.	Individual	Both	Moderate	-
Sports Car	Accidents, replacement cost, theft, fire, legal expenses, breakdown, road rage, glass breakage.	Individual	Both	Expensive	-
State Disability	Loss of wages due to disability not caused by your work.	Individual	Entity	Moderate	-
Student Travel	Medical treatment, trip interruption, emergency travel, health services.	Both	Both	Moderate	-
Students	Accidental damage to home content, possession in student accommodation, loss due to theft of money, loss of credit cards, travel.	Individual	Entity	Moderate	-
T
Taxi	Breakdown, damage, public hire, private hire, fleet cover.	Individual	Both	Moderate	Age: 25-65 years
Term Life	To cover short term goals like a loan, extra life insurance protection.	Individual	Entity	Moderate	Age: 0-75 years
Terrorism	Major terrorist attack	Individual	Both	Expensive	Floater: Yes
Title	Hidden title, protection for lenders and mortgagee as well as owners. Protects against loss from hazards and defects.	Individual	Object	Moderate	-
Tradesman	Employers liability, public liability, property damage, injury.	Individual	Both	Expensive	-
Travel	Trip cancellation and interruption, medical expenses, transportation, stolen or lost baggage.	Individual	Both	Moderate	-
Truck & Lorry	Accidents, fire damage, theft, vandalism, natural disasters.	Individual	Both	Expensive	-
U
Uninsured Motorist	Injuries caused to you and your passengers by an uninsured motorist. Property damage caused due to an auto accident by an uninsured/underinsured motorist.	Individual	Both	Moderate	-
Universal Life	In the event of death and to make tax deferred savings	Individual	Entity	Moderate	Age: 0-75 years
V
Van	Breakdown, legal expenses, accident, vandalism.	Individual	Object	Moderate	-
Variable Life	Premature death	Individual	Entity	Moderate	Age: 0-75 years
VIP Home	Loss or damage to property.	Individual	Both	Expensive	-
VIP Travel	Trip interruption, delay, lost baggage, medical assistance, trip cancellation.	Individual	Both	Expensive	-
W
Warehouse	Contractual liability, breakage, improper handling of goods, loss of goods, damage to goods, employer's liability, public liability.	Both	Object	Expensive	-
Weather	Damage from heavy rainfall, snow, temperature, wind, severe adverse weather	Individual	Entity	Expensive	-
Website	Cyber liability, crime risks, hacking, crisis management, loss of revenue	Individual	Object	Medium	-
Wedding	Cancellation, damage to wedding dress. Loss of deposit, wedding ring. Severe weather condition, transportation shutdown, damaged gifts, sudden illness, venue, any other additional expense	Individual	Object	Moderate	-
Whole Life	For people who need lifetime insurance, need tax-deferred cash value.	Individual	Entity	Moderate	-
Workers' Compensation	Lawsuits resulting from on-the-job accidents, loss of income, medical care for employees	Both	Entity	Moderate	-

Principles of insurance

Commercially insurable risks typically share seven common characteristics.

1. A large number of homogeneous exposure units. The vast majority of insurance policies are provided for individual members of very large classes. Automobile insurance, for example, covered about 175 million automobiles in the United States in 2004. The existence of a large number of homogeneous exposure units allows insurers to benefit from the so-called “law of large numbers,” which in effect states that as the number of exposure units increases, proportionally the actual results are increasingly likely to become close to expected proportions. There are exceptions to this criterion. Lloyd's of London is famous for insuring the life or health of actors, actresses and sports figures. Satellite Launch insurance covers events that are infrequent. Large commercial property policies may insure exceptional properties for which there are no ‘homogeneous’ exposure units. Despite failing on this criterion, many exposures like these are generally considered to be insurable.
2. Definite Loss. The event that gives rise to the loss that is subject to the insured, at least in principle, take place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable. Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.
3. Accidental Loss. The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be ‘pure,’ in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements, such as ordinary business risks, are generally not considered insurable.
4. Large Loss. The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses these latter costs may be several times the size of the expected cost of losses. There is little point in paying such costs unless the protection offered has real value to a buyer.
5. Affordable Premium. If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that anyone will buy insurance, even if on offer. Further, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, the transaction may have the form of insurance, but not the substance. (See the U.S. Financial Accounting Standards Board standard number 113)
6. Calculable Loss. There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
7. Limited risk of catastrophically large losses. The essential risk is often aggregation. If the same event can cause losses to numerous policyholders of the same insurer, the ability of that insurer to issue policies becomes constrained, not by factors surrounding the individual characteristics of a given policyholder, but by the factors surrounding the sum of all policyholders so exposed. Typically, insurers prefer to limit their exposure to a loss from a single event to some small portion of their capital base, on the order of 5 percent. Where the loss can be aggregated, or an individual policy could produce exceptionally large claims, the capital constraint will restrict an insurer's appetite for additional policyholders. The classic example is earthquake insurance, where the ability of an underwriter to issue a new policy depends on the number and size of the policies that it has already underwritten. Wind insurance in hurricane zones, particularly along coast lines, is another example of this phenomenon. In extreme cases, the aggregation can affect the entire industry, since the combined capital of insurers and reinsurers can be small compared to the needs of potential policyholders in areas exposed to aggregation risk. In commercial fire insurance it is possible to find single properties whose total exposed value is well in excess of any individual insurer’s capital constraint. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market.

Types of insurance

Insurance. We hate it. People have even compared it to the protection racket–you give the company your money and it (hopefully) takes care of you when you need it.

Basically, the purpose of all insurance is to protect yourself or your family against the financial impact of a tragedy. Insurance is not to help you budget moderate-sized expenses, but to protect you against the truly catastrophic.

There are two ways to buy insurance. One way is to go to an agent to whom you explain your situation and trust him/her to suggest the insurance that is right for you. The other is do it on your own. You research the various types of policies available, decide what you need, and then comparison shop among the various companies.

The advantage of going to an agent is that an honest and competent one can review your situation and make suggestions. The advantage of going on your own is that you usually pay less for the same amount of insurance

STEPS FOR BUYING INSURANCE

Use these three steps when buying insurance:

Step One: Do I need this type of insurance at all? Figure out what the type of insurance you are considering covers and decide whether you need it.

Step Two: How much of this type of insurance do I need? Policies vary in how much they cover. Some cover specific dollar amounts. Others cover percent of loss. Some have a deductible. Others exclude certain types of damage. Look at these differences among policies and decide which one is for you.

Step Three: Where will I buy it? If you are working on your own, the web has a host of services to help you comparison shop among companies. Type in "insurance" on most search engines and you will come up with a number of sites. If you are working with an agent, you may be working with a captive agent which means (s)he can only sell you policies form one company or an independent agent which represents several.

When selecting a company, consider also whether the company is both able and willing to pay on claims should you make one.. AM Best and other companies rate the financial solvency of insurance companies. The web comparison shopping services usually include and explain the ratings. You can also ask the company itself or your agent.

Consider also the company's record for trying to refuse to pay claims. Your state insurance commission may have a record of complaints.

When buying any insurance, you will most likely save money if you pay annually or semi-annually. Sometimes buying several types of insurance from the same company will save you money. Often taking steps to make claims more unlikely, such as installing deadbolt locks or taking a safe driving course will lower your premiums.

When shopping for insurance, also look into group policies offered by alumni associations, professional associations, or religious bodies. Usually you can forget about specialized insurance advertised on television with paid endorsers. They usually cover very little.

HEALTH INSURANCE

Don't go without this. Most people have it at work, but if you don't you will really save big by going for a group policy. When comparing policies, consider deductibles and what is or isn't covered. When given a choice, choose one that covers the huge, debilitating conditions over one that is good about routine immunization, but that balks at the larger, more expensive claims.

Health insurance comes in three types, though many policies mix and match traits of the three.

Fee for service, the most expensive, allows you to go to almost any provider and covers almost anything that is medically necessary. You don't have a primary care physician who has to approve visits to specialists.

Preferred provider options (PPO's) allow you to self-refer to any provider in the PPO's list and generally cover a wide variety of services recommenced by those providers. Some PPO's cover other providers, but with a larger co-payment.

Health maintenance organizations (HMO's) are the least costly, but the most restrictive. They assign you (or let you select) a primary care physician. That physician acts as a gatekeeper in that (s)he decides what is medically necessary and when you may see a specialist. Often the HMO itself has to permit certain treatment and can rule against your doctor if it thinks the treatment is too costly.

LIFE INSURANCE

For most people, the purpose of life insurance should be to replace the financial contribution made by a family member.

Life insurance can be pure insurance, which pays only on the death of the insured, or cash value insurance, which also has a savings vehicle. Most people who need life insurance are better off with pure insurance and saving for retirement through other vehicles.

Proceeds from life insurance cover three types of expenses: replacement of the policyholder's income or work, estate taxes, and burial costs. When you consider the amount of insurance to buy, consider the following:

1. Most of the life insurance should be on a family member whose salary is important to the family budget.

2. Consider a relatively small life insurance policy on a stay-at-home parent to cover child care and other expenses.

3. Don't buy life insurance on children. Instead, buy life insurance on other family members for the benefit of children.

4. Consider reducing the amount of life insurance you have as you build more financial assets.

5. Pass on credit life insurance and mortgage life insurance if you can. These plans are restrictive and expensive. Buy more general life insurance instead if you feel a need.

6. Pass on life insurance altogether if you are single and don't have anyone depending on you. At most, get a small policy to spare your family burial expenses.

You should buy about 12 times the amount of money you would need annually to replace what the family member is contributing. For example, if you would need $40,000 a year to replace the death of an employed member, you would need a $480,000 (rounded to $500,000) policy.

AUTO INSURANCE

In most states you are required to have auto insurance and you don't want to be without it.

Basically, you buy auto insurance for two purposes: to insure against liability you have to others and to insure against damage that others do to you or your car.

You need to have liability insurance. How much you need depends on how much you have in assets.

Whether you need insurance to protect your own car depends on your car and how detesting it would be to replace it.

If your car is expensive and if buying another one would wipe you out financially, consider buying comprehensive and collision. If you have an older car and wouldn't get much from the insurance company if it were totaled, don't bother. Instead, put the money you would have paid for comprehensive and collision toward saving for your next car.

HOMEOWNERS' INSURANCE

The purpose of homeowners' insurance is to protect you against damage to your home and property from natural disasters.

Insurance companies offer different ratings of insurance and assign these ratings with codes starting with the letters "HO". While these ratings are fairly standard, they do vary a little with companies, so check with the company to see what policies cover.

When comparing policies, consider differences among deductible, coverage of property other than the house (sheds, garages, etc.), and percent of loss covered. Consider also whether the policy covers resale cost or rebuilding cost. Rebuilding usually provides better coverage, but is more expensive.

Basic homeowner's insurance does not cover the contents, though you can often add it for an additional fee or buy it separately. When buying contents insurance, consider whether it covers replacement value or fair market value. Replacement value is a better buy because it pays to buy a new piece of furniture or appliance, not what your old one is worth.

Consider also buying liability insurance which covers you if someone sustains an injury or other loss on your property.

Renters and condominium owners need only contents and possibly liability insurance. Many companies have policies tailored to these purposes.

APPLIANCE PROTECTION

Don't buy any extended warranties or protection plans when you buy small or major appliances. These plans are pure profit to the appliance stores. That's why the salespeople, push them so hard, especially if they are on commission. They usually cover only periods when very little is likely to go wrong and have numerous exclusions.

Insurance is a complex subject. Do your own research or work with your agent. Hopefully this introduction will help you do that more effectively.

High Performance Car Insurance Comparison Website

Specialist Car Insurance Company Launches UK High Performance Car Insurance Comparison Website
Finding cheaper car insurance for expensive high performance cars and high value modified cars has never been easy due to the nature of the risks and the costs of repairs, but a new performance car comparison website looks set to change all that!


OR IMMEDIATE RELEASE FROM
PRLog (Press Release) - Nov 10, 2009 - Finding cheaper car insurance for expensive performance cars and high value modified cars has never been easy due to the nature of the beast, however all that looks set to change with the introduction of a new performance car comparison system from specialist car insurance company http://www.car-insurance.tv , which has brought together over eighty high performance motor insurance schemes into one easy to use online application.

Sales and Marketing Director Wendy Farr explains the benefits of the comparison system.
'In the past performance car owners would have had to have visited many specialist operators individually which a time consuming process and can soon lead to diminishing returns if it is taking up your life looking for cheaper cover.' She said.
'Our application has brought together specialist schemes and mainstream brand policies that have been particularly designed for high risk rated performance cars in the Thatcham insurance groups 16 - 20.'
'We have found that the drivers of these cars are looking for extensive but flexible cover with the ability to vary the cover widely from what would be offered by a standard car insurance comparison website. They also want value for money policies that don’t penalise them just because they drive a larger more powerful engined vehicle or have top of the range additional enhancements or modifications. “
Many of our performance car insurance customers have told us that they have been let down badly in the past by the large car insurance price comparison websites, particularly when it comes to claims and approved repairers.'
'Our comparison service is quick and easy to use and fully backed by broker trained staff with an expert knowledge of the cars and policies, who are on hand to help out at any stage.'
'This is something that you will not find on the big price comparison sites.' She added!

You can compare specialist performance car insurance policies, schemes, cover and prices for yourself if you visit the website http://www.car-insurance.tv/performancecarinsurance.html



We are a specialist car insurance company dealing with covers for classic cars, performance cars and sports cars insurance in the UK. We operate Internet insurance price comparison systems.



Issued By : Car-Insurance.tv
Email Contact : Click to email (Partial email = @car-insurance.tv)
City/Town : Central London
State/Province : London
Country : United Kingdom
Categories : Automotive, Car Insurance, Performance Cars
Tags : car insurance, performance car insurance, specialist car insurance, compare car insurance, compare performance insura
Last Updated : Nov 10, 2009
Shortcut : http://prlog.org/10408086



The specialist Car Insurance comparison site and place to find Cheap Car Insurance

Make a caravan insurance comparison before buying

If you are taking out caravan insurance for the first time it is essential to make a caravan insurance comparison before buying. So, if you already have insurance then do not be tempted just to renew the policy but look around and compare insurance premiums to find out if you are able to get a better deal. With some providers, you may be able to get a lot more for your money than with others.

Here are some of the benefits you may want to ensure are included in your caravan insurance:

• Personal effects – You will probably have many personal effects with you when holidaying in your caravan. These may include things like a personal DVD player, MP3 player and TV. However, you do need to check with the provider that you are considering taking insurance with to find out. You also need to check the limits as to how much you are able to claim. When insuring personal items under your caravan insurance cover, a claim may typically only be made if they are stolen or destroyed when in the caravan, not on your person.
• Storm damage – Your static caravan is generally covered for storm damage. This may include damage to the exterior of the caravan and possibly your aerials. However when considering what you are able to claim for you may want to check to find out if your awning is protected for storm damage as often they are excluded. You may also want to find out if you are able to claim for storm damage to patios and fencing around the caravan.
• European insurance – If you wish to travel around Europe in your touring caravan then you may want to check to find out how many days European insurance you are given. There is often a limit as to the amount of days each year you are able to travel around Europe, with some providers giving more days than others do.
• New replacements – When making a caravan insurance comparison if you have a brand new caravan then may want to ensure that you have new for old protection in your insurance policy. This means that In the event that your caravan was totally destroyed within a certain amount of time, and written off or it was stolen you get a brand new replacement model.

The benefits of taking out direct caravan insurance

When taking out direct caravan insurance the policy can provide great peace of mind as it typically covers many different factors that otherwise may mean you lose a great deal of money. Here are some of the many benefits to covering your static or touring caravan with insurance.

• Caravan insurance of course comes at cost but you do not have to pay out for your insurance in one go. Usually when taking out caravan insurance you are able to spread the cost of the cover out over the year. This means you pay monthly insurance premiums which may work out more affordable rather than paying for your cover in one large payment.
• You may be able to get a percentage knocked off your insurance premiums if you are a member of a national or regional caravan club.
• With some providers your caravan is covered as new for old. This means that if your caravan is under a certain age and it is destroyed or damaged beyond repair; or stolen and it is not recovered, you may be able to get a brand new replacement model.
• Your personal effects are also typically insured if they are stolen from the caravan. These may include your MP3 player and personal DVD player. However usually to claim on your insurance for theft there has to be clear signs of a break in and it must be reported to the police.
• European insurance may usually be included in with your touring caravan insurance. Check how many days the provider offers as this may differ. Usually you are given so many days out of the year or so many days per trip.
• You may also want to check the limit on your awnings and gas bottles, and check with the provider if awnings are protected for storm damage. If not, you may be able to pay extra to protect them against damage caused by a storm.
• Check the limit on direct caravan insurance for liability insurance for the public. This cover typically pays out in the event of a third party being injured or even killed due when staying in your caravan.

How to make savings on your tourer insurance

There are many benefits to taking out touring caravan insurance. If you have new for old insurance and your pride and joy was to be involved in an accident, or it was destroyed by fire and it was under a certain age, you will typically get a new replacement. You may also have European insurance where the insurance may pay out toward a stay in alternative accommodation if your tourer was damaged or destroyed. While insurance is essential to protect your purchase there are ways that you are able to save on your tourer insurance.

One of the many ways that you may be able to keep down the cost of your insurance is to make your touring caravan as secure as possible:

• When travelling around and pulling your caravan behind your vehicle you may wish to install a hitchlock. A hitchlock may help to ensure that your caravan cannot be unhitched and stolen from your vehicle while you take a break from driving at a rest stop;
• Another security device you may want to consider is corner steady locks. These lock down the steadies on the rear corners of your caravan, which prevents the front of the caravan from being raised. These stop thieves from attaching your caravan to their vehicle and stealing it.
• If you fit a tracking device, alarm or wheel lock this may also help you to keep down the cost of your insurance premiums.

If you are considering buying a touring caravan, you may want to consider the type of caravan that you purchase. Some caravans such as the German models are at higher risk of being stolen than the UK models and therefore insurance providers may not want to risk insuring them. If you find an insurance company that is willing to insure the German models the premiums for the insurance may sometimes be a lot higher than had you bought a UK model of caravan?

Often you may be able to get discounts on your tourer insurance if you become a member of a caravan club. Insurance brokers may take into account regional and national clubs and some may provide you with a list of recommended clubs.

Choosing caravan insurance online

One of the many benefits to choosing caravan insurance online is that you will often have access to many UK caravan insurance providers. You are able to compare not only the cost of the insurance but also what you get for your money. You are able to do this all from the comfort of your own home in just a few clicks of your mouse. Along with being able to compare insurance policies with different providers, you are also able to find tips on how to make savings on your insurance.

If you have bought or you are buying a brand new caravan then you will want to find out if the provider offers you new for old on your caravan insurance. This means that if your caravan was destroyed or damaged beyond repair by fire, written off by the insurance provider, or stolen and it was less than x amount of years old, you get a brand new caravan as a replacement from the insurance company. When considering how much insurance you need for your caravan you also want to take into account such things as awnings and gas bottles or any security system that you have installed.

Personal belongings may also be protected against fire, theft and damage whilst they are in the caravan. Such things as personal DVD players, TV and MP3 players are often usually covered.

It may give you enormous peace of mind to have insurance that pays towards alternative accommodation. This means a claim may be made on the insurance in the event that your caravan was to be damaged to the point where you cannot live in it or if it were stolen. Usually providers allow you up to so much money per day and for a limited period of time, so check the policy details. Compare this as some providers give more than others do for the same amount in premiums.

When choosing caravan insurance online and getting quotes for insurance you may want to bear in mind there are ways to make savings. For instance, you may want to fit quality alarms or a hitchlock to your caravan. You may want to join a caravan club as this may help you to keep down the cost of the cover. These are just a couple of the many ways you may be able to help yourself to keep down your insurance premiums and there are many more.

Things to consider when looking for holiday caravan insurance

When looking for holiday caravan insurance there are many things you may want to take into account to ensure that you get the most suitable deal for you. When comparing insurance you want to look at not only the cost of the cover, but the benefits and features that are included in the policy too. Not all providers offer the same as some may give you more days cover in Europe, for example. Others may give you a higher payout for loss of belongings and some may offer new for old. You may therefore want to give some thought to the following:
If you have bought a brand new holiday caravan then you might want to check to make sure that the provider does give you new for old. New for old means the insurance provider may pay for a replacement caravan if yours is under a certain age and it is totally destroyed; damaged beyond repair; or stolen. Providers may also offer new for old on replacements for belongings if they get destroyed or stolen, however others may consider wear and tear when replacing belongings.
If you rent out your holiday caravan when you are not using it then you may want to check you have public liability cover in your policy. Liability cover typically protects you against a claim being made as the result of an accident in your caravan that occurs due to your fault. You might also want to have loss of rental insurance in your caravan insurance if it rented out. If your caravan was to be damaged to the point where you cannot rent it out whilst repairs have taken place, you may lose a great deal in rental income. If it is covered in the policy, you may get something towards this loss.
Your awnings and steps are often generally covered under your insurance policy for damage. However if the damage results due to storm you may be unable to claim against the policy so always check the terms and conditions. Providers may allow you to insure against storm damage for extra cost.
If you are taking out holiday caravan insurance for your static caravan, you may want to check what is included in the policy for damage against storms. Usually but not always the exterior of your caravan is covered along with TV aerials. The insurance provider may also cover a patio, railings and steps around your caravan.

Tourer caravan insurance – How you may be able to benefit

When taking out tourer caravan insurance comparing what you get for the monthly premiums is essential. There may be numerous benefits provided in your insurance and some providers may give you more policy benefits than others may. With this in mind, it may pay to compare not only the quotes but also what you are given for your money. To help you to keep down the cost of your insurance there are also many factors you may want to take into account before applying for your insurance.
Your caravan insurance may come with new for old cover. This means that if your caravan is stolen or destroyed within a certain amount of time, you get a brand new replacement caravan. Your personal belongings, gas bottle, contents of the fridge and steps and awnings may also be covered in your insurance policy. Again, these may be protected against theft and loss by fire and may be covered for accidental damage so check in the small print. Generally insurance providers state a limit as to how much you are able to claim back on the policy for such as awnings and steps so check this with the provider.
As touring caravan theft is a huge concern for insurance providers the more secure your caravan is the cheaper you may get your insurance with new for old included. You are able to buy and install security devices such as a tracking device, wheel clamp, alarm or a hitchlock. A hitchlock may help to prevent thieves from unhitching your caravan and stealing it.
If you plan to tour around Europe a great deal then you may want to check to find out how if European cover is includes and if so how many days protection you are given for Europe. Insurance providers may limit the amount of time you are able to venture into Europe with some giving more days than other providers give. Also, check your tourer caravan insurance to see how much you are able to claim each day and for how long if you have to stay in alternative accommodation. Providers may pay out towards this if your touring caravan cannot be lived in after being involved in an accident or if it is stolen.

How you may be able to save on line caravan insurance

Insurance for your caravan makes a great deal of sense. Without it if the worst happens and you lose everything in your caravan, including the caravan itself, you may lose a great deal of money. While insurance means that you have another outgoing each month, there may be ways of being able to save by buying on line caravan insurance.
Going online typically gives you:
Access to a wider choice of insurers and more choice should mean more competitively priced cover;
The potential to get an online discount as you are buying online;
A quick and easy way of comparing costs and, hopefully, make savings.
Other ways to get save money
If you make yourself a member of a regional or national recognised caravan club, you may be able to get something knocked off the cost of the premiums for your cover. Club members are often seen to be more mature and take care and pride in their caravan and so may be rewarded with cheaper insurance premiums.
Improving the security of your caravan may lead to you getting cheaper quotes for the premiums. The security measures you are able to implement may of coursereflect on the type of insurance you take out.
Security measures for your touring caravan
If you want to keep down the premiums for touring insurance then you may consider adding a hitchlock, which helps to prevent potential thieves from unhooking your caravan from your vehicle and stealing it. Corner steady locks on the rear of your caravan may also improve the safety of your touring caravan whilst travelling. These prevent the front of the caravan from being lifted and so prevent a thief from being able to attach and tow away your caravan.Security measures to consider for your static caravan
For the static caravan owner you may want to consider installing security lighting around the exterior of your sited caravan. You may also save money on premiums by installing a good quality alarm, door and window locks. If you have chosen a secure site then this may also help you to keep down the cost of the insurance premiums. When considering a static site you may want to look for one that is security patrolled is well lit and which preferably is enclosed with walls and locked gate.
Saving on both types of caravan
When considering making savings with line caravan insurance bear in mind that how much you choose to insure your caravan for is taken into account by providers. To save on premiums you do not want to over-insure, nor do you want to under-insure. When deciding how much insurance to take out add the contents of the caravan, any security measures you have installed and do not forget things such as steps and awnings.

Choosing the best caravan insurance for your needs

aking savings on insurance premiums is of course at the top end of scale. However, it is just as important to ensure that you choose the best caravan insurance for your needs. If you take cover just based on the cost, you may find if you need to claim you do not have the correct cover and your insurance policy may just be a waste of money.
One of the first choices you need to make is which type of insurance is the most suitable. Insurance policies are divided into two general categories, which are static and touring insurance. Some parts of the insurance policy relate to cover solely for the tourer or static caravan, while others may relate to both, so choosing the most suitable is essential.
If you have a touring caravan you may want to travel into Europe, this of course is not needed in static insurance as your caravan is sited permanently. Insurance providers generally allow you to take your touring caravan into Europe so many days out of the year and some may offer more coverage than others so always compare. With this in your policy, you do not have to stop at the border of each country you with in Europe to get insurance.
When looking for your static insurance you may want to check to find out what you get for your money when it comes to the exterior of your caravan. Usually it is protected against vandalism and storm damage and this may include damage to any aerials situated on your caravan. Often static caravan owners have a patio, decking or fencing around the caravan so you may want to find out if these are covered in the insurance policy.
In both types of insurance, your caravan may be insured as new for old. If you have a brand new caravan and it was to be destroyed or stolen, your insurance may payout for a brand new replacement. There is however, a limit as to the age of the caravan when it comes to a brand new replacement and this is generally under 5 years old.
Of course, many more benefits may be included in caravan insurance, which you may want to give some thought to when choosing the best caravan insurance for your needs.