The Lesser Known Types of Insurance Policies
There are several types of insurance policies differing not only based on their insurer or the coverage but also on the aspects they cover or the difference between their premium amounts.
Although most people are apprised of popular insurance coverage policies, there are quite a few insurance policies that people are not aware of. Here are a few such lesser known types of insurance policies that are obscured from the general public.
This is a type of insurance that can be used to claim the expected amount of the house and any related itinerary that have been damaged due to a fire. This insurance coverage reimburses you for any valuables that were destroyed in the fire. Fire Insurance may not cover the entire 100%, but depending on the type of policy, it reimburses an amount equal to 70–80% of the actual value of the damages.
The Liability Insurance is a huge part of the general insurance system that is directly related to risk financing. It involves protecting the insured from the risks of liabilities imposed by lawsuits and other claims. In addition, this policy protects the insured in the event of him being sued for claims that come with the cover of the insurance policy.
Engineering Insurance Policy is the type of business insurance that provides a broad cover for damages to electrical and mechanical machinery. In addition, it often includes an engineering inspection, which is a statutory requirement for certain items in the factory.
The Burglary Insurance Policy covers stocks and contents owned by the insured, for which the insurer is responsible or held in trust and commissioned at the insured premises. This policy covers cash, valuables, securities kept in a safe, or any type of locked cupboard, only on specific request.
Marine insurance is an insurance coverage policy that covers losses or damages on ship, cargo, and any transport of cargo which involves property transfer form one point to another. This insurance is primarily availed by giant firms that are involved in the import and export businesses.