Classes of Insurance


Property Insurance

Fire, Special Perils and All Risks Policies - These cover material property e.g. buildings, contents and stock. Polices tend to be issued on the basis of building up cover by adding different perils or on an all risks basis

Theft - Covers loss of or damage to property cause by theft

Engineering/Breakdown - Covers explosion, breakdown or accidental damage to plant

Glass - Policies cover destruction of or damage to all fixed glass on an all risks basis

Livestock - Insurance of livestock against death through accident or disease and against theft and unexplained disappearance

Money - Cover is on an all risks basis covering all risks of loss or destruction of or damage to money in transit, on the insured's premises during business hours etc

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Pecuniary Insurance

Fidelity Guarantee - This insurance covers the risk of losing money or stock, by the fraud or dishonesty of a person holding a position of trust

Legal Expenses - An insurance for individuals, families and businesses to enable them to meet the cost of seeking legal advice or pursuing/defending civil actions

Credit - This insurance covers the business against the risk of non-payment

Business Interruption - Insurance against losses due to an interruption in the business occurring immediately after and in consequence of, material damage to property

Political Risk - Insurance that can be taken out by businesses against the risk that revolution or other political conditions will result in a loss

Guaranteed Asset Protection (GAP) - This insurance was originally sold to cover the 'gap' between the amount paid out by a motor insurance policy and the amount still to be repaid on the finance that was taken out to buy the vehicle (where that amount was larger)

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Motor Insurance

The insurance of motor vehicles and the liabilites that may result from their use is the most significant compulsory insurance in the UK. The most common types of motor insurance are private motor insurance, motorcycle insurance, commercial motor insurance and motor trade insurance.

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Liability Insurance

Employers Liability - Insurance to compenstate the insured in respect of their legal liability to pay damages to any employee arising out of bodily injury, disease, illness or death happening in the course of employment by the insured. This is compulsory by law

Public Liability - Insurance to compensate the insured in respect of claims from third parties for accidental bodily injury or damage to their property due to the insureds negligence or that of their employees.

Products Liability - Covers legal liability for third-party bodily injury or property damage cause by products, goods or services sold or supplied

Directors and Officers Liability - Cover personal legal liability incurred by individual directors and officers for financial loss resulting from their negligence or failure

Professional Indemnity - Protects a professional against claims alleging that injury or loss has resulted from their actions

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Marine & Aviation Insurance

Marine Insurance - This covers three main areas: physical damage to ship or goods (cargo), liabilities incurred to other parties and loss of income

Aviation Insurance - This covers both loss or damage to the aircraft (hull) and legal liability to third parties and passengers (liability)

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Combined/Packaged Insurance Policies

Household - Covers buildings and/or contents (normally on a 'new for old' basis) against a wide range of perils, including fire, additional perils and theft

Travel - This insurance covers, for example, injury, death, medical expenses, loss of luggage/personal possessions/money and cancellation charges

Commercial Package - Marketed under a variety of trade names these policies are designed to provide a range of covers automatically for particular trade sectors e.g. shopkeepers, hoteliers, hairdressers

Commercial Combined - Such policies may bring together for example fire, business interruption, theft, money etc

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Personal Accident - Provides payments in the event of accidental death or bodily injury

Sickness - Provides payments for the inability to work due to sickness

Private Medical Insurance - Provides cover for individuals who seek medical treatment outside the NHS when they are ill

Payment Protection Indemnity - Provides fixed benefits for individuals who suffer an accident, are ill or lose their jobs these benefits are usually geared towards known outgoings such as mortage repayments etc, these now cannot be sold as a single premium contract

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