The Specialty Lines Insurance
The Specialty Line Insurance covers difficult and unusual risks. Just as the name suggests, these insurances tend to be concerned with certain special occurrences on a specialization basis. In this, a lot of professionalism is needed before the compensation can be granted. Risks covered by this insurance can be situations like an explosion or fire due to toxins/chemicals. In simpler terms, Specialty Line Insurance is the cover of all the important people and items who have not been accommodated by other insurances.
Who and What Specialty Lines Insurance Covers
- Directors’ and Officers’ Liability
The Specialty Line Insurance covers directors and officers of a company against any types of acts or statements made against them. The cover can also be extended to the employees in case they face any risk. In a situation where the company may be facing some tough situations, making the employees and director fall victim, the Special Line Insurance can help lessen the impact of the situation. Banks are the ones who mainly opt for type of insurance. This is because they are at a higher risk than most other companies, mainly because they deal with money.
- Dangerous Risks Insurance
Dangerous risks include terrorists or armed individuals. Terrorists are intelligent and know how to trespass in certain areas and enter buildings without being noted. That is why the Special Line Insurance covers for such a situation. Terrorists always result in a lot of damage and may even bomb buildings leading to a lot of loss. This insurance plan is created to help companies cope with such a loss.
- Employment Cover
An employer should always be protected under all circumstances. At times employees may come together and fight back against their employer, which is why it is important for the sole employer to be protected. The employees may come with a lot of claims and end up hurting the employer.
- Casualty Insurance
This is also sometimes known as Excess Liability Insurance that provides protection against serious accidents or occurrences. This is supposed to cover for large losses. Serious accidents or occurrences can easily occur in a building when a certain floor collapse’s or certain natural factors cause it, such as earthquakes.
- Travel Insurance
Specialty Line Insurance also covers an individual when they travel. You may decide to go for a vacation outside the country, and something unexpected comes up while you’re there. This is where the insurance company steps in to resolve the matter. This may include an accident or any other emergency.
- Jewelry Insurance
If you are an accessory fan, you don’t have to worry if your jewelry gets stolen, burnt, or destroyed. This insurance coverage will help you in acquiring them again. However, it depends on the amount you had set up for your budget for such a loss.
- Pet Insurance
Most of us love our pets, be it your dog, cat, horse, or even a fish in your aquarium. You don’t have to worry about them being completely safe anymore, as they are also covered in this line against any form of danger. It will cover for their medical bill when you go to the veterinary.
Other special cases that this Specialty Line Insurance includes are: motorcycle cover, wedding insurance, high-value homes, floods, earthquakes, lightening, terrorism, vehicles, watercraft and much more