Agricultural crop and forestry/hail insurance
Commercial farming - Main peril is loss of the crop due to weather/disease
Bloodstock insurance
Racehorses and show-jumpers
Livestock insurance
All animals (including fish) that are commercially reared
Contingency insurance
Concert or event cancellation/abandonment - Covers cost of refunding tickets and rearranging the event
Over redemption
more redemption than expected for free products which uses up extra profits
Prize indemnity
Covers the cost of prizes won in competitions (Such as a car)
Personal Accident
Accidental injury - This is a benefits policy. Benefits are paid weekly or monthly for an agreed period, Lump sums are paid for ‘permanent total disablement’. Can include Illness and sickness.
Kidnap and Ransom
For payment of the ransom - Can also include costs of medical and psychological treatment as well as payment of salary while held captive.
Contractors all risks (CAR) insurance
Cover taken out by the head contractor for larger project. Can be blended physical damage and liability policy.
Erection All Risks (EAR) Insurance
Sometimes included in a CAR policy, but is often purchases separately by firms which provide cranes - or those responsible for the erection of any other steelwork.
Provides cover for loss or damage to owned equipment and liability cover, should the insured or their equipment cause any damages on site
Three parts of property insurance
Buildings, machinery and stock
What are the 9 typical heads of cover in an “all risks” property policy
Fire, Lightning, explosion, earthquake, aircraft, riots/strikes, malicious acts, storm, flood or escape of water and impact damage
Additional heads of cover - Sprinkler leakage and subsidence
What does “buy-back” mean
The insured can pay an additional premium to buy back elements of / or the entire cover which is excluded.
Reinstatement meaning
Where the insurer effectively takes over the property and restores the building substantially to pre-loss condition.
Onshore energy insurance
An onshore energy risk is essentially a property risks, where the subject matter insured is specific to the energy industry.
Business interruption insurance
To assist with replacing income that would have been received, had the physical loss to your property not occurred. (Physical loss or damage to the insureds property only)
Contingent business interruption insurance
Same as business interruption insurance, however CBI covers income that has been lost due to indirect losses due to loss or damage at third party premises.
Supply chain insurance is a variation of CBI and is designed to cover their loss when another party lets them down.
Homeowners Insurance
Rarely written directly into the London Market and are generally written via forms of delegated underwriting, such as binding authorities or service companies.
Covers damage to building caused by various perils.
Directors and Officers (D&O) Liability insurance
Purchased by firms to protect their directors and officers from claims made by shareholders and other investors because the behaviour of the D&O has caused them financial loss.
Errors and Omissions (E&O) / Professional Indemnity / Professional negligence and medical malpractice
All interchangeable terms
Covers professionals of all types against claims being made against them for breach of their professional duty of care, negligence, errors and omissions in the performance of their professional obligations
PI Insurance is compulsory in the UK for certain professions (Lawyers and accountants)
FCA Requires brokers to have PI insurance
Professional indemnity is a “claims made” policy (Trigger for a claim is the notification received from an aggrieved party advising that they are making a claim against them)
Public Liability Insurance
Public liability insurance is for businesses and organizations to protect against claims of injury or property damage to a third party (like a client, customer, or member of the public) for which they are legally liable
It covers the cost of compensation and legal fees
Products Liability Insurance
Purchased by an entity that has the potential to be sued as part of a manufacturing, distribution, wholesale or retail chain, or if they are involved in repairing, servicing or maintaining items.
Employers Liability Insurance
Compulsory in the UK and in the US (Workers compensation insurance)
Legal liability of the insured firm for injuries to employees/persons employed caused during any period of insurance (Causation type of insurance - Must prove the insured firm was legally at fault)
US - Longshoreman and Harbour Workers Compensation Act (LHWCA) for dock workers.
General Liability/Comprehensive General liability
Policy combining most liability classes and adding in some others, such as advertising liability.
