Insurance Types
- Liability Insurance Types
- Property Damage Insurance Types
- Financial Loss Insurance Types
- Fixed Benefits
Liability Insurance Types
DAMP PEEP
DAMP PEEP
- Directors and Officers Liability
- Aviation and Marine Liability
- Motor third party liability
- Public liability
- Product Liability
- Employers Liability / Workers compensation
- Environmental and Pollution Liability
- Professional indemnity and errors and omissions liability
Liability insurance definition
The essential characteristic of liability insurance is to provide indemnity, subject to maximum levels of benefit and/or excesses, where the insured, owing to some form of negligence is legally liable to pay compensation to a third party
Directors and officers’ liability
D&O liability is a type of professional indemnity that indemnifies the insured against the legal liability to compensate third parties owing to any wrongful act of the insured director
Aviation and Marine Insurance
Aviation and marine liability indemnifies against the legal liability to compensate a third party for bodily injury, death or damage to property arising out of operation of the vessel or aircraft. Exclusions are likely to include terrorism, war and illegal activities
Motor third party liability
Motor third party liability indemnifies the owner of a motor vehicle against compensation to third parties for personal injury or damage to their property
Public Liability
Public liability indemnifies the insured against legal liability for the death, bodily injury or damage to property to a third party
Product Liability
Product Liability indemnifies the insured against legal liability for the death, bodily injury or damage to property to a third party that results from a product fault. Perils include, faulty design, faulty manufacture, faulty packaging and incorrect or misleading instructions
Employers Liability
Employers liability indemnifies the insured (employer) against legal liability to compensate an employee / their estate for bodily injury, disease or death suffered, owing to negligence of the employer
Environmental and Pollution Liability
Environmental Liability indemnifies the insured against legal liability to compensate third parties for the death, bodily injury, or damage to property as a result of unintentional pollution for which the insured is deemed reasonable
Property Damage Insurance Types
MC CAMEL RIG
MC CAMEL RIG
- Moveable property
- Construction
- Crops
- Aircraft
- Marine craft
- Engineering plant and machinery
- Land vehicle
- Residential buildings
- Industrial and commercial buildings
- Goods in transit
Property damage definition
The main characteristic of property insurance is to indemnify policyholders against loss of or damage to their own material property
Moveable Property
Moveable property insurance (contents insurance) can pay an amount equal to the replacement value of the item or may be on a “new for old” basis. The main perils are fire and theft.
Construction insurance
Construction insurance may be provided for projects over the course of their lifetime (and sometimes beyond) and so may last longer than a year. The main perils are damage, destruction, design defects, faulty parts and failure to finish the construction project.
Aircraft and Marine insurance
Aircraft and marine insurance may cover loss of or damage to the craft and the cargo. Perils include fire and explosion.
Engineering plant and machinery
Engineering is similar in nature to construction. The main perils are machinery breakdown, explosion and electronic failure.
Land vehicles
Land vehicles insurance provides a benefit to repair the vehicle, subject to a maximum of the replacement value of the vehicle
Residential, commercial and industrial buildings
Residential, commercial and industrial buildings insurance usually pays the amount needed to restore the property to its previous condition, subject to any excess/deductible. The perils are fire, explosion, lightning, theft, storm, flood, subsidence and damage caused in putting out fires
Goods in transit
Goods in transit is sometimes sold alongside marine and aviation insurance. The main perils are damage, loss and theft.
Extended warranty
Extended warranty covers losses arising from the need to replace/ repair faulty parts in a product beyond the manufacturers normal warranty period.
Financial Loss Insurance Types
BCC Fellow Losers
BCC Fellow Losers
- Business Interruption Cover
- Credit Insurance
- Creditor Insurance
- Fidelity Guarantee
- Legal Expense Cover
Financial loss definition
The benefit provided is indemnity against financial loss arising from a peril covered by the policy. Claims tend to be relatively short tailed.
Business Interruption Cover
Business interruption cover indemnifies against losses made as a result of not being able to conduct business
Credit
Trade credit covers uncollectible debt.
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Insurance Types29
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Risk Characteristics and Policy Design6
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Reinsurance and alternative risk transfer6
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Data and Reserving15
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Risk and Volatility6
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Regulatory and financial management5
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Operations and delays5
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Investment strategy6
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Pricing12
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Reserving36
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Reinsurance37
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Capital Modelling19
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Investments11
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Actuarial investigations23
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Products21
