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  • For example a business might purchase cover to protect it from loss of sales if a fire in a factory prevented it from carrying out its business for a time. Insurance might also cover failure of a creditor to pay money it owes to the insured.
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  • Fidelity bonds and surety bonds are included in this category. Antique Auto Insurance Us. Health insurance covers medical bills incurred because of sickness or accidents.
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  • Liability insurance covers legal claims against the insured. For example a homeowners insurance policy provides the insured with protection in the event of a claim brought by someone who slips and falls on the property and brings a lawsuit for her injuries. Antique Canada Auto Insurance. Similarly a doctor may purchase liability insurance to cover any legal claims against him if his negligence (carelessness) in treating a patient caused the patient injury andor monetary harm.
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  • The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder plus indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Life insurance provides a cash benefit to a decedents family or other designated beneficiary and may specifically provide for burial and other final expenses. Auto Insurance Rental Visa. Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance.
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  • Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. Antique Auto Insurance Us. In that sense they are the complement of life insurance.
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  • Total permanent disability insurance insurance provides benefits when a person is permanently disabled and can no longer work in their profession often taken as an adjunct to life insurance. Locked Funds Insurance is a little known hybrid insurance policy jointly issued by governments and banks. Antique Auto Insurance Us. It is used to protect public funds from tamper by unauthorised parties.
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  • In special cases a government may authorise its use in protecting semiprivate funds which are liable to tamper. Antique Auto Insurance Us. Terms of this type of insurance are usually very strict.
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  • As such it is only used in extreme cases where maximum security of funds is required. Marine Insurance covers the loss or damage of goods at sea. Antique Auto Insurance Us. Marine insurance typically compensates the owner of merchandise for losses sustained from fire shipwreck etc.
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  • but excludes losses that can be recovered from the carrier. Political risk insurance can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions will result in a loss. Professional Indemnity Insurance is normally a mandatory requirement for professional practitioners such as Architects Lawyers Doctors and Accountants to provide insurance cover against potential negligence claims. Antique Auto Insurance Us. Non licensed professionals may also purchase malpractice insurance it is commonly called Errors and Omissions Insurance and covers a service provider for claims made against them that arise out of the performance of specified professional services.
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  • For instance a web site designer can obtain E&O insurance to cover them for certain claims made by third parties that arise out of negligent performance of web site development services. Antique Auto Insurance Us. Property insurance provides protection against risks to property such as fire theft or weather damage. Auto Insurance Rental Visa. This includes specialized forms of insurance such as fire insurance flood insurance earthquake insurance home insurance or boiler insurance. Auto Insurance Mexico Rental. Terrorism insurance Title insurance provides a guarantee that title to real property is vested in the purchaser andor mortgagee free and clear of liens or encumbrances. Antique Auto Insurance Us. It is usually issued in conjunction with a search of the public records done at the time of a real estate transaction.
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