The Specialty Lines Insurance
The specialty line insurance is the one that covers difficult and unusual risks. Just as the name suggests, this insurance tends to lie on certain special occurrences (specialization basis). In this, a lot of professionalism is needed before the compensation can be granted. Risks covered by this insurance are like an explosion or fire due to toxins/chemicals.
In simpler times, specialty line insurance is the cover on important items or people who have not been accommodated in other sectors.
Who and what specialty lines insurance covers
- Directors and officers liability
For this, it covers directors and officers of a company against any types of acts or statements against them. Moreover, the cover can also be extended to the employees in case they face any risk. The company may be facing some tough situations and this may make the employees and director to fall victim. Thus, for their safety the special line insurance can help lessen the impact of the situation. Banks are the ones who mainly opt for this insurance as they are at a higher risk than most other companies.
- 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. Furthermore, terrorists always result in a lot of damage and may even bomb buildings leading to a lot of loss.These necessitates the need to have the special line insurance 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.
This is well-known as excess liability insurance that provides protection against serious accidents or occurrence. This is supposed to cover for large losses. This can easily occur in a building when a certain floor collapses or certain natural factors such as earthquakes cause it.
Specialty line also covers for one when travelling, you may decide to go for a vacation outside the country, and then something unexpected comes up. This is where the insurance company steps in to resolve the matter. This may include an accident or any other emergency.
If you are an accessory fan, you don’t have to worry if your jewelry gets stolen, burnt or destroyed. This insurance cover will help you out in acquiring them again. However, it depends on the amount you had set aside for such a loss.
Most of us love our pets, be it your dog, your cat, horse, fish in your aquarium. You don’t have to worry about them anymore; 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 include, motorcycle cover, wedding insurance, high-value homes, floods, earthquakes, lightening, terrorism, vehicles, water craft and much more