Classes of Business Flashcards
Sailing vessels (fleets and cruises)
Hull and yacht/recreational vessel insurance
Marine insurance
Motor vessels
Hull and yacht/recreational vessel insurance
Marine insurance
Inland vessels
Hull and yacht/recreational vessel insurance
Marine insurance
Cargo vessels
Hull and yacht/recreational vessel insurance
Marine insurance
Cruise/passenger vessels
Hull and yacht/recreational vessel insurance
Marine insurance
Specialist vessels
Hull and yacht/recreational vessel insurance
Marine insurance
Physical damage and liability cover for the owner of a vessel in construction
Builder’s risk insurance
Hull and yacht/recreational vessel insurance
Marine insurance
No business for a vessel OR vessel is damaged or seized by another party
Loss of earnings insurance
Marine insurance
(different from business interruption insurance - non marine)
physical damage to goods in transit, excluding liabilities for the cargo damaging persons or the property
Cargo insurance (cargo and goods in transit insurance)
- covers land and air travel as well as sea
Marine insurance
combination of transit and storage policies for cargo
Stock throughout insurance (cargo and goods in transit insurance)
Marine insurance
Physical loss or damage insurance for jewellery
Jeweller’s block insurance (cargo and goods in transit insurance)
Marine insurance (although can be written in non-marine market)
Physical loos or damage for loose gemstones, precious metals and valuable documents
Specie insurance (cargo and goods in transit insurance)
Marine insurance
Sculptures, installations and art (transit and static risk)
Fine art insurance (cargo and goods in transit insurance)
Marine insuranc
Physical damage or loss of satellites through construction and transit
Satellite pre-launch insurance (cargo and goods in transit insurance)
Marine insurance
Covers the movement of money between locations
Cash in transit (cargo and goods in transit insurance)
Marine insurance (can also be non-marine)
Risk prevention criteria fro cash in transit
- varying routes
- mixing up the truck crews (avoid inside job)
- armed truck crews
- using GPS and other trackers
- paper money soaked in water in and dye
- warranties wrt not leaving vehicle alone
liability of carrier handling goods but not for the goods themselves
Goods in transit (cargo and goods in transit insurance)
Marine insurance
War and civil war type risks, with captures and seizures, as well as the stoppage of work through planning and action
War and strikes insurance
Marine insurance
Colling/making contact with another ship (removing the wreck and damage caused to the vessel)
Collision liability
Marine liabilities
Marine liabilities examples
- injury/death to crew
- injury/death to non-crew (visitors to vessel)
- pollution cause by escape of cargo, waster water or fuel
- damage to cargo being carried
- damage done to other people’s property (e.g. docks, lighthouses and buoys) through collision
Offer protection against the risk arising from (in)actions or restrictions of hostile or unconstitutional governments
Political risks insurance (PRI)
Relates to the location and extraction of oil and gas under the seabed
Offshore energy insurance (upstream area of business). three stages of offshore energy business: exploration; construction; and operational
Physical damage to buildings e.g. offices, factories, public buildings, retail units, house etc.)
Property insurance
Physical damage covering stock at insured’s premise
Stock insurance
Covers damage from forcible entry
Theft insurance
Similar to cash in transit from the marine market
money insurance
Deals with fraudulent acts committed during policy period
Fidelity guarantee insurance
Protection against risks during the construction of a building
Construction insurance (non marine)
Policy purchased by main contractor on behalf of other sub-contracters
Contractors all risks (CAR)
Policies purchased by contractor responsible for putting up or installing machinery
Erection all risks (EAR)
Protection against the risk of losses cause by the use of networks to access online systems and information
Cyber insurance
Serves to replace lose income after a waiting period through physical loss or damage to the insured property
Business interruption insurance (but separate policy for contingent business interruption e.g. power supplier to factory is damaged)
Examples of non-marine liabilities
(also known as casualty)
- employers’ liability: (workers’ compensation in US) covers injury to employers
- public liability: covers any party who is liable for loss or damage caused to the public
- professional liability: covers lawyers, doctors, accountants, stockbrokers etc.
- Motor liability: third party loss or damage
Covers damage caused by badly performed operation for example
Medical malpractice insurance
When someone writes something about you which is untrue
Advertising injury
Insurance for animals that are used for business (not pets)
- Bloodstock e.g. racehorses and show-jumpers (also covers the infertility of a stallion/mare
- livestock e.g. cows, sleep, llamas and fish farms
Includes event cancellation, weather-related insurances, prize indemnity, death and disgrace and over-redemption
contingency insurance
Insurance triggered by an accident, but not an indemnity policy, rather a schedule of benefits paid out when this is triggered
Personal accident insurance
Triggered by sickness
personal/sickness insurance (or known as accident, sickness and unemployment cover (ASU))
purchased by employers to cover the situation where an employee dies whilst in employment
Death in service
Covers the payment of a ransom, medical expenses and specialist negotiation team
Kidnap and ransom insurance
if a retailer is blackmailed into paying blackmailer for information about a contamination and maintaining the retailer’s respectability
Malicious product tamper extortion and product recall insurance
Covers legal costs of defending an action against your intellectual property, or if you are alleged to have interfered with someone else’s
Intellectual property insurance
Types of air crafts covered by physical damage insurance (Aviation)
- Private pleasure fixed wing aircraft
- commercial fixed wing aircraft
- rotary aircraft
- gliders
- microlights
- hot air balloons
- unmanned aerial vehicles or drone
Aviation liabilities
- passengers
- third party other than passengers i.e. baggage handlers and ground staff
- products-related liabilities e.g. illness resulting from food poisoning on the plane
(employers’ liability is cover in standard employers’ liability policy)
if an aircraft cannot be used and the owner loses money
loss of licence/loss of use insurance
insurance protection for operators of airports
e.g. someone falls over in duty-free shop as a result of the store operator’s neglience
premises liabilty
insurance protection for operators of airports
e.g. if the airport provides fuel
products liability
insurance protection for operators of airports
e.g. If the airport provides maintenance or storage services for clients
hangar-keepers’ liability (do not need to actually have an aircraft hangar)
a contract of insurance but the entity buying the policy is itself already an insurer
reinsurance
