Classes of Business Flashcards by Sophie Ordish

Sailing vessels (fleets and cruises)

Hull and yacht/recreational vessel insurance

Marine insurance

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Motor vessels

Hull and yacht/recreational vessel insurance

Marine insurance

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Inland vessels

Hull and yacht/recreational vessel insurance

Marine insurance

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Cargo vessels

Hull and yacht/recreational vessel insurance

Marine insurance

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Cruise/passenger vessels

Hull and yacht/recreational vessel insurance

Marine insurance

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Specialist vessels

Hull and yacht/recreational vessel insurance

Marine insurance

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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

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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)

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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

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combination of transit and storage policies for cargo

Stock throughout insurance (cargo and goods in transit insurance)

Marine insurance

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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)

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Physical loos or damage for loose gemstones, precious metals and valuable documents

Specie insurance (cargo and goods in transit insurance)

Marine insurance

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Sculptures, installations and art (transit and static risk)

Fine art insurance (cargo and goods in transit insurance)

Marine insuranc

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Physical damage or loss of satellites through construction and transit

Satellite pre-launch insurance (cargo and goods in transit insurance)

Marine insurance

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Covers the movement of money between locations

Cash in transit (cargo and goods in transit insurance)

Marine insurance (can also be non-marine)

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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

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liability of carrier handling goods but not for the goods themselves

Goods in transit (cargo and goods in transit insurance)

Marine insurance

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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

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Colling/making contact with another ship (removing the wreck and damage caused to the vessel)

Collision liability

Marine liabilities

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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

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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