Types of Insurance

Health and protection insurance

Life tosses numerous unforeseen things at all of us. While we more often than not can’t prevent these things from happening, we can pick to give our lives a touch of security. Protection is intended to give us some measure of security, in any event fiscally, should a fiasco happen. There are various protection choices accessible, and numerous monetary specialists reveal to us that we need these protection arrangements set up. However, with such a significant number of choices, it can be hard to figure out what protection you truly require. Obtaining the correct protection is constantly controlled by your particular circumstance.

Property

Property insurance includes a range of covers, which may be needed by businesses to protect their physical property, such as buildings, machinery and stock. Private individuals need property insurance too, but this is typically provided in a home insurance policy.

Pecuniary

‘Pecuniary’ means relating to money and pecuniary insurance covers businesses against purely financial losses (e.g. from fraud, legal expenses or business interruption) rather than physical damage to property.

Motor insurance

Available for private cars, motorcycles, commercial vehicles and fleet insurance. Motor is one of the compulsory insurance classes and anyone using a motor vehicle on the public highway must have it.

Liability insurance

We all have a legal duty to behave reasonably to others. If we injure someone or damage their property through negligence, we are legally obliged to pay compensation. Liability insurance is there to insure individuals and businesses against this risk.

Marine and aviation insurance

Marine policies cover the property or ‘interest’ insured against perils of the sea such as bad weather, stranding, collision, fire and seizure, while aviation insurance covers damage on the ground or in the air, and liabilities for cargo and passengers.

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Life assurance

A life assurance (or insurance) policy pays a specified sum if the person assured (or insured) dies, or if they survive a given term of years.

Health and protection insurance

Personal accident and sickness cover pays out in the event of death, permanent disablement or loss of eyes or limbs due to accident or if the insured is unable to work due to accident (or sickness). Private Medical insurance (PMI) pays for inpatient and outpatient treatment outside the NHS. Creditor insurance covers credit repayments (e.g. on mortgage and credit card loans) in the event of unemployment, accident or sickness.

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