Specialty insurance products provide coverage or specific risks or situations that are not typically covered by standard insurance policies. These policies are designed to meet the unique needs of individuals, businesses or organizations that require coverage beyond what is available through standard insurance products.
Examples of specialty insurance products include:
- Boat and Watercraft Insurance: Although some insurance for personal watercraft is available within homeowners’ insurance, the property coverage might be very limited and the liability coverage might be completely nonexistent for boats with most types of motors. Special boat owners’ policies are available for property and liability protection. Yacht insurance is available for larger vessels.
- Motorcycle Insurance: Unless a driver pays an additional premium for the proper endorsement, vehicles with fewer than four wheels, such as motorcycles, will have to be insured by something other than a personal auto policy. A motorcycle coverage can be obtained through a dedicated policy or added as an endorsement to an auto policy.
- Aircraft Insurance: Just like most boats and motorcycles, airplanes require a special aircraft policy to insure the airplane itself and any liability arising from its operation.
- Pet Insurance: Provides coverage for veterinary expenses, including accidents, illnesses and routine check-ups.
- Farm Insurance: Farm insurance is available as a package policy with several coverage options to choose from. Like homeowners’ insurance, it can combine property insurance and liability insurance in the same product. But unlike homeowners’ insurance, the same policy can be used to insure someone against personal risks and business risks. For example, property insurance for farms can ensure parts of the farm that are used as family dwellings, while other parts of the policy can be used to insure farm-specific structures (such as barns) and farm-specific property (such as grain and livestock).
- Crop Insurance: Farmers may purchase federal crop insurance from private insurers that have been approved by the government. This insurance is designed to protect farmers from natural events out of their control (such as a drought). However, it will generally only insure a farmer against a portion of losses and must be purchased in advance of a growing season. Private crop insurance is also available for broader protection or sold as a stand-alone policy.
- Flood Insurance: Damages and losses caused by flood are not included in a standard homeowner’s policy. This type of insurance is provided by private insurers or through National Flood Insurance Program, which is administered by the Federal Emergency Management Agency. Any person who purchases a home in a special flood hazard area with the help of a federally regulated lender is required to cover the home with flood insurance.
- Earthquake Insurance: Homeowners insurance generally excludes coverage of earthquake-related damage. Many carriers sell special earthquake coverage that can either be added as an endorsement to a homeowner’s policy.
- Travel Insurance: Provides coverage for travel-related risks, such as trip cancellations, lost or stolen luggage and medical emergencies while traveling.
- Cyber Insurance: Provides coverage for losses or damages resulting from cyber-attacks, data breaches and other cyber threats.
- Event Insurance: Provides coverage for events such as weddings, concerts and festivals against liability and property damage.
- Product Liability Insurance: Provides coverage for businesses against claims arising from their products causing injury or damage to consumers.
With any questions about specialty insurance call Essex Insurance Brokers at (847) 954-2222 or email us at [email protected].