Specialised Insurance Schemes
What we know about is what has been publicised. The types of insurance like the life insurance, health insurance, car insurance etc. have always been publiced to such an extent that the others have been sidelined. Other than the known and the tested ones, the insurance industry offers a huge set of plans.
Chargeback Insurance: This kind of insurance is paid for by the people who offer their services and accept payment through credit cards. The insurance protects these businessmen from the mischief makers who cheat them with the use of fake credit cards. The chargeback policy reimburses them with the lost money.
Boiler Insurance: Insurance against all the electrical appliances in the household comes under this plan. The cost of replacement or repairs due to any damage is taken care of.
Casualty insurance: Do not go by the name as it does not cover insurance of life. It pays for any damages that might be caused due to the accident and also for the loss of the vehicle of the insurer.
Contents insurance: The items present inside the four walls of the building are secured with this insurance plan. The insurance may also cover assets present outside the building. All personal items can be insured.
Corporate-owned life insurance: This takes care of the expenses that might be levied upon a company due to loss of employees. The cost comes in terms of holding interviews and training the new people to replace the old ones. This plan does not come into effect in case the employee is fired but only due to permanent loss like death.
Crime insurance: There have always been cases of theft and fraud in organizations. This plan preserves the interest of the employer from any such situation. Crimes like murders and kidnappings are also secured under this scheme.
Crop insurance: This is availed by people dependent on farming like the farmers. Crop insurance preserves them from losses incurred due to failed crops or steep fall in the market prices thereby keeping their business and homes running.
Flood Insurance: Taken up mostly in the flood prone areas where the water levels always seem to be on a rise. The flood can affect all assets and business - and FEMA can only do so much. Any loss due to property getting washed away or destroyed by floods is relieved here.
Earthquake Insurance: Earthquake insurance protects in case of damages caused by earthquakes. This is a regular affair in many areas which fall under the high risk zones. This type of insurance protects all property.
The list goes on to include a lot of other plans some of which are listed at the end. Although the general insurances are common for one and all across the globe, these insurances form the part of life of those who are victims to specific problems that can reach high magnitudes. If you happen to live in an area which is prone to some trouble, make sure to inquire about any insurance available from it.
1) Bond insurance
2) Critical illness insurance
3) Deposit insurance
4) Expatriate insurance
5) Mortgage life insurance